BTC is currently trading around $18,800 and ETH around $1,300. Notable gainers in the last 24 hours are HNT, ALGO, and LUNC. The global crypto market cap is ~$955B, down 5.3% over the last day. DeFi Total Value Locked is ~$68b and BTC dominance is around 41%.
Risk markets are continuing their downward trend. Crypto continued its post-Merge selloff through the weekend, and global equities are down about 0.5% to 1% while bond yields are reaching new highs. This week is headlined by monetary policy, with an interest rate decision from the Fed on Wednesday, as well as the ECB, BoJ, and other smaller economies throughout the week. The Fed is expected to hike rates by 75 basis points, but markets are pricing in a ~20% probability of a 1% hike. It’s a slow start to the week with a bank holiday in Japan, as well as in the U.K., where a holiday is being observed for Queen Elizabeth II’s funeral.
Notable news includes: the SEC and Ripple called for an immediate ruling in their lawsuit; the ECB selected Amazon and four others to test digital Euro prototypes; British regulators listed FTX as an ‘unauthorized firm’; Gate.io announced zero-fee trading on more than 50 USD spot trading pairs; national security concerns reportedly complicated Binance’s attempt to acquire Voyager; Yuga Labs hired its first chief gaming officer to oversee the Otherside metaverse; and, sports metaverse startup LootMogul secured a $200m investment commitment.
Authors:
Matt Kunke, Junior Strategist | Twitter, Telegram, LinkedIn
Brian Rudick, Senior Strategist | Telegram, LinkedIn
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