Trading Desk Market Update: 11/3

November 3, 2021

BTC is currently trading around $62,500 and ETH close to $4,500 after setting an all-time high several hours ago.  Notable gainers in the last 24 hours are AR, MKR, and AMP. The global crypto market cap is ~$2.85T, a 0.4% increase over the last day.  DeFi Total Value Locked is ~$256b and BTC dominance is around 44%.

Miami mayor Francis Suarez announced that he will accept his next paycheck in Bitcoin.  Suarez also wants the city to hold Bitcoin, and plans to allow residents to pay bills and taxes in the cryptocurrency.  In New York, former police captain Eric Adams, who has promised to make New York City a Bitcoin center, has been elected the city’s next mayor in a landslide election.  Meanwhile, Ethereum hit a record high of $4,634 earlier in the day.  The new ATH comes amidst a spike in the network’s active addresses (+45% over the last 28 days), TVL reaching a record $173b, ETH burns continuing post EIP-1559 (~745,000 total ETH have been burned), the exchange supply ratio continuing to fall to a near three-year low of ~15%, the ETH 2.0 deposit contract rising to 8.4m ETH staked, the network hash rate reaching a record ~813,500 GH/s, and post the recent successful Altair upgrade.

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