Daily Market Update: May 17, 2024

May 17, 2024

BTC is currently trading around $66,200 and ETH around $3,100.  Notable gainers in the last 24 hours are LINK, LDO, and AR. The global crypto market cap is $2.53T, up 0.8% over the last day.  DeFi Total Value Locked is ~$94b and BTC dominance is around 56%.

Notable news includes: The Turkish ruling party submitted a draft crypto bill to parliament that focuses on licensing and registration for crypto service providers and aligning with international standards; the Hong Kong Monetary Authority and the Peoples Bank of China expanded a digital yuan pilot to enable the use of e-CNY in Hong Kong; securities settlement infrastructure provider DTCC completed a pilot project with Chainlink for disseminating fund NAV data across blockchains; the US spot Bitcoin ETFs have had four days straight of inflows; peer-to-peer Monero trading platform LocalMonero shut down amidst regulatory pressure around privacy coins; Synthetix’s sUSD stablecoin fell to $0.925 and remains at $0.96; and, Solana restaking protocol Solayer soft-launched deposits.

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Brian Rudick, Senior Strategist | TwitterTelegramLinkedIn

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