Daily Market Update: September 13, 2023

September 13, 2023

BTC is currently trading around $26,100 and ETH around $1,600.  Notable gainers in the last 24 hours are TON, VET, and RLB.  The global crypto market cap is $1.08T, flat over the last day.  DeFi Total Value Locked is ~$37b and BTC dominance is around 50%.

Equity markets are little changed while bitcoin jumped as traders digest a mixed US inflation report.  Headline CPI rose 3.7% year-over-year in August, 0.1 percentage points higher than expected, while core CPI, which excludes volatile food and energy prices, rose 4.3%, inline with expectations.  Elsewhere, FTX submitted a revised order to the bankruptcy court early today outlining proposed guidelines for selling and transferring digital assets, and it may receive approval for selling assets later today.

Notable crypto news includes: India, Nigeria, and Thailand topped Chainalysis’ 2023 Global Crypto Adoption Index; the BIS and central banks of Hong Kong and Israel completed their retail CBDC test; US Senate Banking Committee Chairman Sherrod Brown criticized the crypto industry and praised SEC Chair Gensler for cracking down on abuse; Franklin Templeton filed with the SEC for a spot bitcoin ETF; HSBC is said to be working with crypto custody firm Fireblocks; Zodia Custody partnered with Parity Technologies to provide institutional custody for the Polkadot blockchain; Sony announced a joint venture with Startale Labs to develop a new blockchain platform; Coinbase introduced a web3 wallet for institutions; Huobi rebranded to HTX; BitMEX launched a prediction market; Binance.US cut one third of staff and its CEO Brian Shroder is departing; crypto exchange CoinEx was exploited, with reports pegging the amount between $27-54m and some connecting it to North Korea; DCG proposed a new agreement plan for Genesis Global creditors that would provide unsecured creditors with an estimated 70-90% recovery; BNB Chain’s Optimism-powered layer 2 platform opBNB went live on mainnet; the Opera browser announced plans for a stablecoin wallet called MiniPay in Africa; Telegram officially integrated the TON web3 wallet; a user accidentally paid $500,000 in fees for a $200 bitcoin transfer; Bitboy Ben Armstrong filed a lawsuit against his former Hit Network colleagues; SBF was denied temporary release from prison; and, OneCoin co-founder Karl Greenwood was sentenced to 20 years in prison.

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

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