Daily Market Update: May 15, 2024

May 15, 2024

BTC is currently trading around $64,300 and ETH around $3,000.  Notable gainers in the last 24 hours are FLOKI, TAO, and AR. The global crypto market cap is $2.45T, up 3.2% over the last day.  DeFi Total Value Locked is ~$90b and BTC dominance is around 56%.

Equity markets and crypto prices are rallying as US inflation came in better than feared.  Specifically, headline and core CPI both increased as expected on a year-over-year basis in April, but both fell from March’s reading, and April’s monthly headline gain (ie. growth from March to April) slightly beat the consensus. This inline to slightly better than expected inflation may help pave the way for the Fed to lower interest rates.

Notable news includes: JP Morgan’s Onyx partnered with Broadridge to use JPM Coin as a settlement mechanism for Broadridge’s distributed ledger repo platform; Interactive Brokers launched crypto trading in the UK; Vanguard, which does not offer spot Bitcoin ETFs to its brokerage clients, appointed the Bitcoin-friendly former BlackRock ETF lead as CEO; BlockTower’s main crypto hedge fund was partially drained in an exploit; El Salvador mined 474 bitcoin using geothermal volcanic activity; Bitcoin staking protocol Babylon partnered with pSTAKE for liquid staking; Lido proposed a liquid staking alliance promoting an stETH-based restaking ecosystem; Lens Labs announced the Lens Network, an EVM-compatible L2 developed using the ZK Stack; Ethereum L3 Degen Chain resumed operations after a two-day outage; and, Worldcoin open-sourced its biometric data system.

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Brian Rudick, Senior Strategist | TwitterTelegramLinkedIn

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