Daily Market Update: September 19, 2023

September 19, 2023

BTC is currently trading around $27,200 and ETH around $1,650. Notable gainers in the last 24 hours are NEO, STX, and GRT. The global crypto market cap is ~$1.12T, down 0.4% over the last day. DeFi Total Value Locked is ~$39b and BTC dominance is around 50%.

Markets are little changed with equities slightly down and rates modestly higher heading into tomorrow’s FOMC meeting. Oil remains a stand-out gainer as it continues to rally after last week’s OPEC+ supply cuts, and WTI reached a 1-year high north of $93/bbl.

Notable news includes: Citigroup launched a private blockchain to transform client deposits into digital tokens to improve cash management and trade finance capabilities; a judge denied the SEC’s request to access Binance.US’ tech stack; Hong Kong regulators are seeking to tighten crypto regulations following fraud allegations around the unlicensed crypto exchange JPEX; The NYDFS is seeking tougher standards for listing and delisting crypto assets; The UK House of Lords passed a bill to seize stolen crypto; Canto and Astar announced plans to expand to Ethereum’s rollup ecosystem; Optimism announced another airdrop to users that met certain governance participation criteria; Tether authorized $1b USDT to replenish supply on Tron should incremental demand for USDT develop on the network; CoinEx revealed that compromised private keys were the cause of its ~$70m hack; Blockchain Capital closed on two funds raising $580m in aggregate to invest in several web3 verticals; Oak Grove Ventures raised $60m to invest in the intersection of web3, AI, and biotech; Bitbuy entered a strategic partnership with Canadian crypto ATM company Localcoin; and, Google’s cloud sync feature was implicated in the ~$15m crypto heist at Ripple-owned Fortress Trust.

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

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