BTC is currently trading around $30,300 and ETH around $1,900. Notable gainers in the last 24 hours are KAS, GALA, and 1INCH. The global crypto market cap is ~$1.25T, down ~0.5% over the last day. DeFi Total Value Locked is ~$44b and BTC dominance is around 50%.
It’s a light start to the week, with markets closed in Japan and Hong Kong, and there are relatively few data releases throughout the week, most prominently UK and EU CPI on Wednesday. China’s weekend GDP release dampened growth expectations coming in a percentage point worse than the 7.3% expected. Equities and crypto are little changed so far this morning, and it was a calm weekend for crypto markets trending sideways after stabilizing from a sharp sequence of liquidation midday Friday that wiped out most of the earlier XRP-driven gains (altcoins are still meaningfully higher). Lastly, earnings season continues to pick up this week, with the most prominent reports including Tesla, TSMC, J&J, Netflix, and several large payment networks, brokers, and banks.
Notable news includes: the SEC formally acknowledged and kicked off the review of every spot Bitcoin ETF filing; a judge expressed skepticism over the SEC’s prior approval of Coinbase’s S-1, stating Coinbase could’ve been “forewarned that maybe someday there could be a problem” with its business model with respect to securities laws; Gnosis released Gnosis Pay and Gnosis Card integrating with Visa to provide the first consumer debit card connected to an on-chain self-custodial Safe wallet that functions as the card’s bank account; Aave’s new dollar-pegged stablecoin GHO launched on Ethereum mainnet; crypto-powered social media platform Lens Protocol released its second version enabling blocking functionality; Synthetix announced plans to launch a hybrid perpetuals trading platform with decentralized and centralized features alongside the launch of Synthetix v3 later this year in attempt to rival CEXs; Sui Network reached 1m active addresses; cLabs proposed transitioning the alternative L1 network Celo into an Ethereum layer 2, leveraging its existing validator set to empower decentralized sequencing while relying on EigenLayer’s EigenDA for cheap data availability to keep fees inline with their existing levels; Ethereum layer 2 Mantle Network officially launched its alpha network on Ethereum mainnet; zkSync unveiled its latest prover technology dubbed Boojum aimed at decreasing prover hardware requirements; perpetual futures funding rates indicate BNB token is being heavily shorted amidst a flurry of negative Binance headlines; Jay-Z’s Roc Nation and Puma collaborated on NFT-enhanced sneakers; and, more than 13.5k of stolen ETH were siphoned through Tornado Cash nearly two years after AnubisDAO’s rug pull.
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