Trading Desk Market Update: 11/10

November 10, 2021

BTC is currently trading around $66,700 and ETH around $4,750.  Notable gainers in the last 24 hours are IOTX, LRC, and KDA. The global crypto market cap is $3.04T, down 0.9% over the last day.  DeFi Total Value Locked is ~$273b and BTC dominance is around 44%.

Coinbase released 3Q21 results yesterday after the market close that disappointed investors. Total revenue of $1.24b fell short of the $1.61b consensus, while adjusted earnings per share of $1.62 also missed the $1.81 consensus. Retail and institutional trading volume fell 36% and 26% quarter-over-quarter, respectively, which Coinbase characterized as roughly in line with the industry and stated was due to lower volatility. Likely helped by greater listings and the addition of key memecoins like DOGE and SHIB, altcoin trading volume (ex BTC and ETH) grew to nearly 60% of all trading volume in the quarter, up from 50% a year ago.  One bright spot was Coinbase’s monthly transacting users (MTU) forecast, which it expects to be 8.0-8.5m for 2021, up from previous guidance of 5.5-8.0m. COIN is currently down ~10% pre-market.

Other major headlines today include: NFT artist Beeple sold his HUMAN ONE sculpture last evening for nearly $29m, easily beating the $15m expectation; Apple CEO Tim Cook stated he personally owns cryptocurrencies but has no current plans for Apple to accept crypto as a payment form; and, tech management consulting firm Activate predicts that the number of consumers trading crypto will double and that NFTs will become much more pervasive over the next 12 months.

2021.11.10

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