BTC is currently trading around 59,800 and ETH around $2,550. Notable gainers in the last 24 hours are DOGS, AAVE, and IMX. The global crypto market cap is $2.20T, down 4.4% over the last day. DeFi Total Value Locked is ~$87b and BTC dominance is around 57%.
Crypto markets are down significantly, while global equity markets are lower as well, though to a lesser extent. While the cause of the crypto weakness is unclear, crypto prices are likely being impacted by the traditional equity market sell-off, including poor tech stock performance in advance of Nvidia’s earnings release later today.
Notable news includes: India’s central bank proposed developing a CBDC framework to enhance cross-border transactions; the Hong Kong Monetary Authority opened up its tokenization sandbox; Japan’s Prime Minister stated that web3 and blockchain can help improve societal issues; Donald Trump added the pro-Bitcoin RFK Jr to his transition team; Sony launched the testnet and incubator for its Soneium Ethereum layer 2; retail brokerage firm Robinhood announced the addition of the Solana network to its wallet; OpenSea received a Wells notice from the SEC indicating that the regulator may sue the NFT exchange over potential securities law violations; MakerDAO, now Sky, received backlash as its DAI/USDS stablecoin will reportedly have the capability for the issuer to freeze tokens; The Open Network (TON) went down for six hours following a spike in network traffic; Cardano’s Chang hard fork that will give token holders control over Cardano is set to go through on Sunday; ICP launched the first fully onchain AI model; Starknet added parallel execution to its layer 2; and, Magic Eden launched a new Mint Terminal to aggregate NFT minting platforms.
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Author:
Brian Rudick, Senior Strategist | Twitter, Telegram, LinkedIn
Carlos Guzman, Research Analyst | Twitter, Telegram, LinkedIn
Toe Bautista, Research Analyst | Twitter, Telegram, LinkedIn
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