Daily Market Update: October 25, 2023

October 25, 2023

BTC is currently trading around $34,400 and ETH around $1,800.  Notable gainers in the last 24 hours are PEPE, XRD, and LINK.  The global crypto market cap is $1.30T, down 1.7% over the last day.  DeFi Total Value Locked is ~$41b and BTC dominance is around 54%.

Equity markets are mixed, bond yields are higher, and crypto is down small as the crypto markets digest recent ETF enthusiasm.  Notably, BlackRock’s Bitcoin ETF disappeared and reappeared on the DTCC’s website, though the DTCC stated that its listing is part of normal procedure and not indicative of SEC approval.  In addition, publicly traded bitcoin funds saw $57m of inflows on Monday, and the Crypto Fear & Greed Index hit its highest level since November 2021.

Notable news includes: The World Bank issued a $105m tokenized bond on Euroclear’s blockchain platform; the EU released a report promoting the use of emerging technologies including distributed ledger technology to ease bureaucracy; MasterCard is exploring how to best collaborate with self-custody wallet firms; Vodafone, Sumitomo and Chainlink completed a global trade proof-of-concept to improve document transfer and transaction processing; crypto infrastructure platform Zero Hash partnered with payments company Shift4 to build a fiat-to-crypto on-ramp; Grayscale partnered with FTSE Russel to launch five crypto sector indexes; centralized crypto lender BlockFi emerged from bankruptcy and can now enact parts of its bankruptcy plan; Genesis Global Capital filed an amended Chapter 11 bankruptcy plan to resolve outstanding creditor claims and interests; Coinbase submitted a final petition to the court in its battle with the SEC arguing that tokens aren’t necessarily securities and that the SEC overstepped its boundaries; Binance is reportedly backing a Hong Kong-based crypto platform to secure a local crypto license in the region; Binance temporarily halted crypto withdrawals due to technical issues; FTX received proposals from three bidders to restart the exchange; London-based Archax announced plans to launch a regulated exchange for tokenized assets by year-end; Cardano’s Input Output appointed two former Algorand executives to lead a new stablecoin venture; scaling solutions provider Polygon deployed the token contracts for its new POL token, which will replace MATIC and serve as a larger Polygon ecosystem token; hardware wallet company Ledger launched its controversial Recover service; Polkadot developer Parity announced it will cut 30% of its workforce; privacy-focused blockchain Aleo revealed a new decentralized identity solution; blockchain privacy firm Nym launched a $300m innovation fund; and, blockchain-based game NFL Rivals hit 3m players.

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Matt Kunke, Research Analyst | TwitterTelegramLinkedIn
Brian Rudick, Senior Strategist | TwitterTelegramLinkedIn

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