BTC is currently trading around $57,800 and ETH around $2,900. Notable gainers in the last 24 hours are OP, ATOM, and STRK. The global crypto market cap is $2.27T down 4.0% over the last day. DeFi Total Value Locked is ~$85b and BTC dominance is around 54%.
Equity markets are lower ahead of the Fed’s interest rate decision and press conference later today. Meanwhile, crypto prices continue their downward trend on the potential for a hawkish tone from the Fed given persistent inflation, poor US spot Bitcoin ETF inflows that have turned decidedly negative of late, the disappointing debut of the Hong Kong crypto ETFs yesterday, and continued regulatory risk with news coming to light recently that the SEC approved a formal order of investigation into whether ETH is a security.
Notable news includes: BlackRock’s BUIDL became the world’s largest tokenized treasury fund; the CEO of China AMC stated that its newly issued Bitcoin and Ethereum ETFs may be accessible by mainland Chinese investors; South Korean tech giants Naver and Kakao announced plans to issue a token for their merged blockchains in June; efforts to tie a US stablecoin bill to FAA reauthorization legislation appear to have stalled, putting stablecoin legislation on hold for now; Binance founder CZ was sentenced to four months in a US federal prison for anti-money laundering violations; Tether reported a $4.5b profit in 1Q, with $3.5b from mark-to-market gains on Bitcoin and gold; Uniswap integrated Robinhood Connect for purchasing crypto; Curve Finance awarded a bug bounty to a developer who discovered a reentrancy vulnerability; and, EigenLayer received over 12,000 withdrawal requests following its EIGEN airdrop announcement.
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Author:
Brian Rudick, Senior Strategist | Twitter, Telegram, LinkedIn
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