Daily Market Update: September 14, 2023

September 14, 2023

BTC is currently trading around $26,600 and ETH around $1,625.  Notable gainers in the last 24 hours are AXS, HBAR, and RUNE.  The global crypto market cap is $1.09T, up 1.2% over the last day.  DeFi Total Value Locked is ~$38b and BTC dominance is around 50%.

Equity markets and crypto prices are higher as the ECB announced its tenth consecutive rate hike to a record 4.0%.  Notably, the ECB revised its inflation projection for this year higher to 5.6%, but also suggested that it may be done hiking rates for now.  Meanwhile in the US, producer prices rose by 1.6% over last August, faster than the +1.2% expectation, though core PPI was more muted.  Finally, a lot of attention is being paid to FTX asset sales, as a US bankruptcy court granted FTX permission to sell, invest, and hedge ~$3.4b of digital assets.  While such sales set off worries earlier in the week, many are taking solace in the restrictions around the sales and the potential for the market impact to be manageable.

Elsewhere, the European Parliament approved DAC8, which introduces crypto transaction tax reporting requirements across the EU; the US SEC filed charges against NFT collection Stoner Cats for being unregistered securities; Congressman Tom Emmer reintroduced a bill to prevent the Fed from creating a US CBDC; the Hong Kong Monetary Authority, Central Bank of Kazakhstan, and an unnamed third central bank joined the beta phase of SWIFT’s CBDC interoperability project; the Hong Kong SFC issued a warning to unregistered crypto exchange JPEX; Singapore’s MAS banned Three Arrows Capital founders Zhu Su and Kyle Davies from financial activity in Singapore for nine years; Circle is set to integrate a web3 services platform into the Singapore super app Grab; cloud provider Retool was identified as the third party phishing attack victim that led to the $15m crypto theft from chartered trust company Fortress;  Ethereum will release a new testnet named Holesky and sunset existing testnet Goerli; blockchain infrastructure platform Alchemy introduced a new, lower-priced tier amidst crypto winter; Sui announced a new zero-knowledge login feature enabling access to dapps through Facebook and Google details; the Cosmos Hub was upgraded to include liquid staking; web3 game Gods Unchained released a new gameplay format; and, Paxos was revealed to be the party that paid a $500,000 fee to send $2,000 of BTC.

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

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