Daily Market Update: May 16, 2023

May 16, 2023

BTC is currently trading around $27,100 and ETH around $1,800. Notable gainers in the last 24 hours are XRD, CFX, and LDO. The global crypto market cap is ~$1.17T, down ~1.1% over the last day. DeFi Total Value Locked is ~$47b and BTC dominance is around 48%.

Markets are down slightly this morning, and the debt ceiling continues to be a primary focus as Biden will meet with the top four congressional leaders on the topic this afternoon. Treasury Secretary Yellen wrote a letter to congressional leaders yesterday noting the importance of a short-term solution. Yellen pointed to the elevated borrowing costs on short-term treasuries due to the lack of a resolution – previously covered here – and reiterated that the Treasury could run out of cash as early as June 1.

Notable news includes: the SEC’s 36-page response to Coinbase’s lawsuit that sought SEC rulemaking in crypto can be loosely summarized as ‘no, we are not required to do this on any defined timeline by statute/regulation,’ and Coinbase is expected to respond next week; EU Finance Ministers gave the final go-ahead on MiCA, and the regulation will officially become law this summer; Lido Finance approved the Lido v2 proposal enabling staked ETH withdrawals; Celsius moved $780m of stETH after the Lido v2 approval; OKX introduced functionality to enable minting/trading of Ordinals and BRC-20 tokens; Valkyrie filed for a leveraged bitcoin futures ETF under the meme ticker ‘BTFD’; Kava surged ~40% ahead of its mainnet upgrade; one million bitcoin wallets now hold a full bitcoin; and, the top 10 LADYS memecoin whales are sitting on more than $20m of unrealized gains.

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

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