BTC is currently trading around $101,100 and ETH around $2,750. Notable gainers in the last 24 hours are HYPE, ONDO, and XCN. The global crypto market cap is $3.43T, up 1.8% over the last day. DeFi Total Value Locked is ~$107b and BTC dominance is around 61%.
Markets were lower over the weekend after Trump followed through on his campaign promise to impose tariffs on Canada, Mexico, and China. While Canada retaliated with tariffs on US goods and China stated it will challenge the tariffs in a World Trade Organization court, Trump agreed to pause tariffs on Mexico for a month after meeting with Mexican President Sheinbaum. The administration is expected to use the tariffs in its negotiations around immigration and the drug trade, and Trump hinted that he may also soon impose tariffs on the European Union. Crypto markets have recovered from their initial downdraft, but not before $2.1b was liquidated over the last day. Looking ahead, investors will closely watch how the tariffs situation plays out, in addition to watching more traditional economic releases this week such as the Bank of England interest rate decision on Thursday and the US employment report on Friday.
Notable news includes: India is reportedly reviewing its stance on cryptocurrencies due to a shifting global view; Russia announced plans to create a registry for crypto mining equipment; Japan’s Finance Minister promised to review the country’s crypto tax system by June; Thailand’s SEC announced plans to introduce a blockchain-based trading platform for digital tokens; Swiss banking giant UBS successfully completed a proof-of-concept for its fractional gold investment product on zkSync; Coinbase acquired onchain advertising and infrastructure platform Spindl; Coinbase was approved by the FCA to offer crypto services in the UK; Kraken secured a MiFID license to offer derivatives in Europe; the Bybit CEO estimated that 24h crypto liquidations could have been as high as $10b due to underreporting from API limitations; Uniswap v4 went live on 12 chains; Raydium surpassed Uniswap in January DEX volume; THORChain passed Proposal6 to convert $200m of unserviceable debt into equity via a new Thorchain Yield token; MicroStrategy did not purchase any Bitcoin last week for the first time in four months; MicroStrategy increased the size of its preferred stock offering due to high demand; cold weather in the US caused Bitcoin’s first negative difficulty adjustment in four months; Bitcoin miner Bitfarms revealed that it is exploring ways to enter the AI and HPC space; Grayscale launched a Dogecoin Trust; stablecoin issuer Tether reported $13b of profit in 2024; Bitcoin’s transaction count hit an 11-month low; Trump’s World Liberty Financial is reportedly courting projects for token swaps; and, the Trump memecoin fell after the President posted on Truth Social “I LOVE $TRUMP.”
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Author:
Brian Rudick, Head of Research | Twitter, Telegram, LinkedIn
Carlos Guzman, Research Analyst | Twitter, Telegram, LinkedIn
Toe Bautista, Research Analyst | Twitter, Telegram, LinkedIn
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