- In anticipation of Fed Chair Powell’s speech today at 1:30 pm EST, traditional markets are relatively muted. The S&P 500 is trading just under $3,950 (-0.30%), and the Nasdaq 100 is trading around $11,500 (+0.08%). Investors will be paying attention to Powell’s speech for insight into how high interest rates will need to rise. In contrast, crypto markets are rallying today, with $BTC and $ETH rising 2.12% and 4.13%, respectively, as rumors have circulated around Genesis and DCG avoiding bankruptcy. $GMX is outperforming today, rising 10.06% as Monday marked the first day in the protocol’s history where daily fees exceeded that of Uniswap's. GMX collected a total of $1.16 million in fees, with the majority coming from trading fees. GMX is likely benefitting from increased usage in the wake of the FTX collapse as users have been looking for decentralized alternatives to conduct perpetual futures trading.
- Animoca Brands, the Hong Kong-based software and VC company, is launching a $2 billion fund to invest in metaverse companies. The fund will be called Animoca Capital and will use the funds to develop metaverse ecosystems and expand opportunities for Web3 companies. Animoca Capital is expected to make its first investment next year and will expand its already massive portfolio of crypto investments. Animoca is one of the most active investors in the crypto space with investments in over 60 different companies in the first half of 2022 and over 340 in total. Animoca co-founder Yat Siu stated in an interview that in addition to developing metaverse ecosystems, Animoca Capital will be used to gain more exposure to mid to late-stage companies. Despite significant industry turmoil, Animoca Capital underscores the trend of strong fundraising throughout 2022 and hopefully serves as a sign the trend will continue into next year.
- Leading decentralized exchange, Uniswap has announced a new product feature; users can now trade NFTs across different NFT exchanges directly on Uniswap. Uniswap’s product update is a step to combine the fungible and non-fungible crypto markets in one place. With Uniswap’s NFT aggregator feature, users can see more listings at the best prices. Uniswap will be supporting listings from OpenSea, X2Y2, LooksRare, SudoSwap, Larva Labs, Foundation, NFT20, and NFTX. Uniswap hopes to save users on NFT costs and up to 15% on gas costs via its new Universal Router Contract. In celebration of the product launch, Uniswap will also be airdropping 5 million USDC to historical Genie users and offering a gas rebate promotion. The first unique 22,000 wallets purchasing an NFT on Uniswap between now and December 14th will be eligible to collect up to .01 ETH in gas rebates, claimable on January 16th, 2023. $UNI is up 4.21% today following the announcements.
Crypto Daily Report – November 30
Nov 30, 2022
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