Daily Market Update: May 15, 2023

May 15, 2023

BTC is currently trading around $27,400 and ETH around $1,850. Notable gainers in the last 24 hours are CFX, GRT, and LDO. The global crypto market cap is ~$1.19T, up ~1.7% over the last day. DeFi Total Value Locked is ~$47b and BTC dominance is around 48%.

Risk sentiment has returned, with equities and crypto both modestly higher. Debt ceiling negotiations continue to be a focus, and President Biden expects negotiations to resume tomorrow. It’s a lighter week of economic events, but Eurozone CPI and a slew of speeches from the Fed, ECB, and BoE officials are some of the week’s notable events.

Notable news includes: Ethereum failed to finalize for over an hour on Friday and its ‘inactivity leak’ kicked in for the first time in history, temporarily increasing penalties on inactive validators until chain finalization; Ethereum developers on the Prysm and Teku client teams rolled out patches in response to Friday’s finality delays; Ribbon launched Aevo OTC that enables traders to gain altcoin option exposure through its DEX; Binance exited the Canadian market citing regulatory hostility; QuadrigaCX bankruptcy claimants will receive ~13% on the dollar; LidoDAO is voting on the launch of Lido v2 that would enable staked ETH withdrawals; MakerDAO published a five-phase roadmap that features funding for open-source AI projects; BitDAO proposed replacing its BIT token in a branding revamp that would combine its governance and product tokens; the Cosmos-based blockchain Neutron went live with replicated security; Ethereum’s staking activation queue has ballooned to nearly 50k validators and will take about one month to begin participating; and, Riot Platforms has sued Rhodium over “more than $26m” in allegedly unpaid mining facility fees.

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

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