Daily Market Update: September 20, 2023

September 20, 2023

BTC is currently trading around $27,100 and ETH around $1,650. Notable gainers in the last 24 hours are MKR, KAS, and KCS. The global crypto market cap is ~$1.11T, down 0.4% over the last day. DeFi Total Value Locked is ~$39b and BTC dominance is around 50%.

US markets remain in a wait-and-see phase heading into the Fed’s interest rate decision and revised dot plot this afternoon. US equities and bonds are modestly higher, while crypto markets have de minimis losses. The market backdrop is rosier in the UK this morning after inflation data came in meaningfully lower than expected, sparking a nearly 1% gain in the FTSE and a ~13bp plunge in the 5-year Gilt yield.

Notable news includes: Grayscale filed for an Ethereum futures ETF registered under the 1933’ Act; Grayscale abandoned its ownership of ETHPoW (ETHW) tokens stemming from its ETHE trust citing a lack of custodial support and minimal liquidity; The Chamber of Digital Commerce launched a coalition for miners dubbed the Digital Power Network; Circle launched USDC on the Polkadot Asset Hub to enable stablecoin transfers to parachains via the XCM messaging protocol; withdrawals for some Binance users in the EU have been blocked ahead of the exchange’s local payment provider ending support; Rollbit Coin tumbled 5% as crypto influencer Gainzy swapped his sponsorship to Stake; the creator of Bitcoin Ordinals proposed changing the protocol’s numbering system to simplify the codebase; Nomura’s Laser Digital unveiled its Bitcoin Adoption Fund for institutional investors; inactive Bitcoin supply reached an all-time high according to Glassnode; Balancer’s website has been compromised in a DNS attack and users should avoid interacting with its front-end; Major League Baseball is hosting its first game in a virtual stadium, recreating the live stadium experience in the metaverse; and, Stanford plans to return millions of dollars received in donations from FTX.

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

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