- Crypto majors BTC and ETH 4.75% were flat today, while most altcoins drew down and gave back some of yesterday's gains. BTC is down 0.06% and ETH 4.75% is up 0.63%, while altcoins such as AVAX, MATIC, and LDO are down 3.16%, 2.20%, and 2.3%, respectively. Traditional markets are slightly down today - SPX and NDQ dropped 0.20% and 0.69%. Despite most altcoins pulling back today, there are a couple of standouts. The biggest gainer is DOGE, which continued its explosive move, rising as much as 26% today after Elon Musk tweeted a photo of his dog wearing a Twitter shirt for Halloween, adding to speculation that he might eventually integrate Dogecoin with Twitter. Doge has pulled back since Elon's tweet but is still up 9.53%. Another standout today is Chiliz (CHZ), the native token of fan token platform Socios. Chiliz has gained momentum leading into the FIFA World Cup as buyers anticipate increased activity for the national soccer team's fan tokens.
- Coinbase is backing Ripple Labs, the company behind XRP, in its lawsuit filed by the SEC in 2020 that alleges Ripple Labs raised $1.3 billion in unregistered securities offerings. Coinbase asked Judge Torres for permission to file an amicus brief in the case and stated that the lawsuit is a textbook case of just how critical fair notice is. Paul Grewal, Chief Legal Officer of Twitter, said, "One of the fundamental due process protections guaranteed by our Constitution is that government agencies cannot condemn conduct as a violation of law without providing fair notice that the conduct is illegal. By suing sellers of XRP tokens after making public statements signaling that those transactions were lawful, the SEC has lost sight of this bedrock principle." Ripple has been gaining ground in the case throughout 2022 and many crypto law experts believe that Ripple is likely to win the case against the SEC.
- Digital asset firm founded by Mike Novogratz, Galaxy Digital, may lay off between 15%-20% of its 375-person staff, Bloomberg reported. Michael Wursthorn, a spokesperson from Galaxy, stated, "We are always considering optimal team structure and strategy and will share future plans when finalized." Galaxy is the first firm to cut roles amid the market-wide drawdown - Coinbase, BlockFi, Crypto.com, and GSR have all reduced headcounts this year. Galaxy's stock is down 2.26% on the news and is set to report earnings on November 9th.
Crypto Daily Report – November 1
Nov 1, 2022
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