Daily Market Update: October 26, 2023

October 26, 2023

BTC is currently trading around $34,300 and ETH around $1,800.  Notable gainers in the last 24 hours are GALA, DOGE, and ARB.  The global crypto market cap is $1.31T, up 0.5% over the last day.  DeFi Total Value Locked is ~$41b and BTC dominance is around 54%.

Equity markets are down and crypto prices are little changed.  Tech stocks have weighed on the market this week, with companies such as Alphabet and Facebook underperforming after reporting earnings.  Positively, US GDP grew faster than expected in the third quarter, increasing at a 4.9% annualized pace.

Notable crypto news includes: UK lawmakers passed a bill to help seize illicit crypto; the UK FCA stated that crypto firms breached new UK advertising rules 221 times; Fidelity Investments revealed it may expand its crypto services into Europe after MiCA goes live; stablecoin issuer Circle partnered with a major Taiwan convenience store chain to convert its loyalty points program to crypto; JPMorgan revealed it handles $1b of JPM Coin transactions per day; crypto and NFT payments app Moonpay announced it will integrate several MasterCard services; Bitfinex Securities announced its first tokenized bond denominated in USDT; Bitmain premiered its new Antminer T21 mining rig; Arbitrum Orbit integrated Celestia for data availability; Fantom launched testnets for its upcoming Sonic upgrade to improve TPS and finality; IoTeX integrated with Solana to provide real time analytics on Solana-based IoT projects; blockchain forensics firm Elliptic stated that there is no evidence that Hamas is receiving a significant volume of crypto donations; and, SBF will testify in his own defense.

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

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