Daily Market Update: October 31, 2023

October 31, 2023

BTC is currently trading around $34,200 and ETH around $1,800. Notable gainers in the last 24 hours are BTT, ATOM, and TON. The global crypto market cap is ~$1.32T, down 0.3% over the last day. DeFi Total Value Locked is ~$42b and BTC dominance is around 54%.

It’s a muted day so far for most traditional markets and crypto. The big news overnight was the BoJ’s decision to increase flexibility in its yield curve control (YCC) program. The BoJ recategorized its 1% cap on the 10Y yield as a reference point now, and the 10Y JGB yields jolted to 0.96% in response. While the move signals a path towards policy normalization as Japan battles inflation and a weakening yen, the yen still fell in response as many expected an even more meaningful policy shift to materialize.

Notable news includes: the Kenyan government is expected to introduce digital IDs for its citizens before year-end; Vanguard said it has no plans to launch a bitcoin ETF for the same reason it doesn’t offer a gold ETF (e.g., no interest payments or dividends); modular data layer Celestia’s TIA token is expected to begin trading today; Avalanche’s Etherscan-powered Snowtrace block explorer is shutting down and being replaced as its $1 to $2 million per year price point sparked community controversy; the tokenized treasury market has grown to ~$700m, a ~600% rise this year; and, Unibot, a Telegram trading bot for Uniswap, suffered an approval vulnerability in a newly deployed contract leading to more than $600k of user losses.

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

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