BTC is currently trading around $21,600 and ETH around $1,500. Notable gainers in the last 24 hours are BNX, MKR, and CVX. The global crypto market cap is ~$1.04T, down ~1.9% over the last day. DeFi Total Value Locked is ~$46b and BTC dominance is around 44%.
Global equities are starting the week on a positive note, slightly reversing recent weakness, but the crypto market is continuing its down trend. Drivers of crypto weakness are more of the same, with a U.S. regulatory crackdown – most recently exemplified by Paxos – causing market jitters. It’s a slow start to the week before tomorrow morning’s U.S. CPI release, which is the week’s headline event that’s particularly prominent given the recent unexpected strength in U.S. labor markets. U.S. 2Yr yields rose to a three-month high as investors adjusted expectations for a slower reversion lower ahead of tomorrow’s CPI release. Other notable events include Japan’s GDP release this evening, in addition to U.K. CPI and a speech from ECB President Lagarde on Wednesday.
Notable news includes: the SEC served Paxos a Wells notice and the NYDFS ordered it to stop minting its BUSD stablecoin; Binance’s CEO CZ aimed to dismiss FUD noting that the BUSD stablecoin is still fully backed, but Binance will make product adjustments accordingly to move away from BUSD as the exchange’s primary trading pair; PayPal put its stablecoin project on hold; Coinbase confirmed that it would defend its staking program in court should it find itself in the SEC’s crosshairs; Tether tapped Cantor Fitzgerald to help oversee its nearly $40b bond portfolio; Polygon announced its exploring the use of zero-knowledge proof technology for its main chain in addition to its zkEVM; SushiSwap announced the acquisition of Vortex Protocol, a not-yet-launched derivatives DEX on Sei Network, a Cosmos-based L1; a governance proposal passed to expand Uniswap to BNB Chain via Wormhole; Jump Crypto discovered and reported a critical vulnerability on BNB Chain; and, Phantom added authentication standards support to protect against phishing.
Authors:
Matt Kunke, Junior Strategist | Twitter, Telegram, LinkedIn
Brian Rudick, Senior Strategist | Twitter, Telegram, LinkedIn
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