Daily Market Update: May 10, 2023

May 10, 2023

BTC is currently trading around $28,200 and ETH around $1,900. Notable gainers in the last 24 hours are KAVA, LUNC, and ARB. The global crypto market cap is ~$1.21T, up ~1.3% over the last day. DeFi Total Value Locked is ~$48b and BTC dominance is around 48%.

Crypto and equity markets are gaining this morning while bond yields tumble behind a better-than-expected CPI release. April’s U.S. headline CPI came in at 4.9%, decreasing from the previous reading and besting expectations of 5.0%; Core CPI was inline. The results are likely to steer the Fed more concretely into the “pause” camp for June’s FOMC meeting. Lastly, the debt ceiling continues to sit on investor minds as seemingly little progress has been made during negotiations thus far.

Notable news includes: Bloomberg reported that Jane Street and Jump Crypto are decreasing their crypto trading activities in the U.S. due to heightened regulatory tensions; Binance unveiled its Capital Connect platform for its VIP clients resembling a ‘cap intro’ function in TradFi; crypto friendly Xapo Bank unveiled support for USDT deposits and withdrawals; Ethereum’s OFAC-compliant blocks fell to ~27% from a peak of ~80% after The Merge; crypto media and research firm Blockworks raised $12m at a $135m valuation; Aragon canceled its plans to enable ANT token holders to wield voting power over its $200m treasury, claiming the move is in response to Arca’s activist efforts to extract value from Aragon; Marathon announced a new liquid immersion mining JV in Abu Dhabi; Cipher Mining revealed its purchase of ~11,000 Canaan Bitcoin mining rigs; Grayscale filed for several new ETFs including a Bitcoin Composite ETF and an Ethereum Futures ETF; Pudgy Penguins raised $9m; and, a former Coinbase product manager was sentenced to two years in prison in crypto’s first sentencing for insider trading.

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Matt Kunke, Research Analyst | TwitterTelegramLinkedIn
Brian Rudick, Senior Strategist | TwitterTelegramLinkedIn

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