Trading Desk Market Update: 11/12

12.11.2021

BTC is currently trading around $63,900 and ETH around $4,600.  Notable gainers in the last 24 hours are MANA, BCHA, and SAND. The global crypto market cap is $2.91T, down 2.4% over the last day.  DeFi Total Value Locked is ~$266b and BTC dominance is around 43%.

The crypto markets are fairly quiet ahead of Bitcoin’s Taproot upgrade, which is expected to occur tomorrow.  The upgrade will improve Bitcoin’s privacy and programmability while making transactions faster and less expensive.  

Miami Mayor Francis Suarez announced that residents who are staking their MiamiCoin will receive “Bitcoin yield” directly in their wallets.  Miami has accumulated nearly $23m through MiamiCoin, which at an annualized rate equates to ~20% of annual taxes collected.  Following Miami’s lead, New York City Mayor-elect Eric Adams has stated he plans to bring CityCoin to New York.  

Other notable headlines include: Roughly 55% of newly issued USDT from 2014 to October was acquired by just two firms, Alameda Research and Cumberland; South Korean conglomerate Hankook Technology announced that it is branching out into crypto and NFTs; Major music label Universal has formed a metaverse band based on Bored Ape Yacht Club NFTs; and, popular dating app Bumble is exploring how to integrate the metaverse and Web 3.0 into a relaunch of its friend-finding platform Bumble BFF.

2021.11.12

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