Introducing Crypto Binaries

Trading Desk Market Update: 11/11

November 11, 2021

BTC is currently trading around $65,000 and ETH around $4,700.  Notable gainers in the last 24 hours are MINA, KDA, and OMG. The global crypto market cap is $2.98T, down 2.5% over the last day.  DeFi Total Value Locked is ~$270b and BTC dominance is around 43%.

Bitcoin reached a record high roughly 24 hours ago, hitting $69,045 shortly after the release of US consumer price data, which showed headline inflation jumping 6.2% and core inflation 4.6%, both the fastest rates of growth since the early 90s. BTC quickly pulled back, however, due to concerns around high funding rates, all-time high open interest, and conflicting reports on whether Chinese property giant Evergrande missed a bond payment.  There have been ~$700m in total liquidations over this time. 

Other major news today includes: Grayscale hit $60b in AUM, overtaking the top gold ETF; Twitter is launching Twitter Crypto to integrate Web3 and decentralized applications into its social media platform; The Indian government will reportedly introduce a new crypto bill later this month; and, the city of Seoul revealed plans to launch a metaverse public service platform as part of an attempt to create a contactless communication channel for all areas of its municipal administration.

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