BTC is currently trading around $27,600 and ETH around $1,750. Notable gainers in the last 24 hours are LTC, DASH, and APT. The global crypto market cap is ~$1.20T, down ~2.1% over the last day. DeFi Total Value Locked is ~$49b and BTC dominance is around 47%.
Markets moved mostly sideways in the early afternoon as investors digested Fed Chair Powell’s comments, but markets sold off sharply later in the afternoon as Treasury Secretary Yellen said she wasn’t exploring ways to guarantee all bank deposits. Powell’s comments were generally quite balanced after hiking rates by the expected 25 bps, reiterating that we are approaching the end of this tightening cycle while noting that rate cuts are not part of the Fed’s baseline forecast for 2023. The Fed’s updated dot plot showed the median forecast amongst Fed officials for the year-end 2023 Fed Funds rate was unchanged at 5.1%, while the same measure for year-end 2024 came down slightly to 4.1% (4.3% previously). Elsewhere in monetary policy, the Swiss National Bank and the Bank of England hiked rates by 50 bps and 25 bps, respectively, in line with forecasts.
On the regulatory front, Coinbase is down ~15% this morning after confirming it received a Wells Notice from the SEC regarding an unspecified portion of its listed digital assets, its staking services, and its Coinbase Prime and Coinbase Wallet offerings. Coinbase’s CEO Brian Armstrong said they “welcome the opportunity for Coinbase to get before a court” on these matters.
Notable news includes: The SEC charged Tron’s founder Justin Sun for engaging in wash trades and unregistered securities sales; Kraken suspended ACH deposits and withdrawals as it searches for a new banking partner; Telegram introduced in-chat USDT transfers; ConsenSys launched an institutional staking marketplace; Arbitrum daily transactions hit a record high ahead of its airdrop; BH Digital raised $9m for its liquid token strategy; eToro raised $250m after terminating its SPAC; and, Terra founder Do Kwon was reportedly arrested in Montenegro.
Authors:
Matt Kunke, Research Analyst | Twitter, Telegram, LinkedIn
Brian Rudick, Senior Strategist | Twitter, Telegram, LinkedIn
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