BTC is currently trading around $60,400 and ETH around $3,000. Notable gainers in the last 24 hours are LEO, WBT, and TRX. The global crypto market cap is $2.33T down 4.7% over the last day. DeFi Total Value Locked is ~$91b and BTC dominance is around 55%.
Equity markets are lower amidst various economic data points and ahead of tomorrow’s Fed meeting and press conference. Specifically, the US saw several disappointing earnings reports as well as hotter than expected wage data, while in Europe, inflation held steady in April as expected and GDP rose 0.3% in the first quarter, up from 4Q’s slight decline. Meanwhile in Japan, the yen rebounded after falling to a 34-year low against the US dollar, with Japan reportedly intervening in the currency markets, per the WSJ.
Notable news includes: The US SEC has been investigating whether ETH is a security for at least a year, per court filings from Consensys’s legal challenge against the SEC; a bankruptcy judge signed off on FTX’s $450m settlement agreement with bankrupt firm Voyager Digital; Venezuela’s state owned oil company PDVSA is reportedly ramping up the use of digital currency after the US reimposed sanctions on the country’s oil industry; six Bitcoin and Ethereum ETFs debuted in Hong Kong today, but amassed a disappointing $12m in trading volume; crypto investment products saw $435m of outflows last week, per CoinShares; coal mining company Alliance Resources has mined Bitcoin since 2020 using excess power; Ripple partnered with HashKey DX to introduce XRPL-based solutions in Japan through SBI Group; Coinbase integrated Lightning Network; EigenLayer introduced the Eigen Foundation, EIGEN token, and its season 1 stakedrop; Animoca Brands announced intentions to be the largest web3 ecosystem for gaming, education, and culture on Bitcoin; the floor price of NFT collection Moonbirds rose 30% over the last day as it adopted new copyright protections and leaned into the Otherside metaverse; and, Binance founder CZ is scheduled to be sentenced today for violating US banking law.
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Author:
Brian Rudick, Senior Strategist | Twitter, Telegram, LinkedIn
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