BTC is currently trading around $29,800 and ETH around $1,950. Notable gainers in the last 24 hours are RNDR, XRD, and INJ. The global crypto market cap is ~$1.28T, up ~7.1% over the last day. DeFi Total Value Locked is ~$50b and BTC dominance is around 48%.
Markets have returned to the green behind strong earnings from Microsoft and Google. Microsoft, in particular, is carrying the market forward on better-than-expected cloud results and strong AI signaling, and with the > $2T stock up ~8%, it’s just shy of setting a one-day record for market cap growth. Crypto markets are exhibiting a much sharper upward move than equities on average, and the rise closely resembles the market dynamics observed during Silicon Valley Bank’s collapse, namely, a bitcoin-led crypto rally as expectations for future rate hikes reverted sharply lower as more cracks in the regional banking system emerged. Only this time, the narrative shift stemmed from a larger-than-expected decline in First Republic (FRC) deposits, which turned the balance sheet upside down and will be extremely difficult to recover from. FRC was down ~49% yesterday, and it’s fallen another ~25% so far this morning.
Notable news includes: Binance US abandoned its $1b Voyager deal citing U.S. regulatory challenges; Google Cloud broadened its web3 startup program with 11 blockchain firms; the former Signature Bank crypto payments chief and four of his team members joined Fortress Trust; a judge affirmed that Apple’s 30% iOS tax mandate is illegal, potentially representing a tailwind for mobile crypto applications; Genesis filed for mediator assistance over the amount of DCG’s contribution to its reorganization; the CFTC commissioner said there is no ‘immediate path forward’ with Binance; Avalanche introduced its Cortina upgrade on mainnet; Solana Labs ChatGPT plugin allows AI to fetch blockchain data; The Bahamas is seeking to tighten its crypto rules after FTX’s collapse; zkSync’s Merlin DEX was exploited for ~$1.8m immediately after its code audit; FTX sold LedgerX for $50m to M7 Holdings; Ark and 21Shares filed a third time with the SEC for a Bitcoin ETF; Steve Aoki and 3LAU revealed their first single as the ‘Punx’ NFT duo; and, the Bitcoin white paper was quietly removed from the latest MacOS release.
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Authors:
Matt Kunke, Research Analyst | Twitter, Telegram, LinkedIn
Brian Rudick, Senior Strategist | Twitter, Telegram, LinkedIn
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