Daily Market Update: September 11, 2023

September 11, 2023

BTC is currently trading around $25,300 and ETH around $1,550.  Notable gainers in the last 24 hours are BGB and XAUT.  The global crypto market cap is $1.06T, down 1.5% over the last day.  DeFi Total Value Locked is ~$37b and BTC dominance is around 50%.

Equity markets are little changed while crypto prices are down small to start the week.  Investors will be watching US inflation readings with the CPI on Wednesday and PPI on Thursday, as well as the ECB’s monetary policy decision statement on Thursday.

Notable crypto news includes: G20 leaders signed a declaration to develop a comprehensive crypto regulatory framework, including the Crypto Asset Reporting Framework (CARF) designed to prevent tax evasion through crypto assets; India is reportedly working on a crypto regulatory framework that could result in legislation in the next 5-6 months; India’s central bank is collaborating with financial institutions to increase the popularity of the digital rupee; El Salvador began a pilot program to teach bitcoin in schools; France rolled out a licensing program for financial product influencers, including crypto influencers; the former CEO of Algorand Steve Kokinos was selected to be the CEO of the company taking over Celsius’ operations; Animoca revealed plans to develop digital IDs and a point system for web3; Ethereum transaction fees are approaching 2022 lows; Avalanche’s HyperSDK upgrade hit 143,000 TPS on testnet; Lido Finance acknowledged a smart contract security flaw but assured that LDO and stETH tokens remain safe; Friend.tech is seeing a surge in usage after being pronounced dead; DEX Sushi expanded to Aptos; FTX moved to recover millions of dollars paid to celebrities and athletes for endorsements; Apple reportedly paid $5m for the rights to author Michael Lewis’ upcoming book on SBF; and, SBF’s legal team requested pre-trial release due to poor prison internet.

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

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