Daily Market Update: October 9, 2023

October 9, 2023

BTC is currently trading around $27,500 and ETH around $1,600.  Notable gainers in the last 24 hours are XAUTXMR, and RPL.  The global crypto market cap is $1.11T, down 1.7% over the last day.  DeFi Total Value Locked is ~$38b and BTC dominance is around 51%.

Equity markets are down small and oil prices are up ~4% after Hamas attacked Israel this weekend, adding geopolitical risk to an already shaky macro backdrop.  This week features both producer and consumer price data out of the US as well as the FOMC minutes, where investors will look for clues on how long the Fed may keep rates elevated.

Notable news includes: The UK FCA published a list of 143 entities operating in its jurisdiction without authorization, including several prominent crypto exchanges; the SEC stated that crypto has no “innate or inherent value” to a federal judge in its case against Coinbase; Taiwan is reportedly targeting November for its first crypto regulatory draft bill; the FTX CTO testified against SBF and admitted that Alameda used customer funds for its own purposes; the CFTC made an internal recommendation to formally accuse ex-Voyager Digital co-founder Ehrlich of violating derivatives regulations; the former head of OpenSea Ventures has been accused of allegedly running pump and dump schemes by the media; an upcoming feature film that was funded by the sale of NFTs, The Quiet Maid, secured a global sales deal; NFT finance-focused FloorDAO split into two entities after activist investors accused it of failing to launch a redemption mechanism as promised; NFT firm Yuga Labs cut staff as part of a larger restructuring; crypto exchange HTX had $8m in stollen crypto returned in exchange for paying a $0.4m bounty to the hacker; options exchange Deribit announced it will soon list options on XRP, SOL, and MATIC; Vitalik Buterin unveiled a proposed two-tier model to address centralization challenges in Ethereum staking; Avalanche-based friend.tech fork Stars Area secured funding to cover $3m in losses from a recent exploit; tokenization protocol Backed introduced a tokenized security on Base that tracks the performance of a short-term US treasury bond ETF; and, VitaDAO and the University of Rochester partnered to launch biotech company Matrix Biosciences to conduct cancer and aging research.

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

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