Crypto Daily Report – November 30

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.