Daily Market Update: September 12, 2023

September 12, 2023

BTC is currently trading around $26,300 and ETH around $1,600.  Notable gainers in the last 24 hours are RNDR, RLB, and KAS.  The global crypto market cap is $1.08T, up 1.8% over the last day.  DeFi Total Value Locked is ~$37b and BTC dominance is around 50%.

Crypto prices fell yesterday on worries around the possibility of FTX securing bankruptcy court approval to sell its $3.4b of cryptocurrency holdings.  However, prices recovered after others argued the markets can absorb any potential selling of most FTX assets, and as shorts were squeezed.

Notable crypto news includes: SEC head Gary Gensler said the crypto industry exhibits “wide-ranging non-compliance” in prepared remarks ahead of his Senate Banking Committee appearance later today; the Russian Central Bank said it may mark digital ruble tokens to help it track transactions; PayPal launched a new crypto to USD off-ramp service; the FTX estate took legal action against LayerZero Labs to recover $86m; a class action lawsuit against crypto exchange Bitfinex was dismissed; Alex Mashinsky, the founder and ex-CEO of bankrupt centralized lender Celsius, filed a motion to dismiss the FTC’s case against him; crypto exchange Bitget announced a $100m fund to expand its ecosystem and foster strategic partnerships; crypto custodian Finoa began offering its clients access to permission DeFi; ConsenSys unveiled Snaps, enabling users to install add-on customizations into their MetaMask wallets; Manta Network’s L2 went live on mainnet to drive ZK-powered dapp development; NFT collection Milady fell victim to a $1m exploit; and, Vitalik Butern’s X account was hacked.

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

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