BTC is currently trading around $94,500, ETH around $1,800, and SOL around $147. Notable gainers in the last 24 hours are CRV, FARTCOIN and PI. The global crypto market cap is $3.06T, up 0.1% over the last day. DeFi Total Value Locked is ~$100b and BTC dominance is around 64%.
Equity and crypto markets are flat after the US’ latest GDP data released showed the US economy contracted by -0.3% in 1Q, fanning fears of a potential recession.
Notable news includes: New SEC Chair Paul Atkins pledged to bring clarity to crypto regulation and introduce a fit-for-purpose regulatory framework that doesn’t stifle innovation; Arizona’s state legislature passed the Arizona Strategic Bitcoin Reserve Act which would allow the state’s treasury and pension funds to allocate up to 10% of public funds in Bitcoin; Stripe is preparing to start testing a new stablecoin product with clients outside the US, UK and EU; SoFi revealed it has plans to reintroduce crypto services after suspending its crypto efforts two years ago; the first spot XRP ETF, issued by Hashdex, began trading in Brazil; Circle rejected a $4-5b acquisition offer from Ripple; Trump Media revealed it is exploring a utility token for the truth social ecosystem; Securitize and Gauntlet unveiled a leverage DeFi yield strategy based on a tokenized Apollo Global credit fund; TON Foundation and Libre launched a $500m fund on TON that tokenizes Telegram’s corporate debt; Ubisoft and Layer Zero launched a network for cross-chain gaming assets; Sony’s Soneium and Plume partnered to bring RWAs to Soneium; 1inch launched on Solana and plans to roll out cross-chain swaps in the coming months; and, Aleph Zero launched a privacy app on Arbitrum and plans to extend it to other EVM chains.
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Author:
Carlos Guzman, Research Analyst | Twitter, Telegram, LinkedIn
Brian Rudick, Head of Research | Twitter, Telegram, LinkedIn
Toe Bautista, Research Analyst | Twitter, Telegram, LinkedIn
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