Daily Market Update: November 20, 2023

November 20, 2023

BTC is currently trading around $37,200 and ETH around $2,000.  Notable gainers in the last 24 hours are TAO, SNX, and NEAR.  The global crypto market cap is $1.47T, up 2.3% over the last day.  DeFi Total Value Locked is ~$47b and BTC dominance is around 53%.

Equity markets are little changed ahead of a holiday-shortened week in the US, while crypto prices are up small. BTC got a boost after Javier Milei, who has proposed to eliminate the central bank and is supportive of Bitcoin, won the Presidency of Argentina.  Also of note, Silicon Valley is reacting to the ouster of co-founder and CEO Sam Altman from OpenAI after the board fired him on Friday.  Altman will be replaced by former Twitch CEO Emmett Shear, while Altman and fellow OpenAI co-founder Greg Brockman will lead a new advanced AI research team at Microsoft.  Looking ahead, market participants will closely watch the FOMC minutes on Tuesday and Eurozone PMI on Thursday.

Notable news includes: global securities regulator IOSCO released a report with 18 digital assets policy recommendations; the Hong Kong Monetary Authority will begin the second phase of its digital Hong Kong Dollar project next year; Osaka Digital Exchange announced plans to launch Japan’s first-ever digital securities trading next month; the SEC is rumored to be instructing spot Bitcoin ETF applicants to incorporate cash creates into their proposals in what analysts are calling a good sign for the process moving along; Fidelity joined BlackRock and Ark Invest in filing for a spot ether ETF; Strike and checkout.com partnered to enable debit card-based bitcoin purchases in over 65 countries; FTX creditor claims have increased to as high as 65 cents on the dollar; and, only 30% of bitcoin and 39% of ether have changed hands in the last year, a record low for both coins.

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

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