- The Dow Jones rose 0.91% today while the S&P was down -0.37%. Positive U.S GDP numbers seemed to alleviate investor concerns about a recession, showing growth of 2.6% on an annualized basis for Q3. The Nasdaq is down -1.44% following high-profile earnings misses from Meta, Alphabet, and Microsoft. The US 10Y yield has pulled back to 3.96%, while $DXY rebounded to 110.54 (+0.78%) after starting the week with losses. The global crypto market cap is flat -0.1% over the last 24 hours, with $BTC (-1.3%) looking to hold $20,500 after briefly reaching $21,000 yesterday. $ETH has outperformed BTC, losing -0.8%. $DOGE has outperformed all other top 10 tokens by market cap, gaining +11.8% over the same period. Price action can be attributed to known proponent Elon Musk drawing closer to finalizing his Twitter Acquisition. Musk had spoken about integrating cryptocurrency into a decentralized social media with Twitter founder Jack Dorsey, although he has yet to confirm that $DOGE would be part of those plans. Many speculate it could be as he has previously tweeted his affinity for the meme coin on various occasions.
- Major crypto exchange FTX could soon be launching a stablecoin, according to comments from CEO Sam Bankman-Fried. The exchange may be looking to follow rival Binance’s footsteps, which took steps this year that saw its native stablecoin BUSD gain market share. Binance made several strategic shifts to boost volume in BUSD, including no-fee trading on BUSD pairs and ending support for four rival stablecoins by automatically converting user holdings to BUSD. BUSD supply rose from $14.4 billion at the start of the year to $21.4 billion, now representing over 24% of trading volume across all exchanges. SBF tweeted just days ago about the beginning of a “Second Great Stablecoin War” in response to Binance’s growing supply. He emphasized stablecoin businesses are much more profitable now that interest rates are favorable and drive better revenues to issuers. Currently, that revenue flows to top stablecoin issuers Tether (USDT) and Circle (USDC), representing 28% and 48% of stablecoin supply, respectively.
- The Aptos NFT market has seen strong momentum in the past week, with top collections rivaling volume on established NFT ecosystems denominated in $SOL and $ETH. Despite launching its mainnet to widespread criticism over tokenomics and technical challenges, the mainnet token $APT gained +26.0% over the last seven days. Topaz, the leading Aptos NFT marketplace, has seen trading volume matching Solana’s top NFT marketplace, Magic Eden, over the last 24 hours. NFT trading volume on Solana has been trending down after the top marketplace decided to no longer enforce creator royalties. Whether Aptos can continue this momentum, or if it will be another typical NFT boom and bust, remains to be seen. NFT’s have seen a substantial drop in volume since earlier this year, with the recent daily volume on Opensea dropping 99% from a high of ~$406m in May. While the first NFT bubble has burst, NFT ecosystems have seen substantial VC investment this year, as many believe they have the potential to onboard crypto’s next wave of users.
Crypto Daily Report – October 27
Oct 27, 2022
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