BTC is currently trading around $86,900, ETH around $1,550, and SOL around $135. Notable gainers in the last 24 hours are STX, KAS and POL. The global crypto market cap is $2.81T, up 1.8% over the last day. DeFi Total Value Locked is ~$90b and BTC dominance is around 64%.
Equity markets are mixed with US markets lower after President Trump stepped up his attacks on Fed Chair Powell, raising investor concerns around the Fed’s independence, and as trade talks show few signs of progress. Meanwhile, European equities are flat after the ECB cut rates and APAC equities are mixed on tariff uncertainty and after the People’s Bank of China held rates steady. Crypto markets are flattish on the news overall. Looking ahead, this week features US and European manufacturing and services PMI data on Wednesday, Tokyo CPI data on Thursday, and the SEC’s next crypto roundtable on custody on Friday.
Notable news includes: The Bank of Korea said it will actively participate in shaping the country’s stablecoin regulations to help manage potential monetary and financial impacts; Vietnam’s Ministry of Finance reportedly plans to establish a pilot crypto trading platform with technical assistance from Bybit; GSR led a $100m private placement into Nasdaq-listed Upexi to back its Solana-based treasury strategy; Charles Schwab said it’s aiming to launch direct spot crypto trading within the next 12 months, regulatory environment permitting; Kraken launched forex perps with up to 20x leverage for GBP/USD and EUR/USD; Kraken is reportedly preparing to downsize and consolidate teams ahead of its potential IPO; Circle announced it’s launching a new payments and cross border remittance network; Circle introduced Refund Protocol, which implements a smart contract system for dispute resolution enabling non-custodial payment refunds and chargebacks; $400m web3 focused VC fund ABCDE announced it’s halting new investments as its founder announces shifts personal work focus to incubation-based efforts; Vitalik suggested replacing the EVM with RISC-V to scale Ethereum using zkVMs; a16z crypto doubled down on its investment in Layer Zero with a new $55m acquisition of ZRO with a 3-year lock-up period commitment; Aethir launched the AI Unbundled alliance, which aims to support builders through grants, resources, and events; Synthetix deployed an sUSD 420 staking pool with SNX rewards in a bid to correct the sUSD depeg and is considering further mitigation measures; and, crypto community project Friends With Benefits is launching an incubator initiative called ‘Friends With Builders’.
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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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