BTC is currently trading around $102,000 and ETH around $3,100. Notable gainers in the last 24 hours are WIF, MOVE, and TAO. The global crypto market cap is $3.59T, down 1.1% over the last day. DeFi Total Value Locked is ~$119b and BTC dominance is around 60%.
Equity markets recovered slightly yesterday on the notion that low-cost AI models may drive more demand, while crypto prices are ~flat over the last day. All eyes now turn to today’s Fed meeting where a pause is widely expected, but commentary on future rate cuts will be closely watched.
Notable news includes: the Czech central bank chief proposed allocating up to 5% of reserves to Bitcoin; Russia piloted the use of its digital RUB in budgetary payments; South Korean prosecutors worked towards formally launching a crypto crime unit; Hong Kong’s SFC granted two new crypto trading platform licenses; US Senator Lummis filed an amicus brief supporting Coinbase in its legal battle against the SEC; rumors circulated that Ethereum L2 Movement was in talks with the Department of Government Efficiency around potentially implementing blockchain technology; former SEC Chair Gensler returned to MIT as a professor; South Dakota and Kentucky lawmakers proposed state-level Bitcoin strategic reserve bills; publicly-traded green energy firm Nuvvee announced a Bitcoin treasury strategy; crypto wallet Tangem received a US patent for its private key backup technology; X announced its X Money service will be offered through a partnership with Visa; CBOE refiled applications for four ETF issuers seeking to list spot SOL ETFs; crypto.com revealed plans to suspend USDT and PYUSD in Europe due to MiCA; Ethereum NFT project Doodles replaced its CEO; Sui demoed SMS-based transactions; restaking protocol Symbiotic launched on Ethereum mainnet; ai16z rebranded to ElizaOS; and, Sushi Labs acquired Shipyard.
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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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