Daily Market Update: October 30, 2023

October 30, 2023

BTC is currently trading around $34,800 and ETH around $1,850. Notable gainers in the last 24 hours are RLB, GALA, and RUNE. The global crypto market cap is ~$1.33T, up 1.5% over the last day. DeFi Total Value Locked is ~$42b and BTC dominance is around 54%.

It’s a positive morning as equities (+1%) pare back last week’s losses and rates tick up ahead of a busy schedule of economic releases and monetary updates. Crypto markets are also higher, but price action has predominantly trended sideways since gapping higher behind Bitcoin ETF optimism early last week. This week’s most notable monetary updates include interest rate decisions from the BoJ, Fed, and BoE that will come tonight, Wednesday, and Thursday, respectively, and each monetary authority is expected to keep policy rates unchanged. We’ll also get looks into Eurozone CPI tomorrow and nonfarm payrolls on Friday. Lastly, it’s another big week for earnings releases, with Apple headlining the week with its report after the bell on Thursday.

Notable news includes: The Monetary Authority of Singapore announced joint crypto pilots with its counterparty regulators in Japan, Switzerland, and the UK; a new Taiwan bill aims to create a regulatory framework for crypto; Gemini filed a lawsuit against Genesis seeking to gain control over ~$1.6b worth of GBTC shares to repay Gemini Earn clients; Thailand’s Kasikorn bank acquired a majority stake in the parent company of the Satang crypto exchange for $103m; CME has risen to become the second largest crypto futures exchange by open interest; SEC Commissioner Pierce penned a scathing dissent of the SEC’s recent enforcement action against LBRY; El Salvador’s pro-Bitcoin President registered for re-election in 2024; Bitcoin mining difficulty adjusted higher in its fourth consecutive rise; Kraken said it will share data on ~42k users with the IRS in compliance with a court order; Saudi Arabia’s NEOM Investment Fund announced a new partnership with Animoca Brands to drive Web3 development in the region; Uniswap Foundation moved more than $40m of UNI tokens to crypto exchanges; VanEck amended its spot BTC ETF filing and signaled that the fund would be seeded in-kind with Bitcoin; crypto funds attracted >$300m of weekly inflows, the greatest weekly number in ~18 months; fake wallet app downloads and malicious backdoors are the leading causes of crypto losses according to a report from Bitrace; another ~$4.4m was drained from >25 victims in a single day last week due to the ongoing implications of the LastPass hack in 2022; Russia’s FSB charged a man with treason for donating crypto to Ukraine; and, in a bid to combat misinformation, Elon Musk said Tweets that are corrected by Community Notes will no longer earn a revenue share.

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

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