Daily Market Update: May 13, 2024

May 13, 2024

BTC is currently trading around $62,800 and ETH around $3,000.  Notable gainers in the last 24 hours are PEPE, FLOKI, and SHIB.  The global crypto market cap is $2.42T, up 1.7% over the last day.  DeFi Total Value Locked is ~$91b and BTC dominance is around 55%.

It was a quiet weekend in the cryptosphere, and prices are little changed since Friday.  Traders will pay particularly close attention to US inflation indicators this week, with the PPI set to be released on Tuesday and CPI on Wednesday.  In addition, US retail sales will come out on Wednesday, as will 1Q GDP estimates for the Eurozone (second estimate) and Japan (preliminary estimate).

Notable news includes: Lawmakers in Turkey will reportedly submit a draft crypto regulation law to parliament this week; the Philippines central bank approved trials for a national stablecoin tied to the local peso; the SEC argued in a new legal filing that current crypto regulations are sufficient in its pushback against Coinbase’s attempt to get the agency to write new rules; the US DOJ selected Forensic Risk Alliance to oversee Binance’s compliance with money landing and trade regulations per the exchange’s plea deal; multiple spot Ethereum ETF applicants updated their proposals to remove staking; Pudgy Penguins sold over one million plush dolls in less than a year; the Celo community approved using Optimism’s OP Stack to migrate to an Ethereum L2; layer 3 Degen Chain is down; and, GameStop stock is up 40% pre-market as trader Roaring Kitty who drove the meme craze posted on Reddit again for the first time in three years.

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Brian Rudick, Senior Strategist | TwitterTelegramLinkedIn

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