BTC is currently trading around $67,800 and ETH around $3,500. Notable gainers in the last 24 hours are TIA, WIF, and AVAX. The global crypto market cap is $2.59T, up 1.0% over the last day. DeFi Total Value Locked is ~$101b and BTC dominance is around 55%.
It was an eventful weekend in crypto ahead of what promises to be an eventful week. Most notably, US President Biden dropped out of the 2024 Presidential race, with Vice President Kamala Harris seen as the most likely to become the Democratic nominee. Crypto prices initially fell on the news with many believing the pro-crypto Trump was more likely to win against Biden than a replacement. However, prices quickly moved higher as Elon Musk added laser eyes, a common symbol of crypto support, to his profile pic, prompting speculation that he may speak at Bitcoin 2024 this week. Looking ahead, Tuesday is a particularly big day for crypto, with both the US spot Ethereum ETFs set to start trading and Kraken commencing the return of an estimated $3.1b in Bitcoin to creditors over the subsequent seven days. In addition, the Bitcoin 2024 conference begins on Thursday, and will feature a keynote speech by Trump on Saturday that some believe could see Trump pledge to add Bitcoin to the US strategic reserve. Finally, market participants will be watching US PCE on Friday for a gauge on US inflation.
Notable news includes: Several US states filed an amicus brief challenging the SEC’s regulation of cryptocurrencies and claiming the agency overstepped its authority; Trump is reportedly considering BlackRock CEO and digital asset advocate Larry Fink as Treasury Secretary; digital asset investment products took in $1.4b of AUM last week, per CoinShares; Grayscale announced it will spin off 10% of GBTC into a Bitcoin Mini Trust ETF; SEC Commissioner Peirce stated a potential Solana ETF may not necessarily require a federally regulated futures market to trade first; Ripple CEO Garlinghouse stated he expects Ripple to settle litigation with the SEC very soon; Meta reportedly cut its metaverse budget by 20%; Messari CEO Ryan Selkis stepped down after controversial political comments; Binance launched a proof-of-KYC token that can be used across platforms; and, Biden memecoins plummeted, while Kamala Harris memecoins surged after Biden exited the Presidential race.
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Author:
Brian Rudick, Senior Strategist | Twitter, Telegram, LinkedIn
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