BTC is currently trading around $26,700 and ETH around $1,800. Notable gainers in the last 24 hours are KAVA, TON, and SNX. The global crypto market cap is ~$1.16T, down ~1.8% over the last day. DeFi Total Value Locked is ~$47b and BTC dominance is around 48%.
Equities and crypto are lower this morning, with bonds mixed by region. U.K. markets are feeling the brunt of the pain behind worse-than-expected inflation, including core inflation that rose to its highest level in ~28 years (6.8%). The yield on 2Y Gilts jumped ~22 bps despite broadly stable yields in the U.S. Debt ceiling negotiations have seemingly deteriorated in the U.S. despite both sides of the aisle agreeing that a “default is off the table” earlier this week. House Speaker McCarthy noted yesterday afternoon that a deal has yet to be reached, and a team member confirmed that no other meetings are planned yet. Lastly, the latest FOMC Meeting Minutes are coming at 2pm this afternoon.
Notable news includes: a Binance executive noted that AI deep fakes are getting better at spoofing KYC verification; Japan is expected to begin enforcing tighter crypto AML laws next month; a Prometheum subsidiary received FINRA approval as a special purpose broker-dealer for digital asset securities; Tornado Cash developer Alexey Pertsev will be allowed to cross-question Chainalysis’s data methodologies that underpin the alleged criminal links; Layer 1 blockchain Vega Protocol activated onchain futures trading; FTT jumped ~12% after a filing indicated CEO John Ray has been billing hours spent on an exchange restart plan; Dispersion Capital launched a $40m web3 venture fund; and, Upstream data sued Crusoe Energy over its waste gas mining patent.
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Authors:
Matt Kunke, Research Analyst | Twitter, Telegram, LinkedIn
Brian Rudick, Senior Strategist | Twitter, Telegram, LinkedIn
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