BTC is currently trading around $22,700 and ETH around $1,650. Notable gainers in the last 24 hours are NEO, RPL, and LRC. The global crypto market cap is ~$1.11T, down ~1.6% over the last day. DeFi Total Value Locked is ~$49b and BTC dominance is around 43%.
Global equities are moving higher, while yields are slightly lower in most markets. Crypto has lagged equities since yesterday’s close, with reports of an industry crackdown facilitated by the U.S. banking sector and rumors of the SEC’s intent to inhibit retail staking likely contributing to the underperformance.
Notable news includes: Coinbase CEO Brian Armstrong tweeted that he’s “hearing rumors the SEC would like to get rid of crypto staking in the U.S. for retail customers”; Lido, Rocket Pool, and the tokens of other decentralized LSD providers rallied after Brian Armstrong’s comments; CoinMetrics co-founder Nic Carter alleged that the U.S. government is using the banking sector to execute a widespread crypto industry crackdown; Paxos confirmed it has not yet been asked to withdraw its application for a national trust bank charter with the OCC; LocalBitcoins announced its closure after operating for more than a decade; MakerDAO revealed it will introduce an Aave rival called Spark Protocol, expanding into pooled lending in addition to its primary collateralized debt issuance model for DAI; Lido announced node operators would be able to permissionlessly join its network in its V2 implementation; CoinGecko and 21Shares proposed a global crypto classification standard; Affirm announced it will sunset its crypto program after laying off nearly 20% of its staff; Robinhood’s board approved a plan to purchase the $578m equity stake previously owned by SBF; a court allowed FTX debtors to issue subpoenas to SBF’s former colleagues and family members; Ordinal Punks emerged as the leading NFT collection on Bitcoin; Yuga Labs’s Dookey Dash reportedly had an exploit that allowed bots to seamlessly progress through the map without being detected; and, the liquidator of Three Arrows Capital asked the judge to intervene as it claimed Kyle Davies continues to withhold information while “shamelessly” raising capital to launch a new crypto exchange.
Authors:
Matt Kunke, Junior Strategist | Twitter, Telegram, LinkedIn
Brian Rudick, Senior Strategist | Twitter, Telegram, LinkedIn
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