Daily Market Update: May 14, 2024

May 14, 2024

BTC is currently trading around $61,600 and ETH around $2,900.  Notable gainers in the last 24 hours are PEPE and FLOKI.  The global crypto market cap is $2.36T, down 2.6% over the last day.  DeFi Total Value Locked is ~$90b and BTC dominance is around 55%.

US wholesale prices as measured by the PPI rose more than expected in April, and its annual growth rate hit its highest level in a year.  Though negative for Fed rate cut prospects, equity and bond markets are shaking off the report, both as prior month inflation was revised downward and as the more closely watched CPI data comes out tomorrow.

Notable news includes: Deutsche Bank joined Singapore’s Project Guardian to advance asset tokenization; Tornado Cash developer Alexey Pertsev was found guilty of money laundering and sentenced to 64 months in prison; the state of Wisconsin bought nearly $100m of BlackRock’s spot Bitcoin ETF; GameStop stock continued to pump, causing several memecoins to outperform; Coinbase experienced a system-wide outage, but is back online; Paradigm unveiled a block trading facility for MATIC, SOL, and XRP options; the Bitcoin hashrate fell to its lowest level in two months; Vitalik Buterin proposed EIP-7706 to overhaul Ethereum’s gas model; Pudgy Penguins reached an agreement with Target to carry its plush toys; crypto game Pixels hit 1m daily active users; 100,000 wallets have self-reported Sybil activity related to LayerZero’s upcoming token; memecoin HarryPotterObamaSonic10Inu announced a forthcoming layer 3 blockchain; and, the founder of decentralized exchange dYdX Antonio Juliano announced he will step down as CEO.

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Brian Rudick, Senior Strategist | TwitterTelegramLinkedIn

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