BTC is currently trading around $27,300 and ETH around $1,800. Notable gainers in the last 24 hours are RNDR, SNX, and KAVA. The global crypto market cap is ~$1.18T, up ~1.5% over the last day. DeFi Total Value Locked is ~$47b and BTC dominance is around 48%.
Equities are mixed, with most global equity markets exhibiting slightly positive gains. Crypto is also in the green despite rates moving higher. Markets are working with minimal new economic data, but expectations around hikes have shifted higher this week. Pictet thinks the market-implied rate cuts later this year are overzealous, and the firm is shorting interest rate futures in response. Dallas Fed President Logan also said that recent data does not yet justify skipping a June hike. Markets have clearly responded, and the probability of a June hike is about 35% today versus ~11% last week.
Notable news includes: a Federal Judge denied the SEC’s motion to seal former SEC commissioner Bill Hinman’s speech that expressed the view that BTC/ETH were not securities, a positive for Ripple’s case; the SEC warned Grayscale that Filecoin meets the definition of a security; Ripple unveiled a platform for central banks to issue CBDCs; Tether announced it would invest 15% of its profits moving forward in bitcoin; LayerZero partnered with ImmuneFi to launch a record $15m bug bounty program; a Lido community member proposed a LDO token staking and buyback plan; GridPlus announced it would open source its hardware wallet’s firmware in Q3 amidst the Ledger debacle, and various other hardware manufacturers have begun offering discounts to capitalize on Ledger’s communication missteps; Voyager has been cleared to repay $1.3b to creditors; Coinbase Cloud joined as a Chainlink node operator; Borderless Capital is leading a new $50m fund investing in cross-chain projects that are powered by Wormhole; Uniswap unveiled plans to deploy on Polkadot’s Moonbeam parachain; and, Litecoin transactions are up ~500% on LTC-20 token hype.
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