MARKETS DAILY: Crypto Update | Why Are Crypto Exchanges Launching Layer 2 Blockchains?

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4.7 • 698 Ratings

🗓️ 15 November 2023

⏱️ 13 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Noelle Acheson, the mind behind the Crypto Is Macro Now newsletter, explores exchange developments, bitcoin miners, economic data and more. Today's episode is sponsored by CME Group and PayPal. To get the show every day, follow the podcast here. Today’s Stories: Coinbase Officially Launches Base Blockchain in Milestone for a Public Company Kraken Said to Seek Partner to Help Build It a Layer 2 Blockchain Network Cryptocurrency Exchange OKX Coming Out With Layer 2 ‘X1’ Built on Polygon Technology Bitcoin Miner Hut 8 Q3 Net Loss More Than Doubles as Production Slumps Bitcoin Miner Marathon Digital Beats Q3 Earnings Estimates, but Misses on Revenue - From our sponsors: CME Group Cryptocurrency futures and options provide market-leading liquidity for bitcoin and ether trading. These cash-settled contracts give full exposure to crypto performance without the hassle of holding the physical position. No digital wallet? No problem. Trade nearly 24/7 in a transparent, CFTC-regulated market. Visit cmegroup.com/crypto to learn more. Disclaimer: This communication is not directed to investors located in any particular jurisdiction and is not intended to be accessed by recipients based in jurisdictions in which distribution is not permitted. The information herein should not be considered investment advice or the results of actual market experience. Past results are not necessarily indicative of future performance. Trading derivatives products involves the risk of loss. Please consider carefully whether futures or options are appropriate to your financial situation. - PYUSD, a stablecoin made for Payments. 1USD = 1PYUSD. Introducing PayPal’s new digital currency, PayPal USD (PYUSD), a stablecoin backed by U.S. dollar deposits, U.S. Treasuries and similar cash equivalents. Buy, sell, hold and transfer it in our app or site and explore Web3 with a payments brand that has been trusted for over 20 years. Get started now at paypal.com/pyusd. - This episode was hosted by Noelle Acheson. “Markets Daily” is executive produced by Jared Schwartz and produced and edited by Eleanor Pahl. All original music by Doc Blust and Colin Mealey. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Transcript

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0:00.0	This episode of Markets Daily is sponsored by CME Group and PayPal.
0:09.2	It's Wednesday, November 15th, 2020, and this is Markets Daily from CoinDesk.
0:16.4	My name is Noel Acheson, CoinDisc collabor collaborator and author of the Crypto is Macronau
0:20.9	newsletter on Substat.
0:22.8	On today's show, we're talking about exchange developments, Bitcoin miners, economic
0:27.8	data, and more.
0:33.3	So you don't miss an episode, be sure to follow the podcast on your platform of choice and turn-on
0:38.2	notifications. And just a reminder, CoinDesk is a new source and does not provide investment advice.
0:45.3	Now, the markets roundup. Cryptomarkets are looking more positive today, but have yet to walk back
0:51.6	yesterday's sharp drop. According to CoinDesk indices, at 9 a.m. Eastern time this morning,
0:57.6	Bitcoin was trading down 1.2% over the past 24 hours at $36,137.
1:05.8	Ether is down 1.4%, trading at just over $2,019.
1:17.6	Elsewhere, Solana is up over 8%, Avalanche's token is up almost 13%, Lido-Dow's token is up 14%, Kronos is up 15%. It certainly looks like interest is picking up in small-to-mid-cap tokens.
1:33.3	In macro indicators, this week is a heavy one for key economic data points. Yesterday, we saw the softer than expected US inflation rates for October.
1:37.3	Today, we got another inflation indicator that confirms the slowdown in price increases.
1:43.3	This comes from the US PPI, or the Producer's Price Index,
1:48.0	which measures the prices paid to domestic producers.
1:51.0	The year-on-year increase in September was 2.2%.
1:55.0	Expectations were for an increase in October of 1.9%.
1:59.0	The actual figure came in at a surprising 1.3%.
2:04.4	Month on month, the PPI index actually declined half a percent,
2:09.9	the steepest drop since April of 2020.
	...

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