BTC is currently trading around $19,500 and ETH around $1,450. Notable gainers in the last 24 hours are ATOM, CHZ, and LINK. The global crypto market cap is $992B, down 3.9% over the last day. DeFi Total Value Locked is ~$70b and BTC dominance is around 41%.
Global equities are moving downward while bond yields are rising. Negative risk sentiment is primarily attributed to economic bellwether FedEx cutting its full-year guidance due to a softening in global shipping volumes. Crypto markets are down, with ETH leading the fall as The Merge seemingly turned into a sell-the-news event. Despite the selloff, DeFi TVL moved back up as market participants redeployed capital into smart contracts following the successful completion of The Merge.
Notable news includes: Biden’s White House released a framework for crypto regulation that hinted at a CBDC, but many details still remain opaque; SEC Chair Gensler said proof-of-stake assets could be securities; ETH liquidations topped $120m in post-Merge trading as volatility picked up; ETHW began trading and sold off materially with volume concentrated primarily on FTX; Justin Sun’s Poloniex suddenly disavowed support for ETHW and announced his support for a new ETH PoW fork called EthereumFair; Fortnite developer Epic Game’s marketplace listed its first NFT game; and, Binance Labs doubled down on its investment in layer one blockchain startup Aptos Labs.
Authors:
Matt Kunke, Junior Strategist | Twitter, Telegram, LinkedIn
Brian Rudick, Senior Strategist | Telegram, LinkedIn
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