BTC is currently trading around $58,200 and ETH around $3,000. Notable gainers in the last 24 hours are WIF, PEPE, and W. The global crypto market cap is $2.30T up 2.2% over the last day. DeFi Total Value Locked is ~$87b and BTC dominance is around 54%.
Equity markets are little changed after yesterday’s Fed meeting and press conference. Positively, the Fed slowed the pace of its balance sheet reduction, downplayed stagflation concerns, and stated it is unlikely that the next policy move will be a hike. Negatively, however, Fed Chair Powell stated that inflation is “moving sideways” and that data this year has not given the Fed greater confidence that inflation is falling towards its 2% target, setting the stage for a potential extended hold of rates where they are.
Notable news includes: the UK FCA dedicated 30% of its financial crimes personnel to monitoring crypto companies in 2023; US federal prosecutors are investigating Block’s crypto unit over potential compliance lapses; MicroStrategy revealed plans to create a Bitcoin-based decentralized identity solution; Hong Kong’s ZA Bank is reportedly exploring ways to offer virtual asset-related services; the US spot Bitcoin ETFs saw $527m of outflows yesterday, its largest ever outflow, and $1.2b of outflows over the last six trading days; Bitcoin and Solana both hit records last week for the number of daily active NFT traders; Build on Bob, a hybrid L2 connecting Bitcoin and Ethereum, launched its mainnet; and, Aave introduced a governance proposal for a v4 overhaul that would include a unified liquidity layer and new deployments.
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Author:
Brian Rudick, Senior Strategist | Twitter, Telegram, LinkedIn
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