Daily Market Update: May 23, 2023

May 23, 2023

BTC is currently trading around $27,300 and ETH around $1,850. Notable gainers in the last 24 hours are NEO, KAVA, and RNDR. The global crypto market cap is ~$1.19T, up ~1.7% over the last day. DeFi Total Value Locked is ~$48b and BTC dominance is around 48%.

Notable news includes: a Reuters report alleged that Binance commingled customer funds with company revenue during 2020/2021 in violation of U.S. financial rules; Hong Kong revealed retail customers will be unable to trade stablecoins pending new regulatory arrangements for the asset; Hong Kong will begin accepting exchange license applications on June 1; OKX is expanding with a regional hub in France and plans to hire 100 employees at the location; the Philippines SEC said Gemini’s derivatives exchange is unregistered; the TON Foundation launched a $25m accelerator program for emerging ecosystem projects; Ledger confirmed that a government subpoena to access user funds is a ‘concern’; Kaiko called USDT’s market cap growth ‘questionable’ amidst the backdrop of USDT’s trading volume falling to a multi-year low; Strike integrated USDT for payments; Core Scientific is hoping to emerge from bankruptcy by September; the Dash blockchain halted after a failed hard fork but a fix has since been released; Aave V2 users are temporarily unable to access ~$120m on Polygon after a governance bug; Bitcoin has recently become the second largest chain for NFTs by volume; and, the legendary pizza purchased with bitcoin 13 years ago would’ve cost $365m in today’s dollars.

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

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