BTC is currently trading around $29,800 and ETH around $1,900. Notable gainers in the last 24 hours are FLEX, BIT, and LINK. The global crypto market cap is ~$1.24T, down ~0.9% over the last day. DeFi Total Value Locked is ~$44b and BTC dominance is around 50%.
It’s a low volatility day with markets tilted towards risk-off on the margin. Equities are mixed and crypto is modestly lower, while government bonds are rallying, particularly those in European countries and Canada. Canada’s lower-than-expected core CPI release supported its interest rate decline.
Notable news includes: Coinbase’s CEO Brian Armstrong is scheduled to hold a closed-door meeting with House Democrats tomorrow; Chainlink’s Swift-based Cross-Chain Interoperability Protocol (CCIP) launched with early testnet access on Ethereum, Avalanche, and various L2s, enabling financial institutions to transfer data between public and private blockchain environments; Uniswap unveiled the UniswapX white paper introducing a new Dutch-auction based decentralized trading protocol that aggregates both onchain and offchain liquidity and enables gas free swaps; Safe partnered with stablecoin issuer Monerium for on and off-chain euro-based stablecoin payments; Celsius moved ~$60m of altcoins to potentially be sold for BTC & ETH; Compound’s outstanding debt on Ethereum surpassed $1b for the first time in over a year; users locked ~$2.4b on Binance to participate in Arkham’s public token sale; Reddit’s MOON community token surged nearly 200% during the last week after Reddit made positive changes pertaining to transaction flexibility in its terms of service; Nil Foundation partnered with Fabric to develop readily available and cost-effective ZKP-dedicated compute; Binance terminated its partnership with the Argentine Soccer Association citing breach of contract; and, a black hat hacker released WormGPT, a malicious version of ChatGPT, to craft email phishing attacks.
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Authors:
Matt Kunke, Research Analyst | Twitter, Telegram, LinkedIn
Brian Rudick, Senior Strategist | Twitter, Telegram, LinkedIn
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