Daily Market Update: May 25, 2023

May 25, 2023

BTC is currently trading around $26,300 and ETH around $1,800. Notable gainers in the last 24 hours are MARU, RNDR, and SAND. The global crypto market cap is ~$1.15T, down ~0.8% over the last day. DeFi Total Value Locked is ~$46b and BTC dominance is around 48%.

Equities are mixed globally, but U.S. markets are up big, with the Nasdaq being pulled up +1.3% from Nvidia’s strong AI-driven sales projections that added ~$200b to the chip maker’s market cap. Interest rates continued their upward ascent as Fitch warned the U.S.’s credit rating is under threat with the drop dead date for a debt ceiling resolution quickly approaching.

Notable news includes: Coinbase is gearing up for a Base mainnet launch after Optimisms’ forthcoming Bedrock upgrade scheduled for June; Fahrenheit won its bid to acquire Celsius’s assets; Ripple’s CEO expects a court ruling in its SEC case ‘in weeks and not months’; Binance unveiled new NFT lending capabilities, enabling ETH loans against NFT collateral; Fusion Digital Assets – TP ICAP’s spot crypto exchange targeting institutional investors was launched; Ripple acquired an undisclosed stake in crypto exchange Bitstamp; Coinbase and Bitpanda revealed an EU partnership; Gate launched a new virtual asset trading platform in Hong Kong; crypto-friendly web browser Brave introduced NFT-gated video calls; Matter Labs hired an Activision executive to boost zkSync’s gaming initiatives; Ava Labs launched its ‘no-code’ web3 launchpad dubbed AvaCloud; Celer Network patched a code vulnerability discovered by Jump Crypto; Do Kwon’s detention in Montenegro has been extended after The High Court decided to revoke bail; and, Ron DeSantis announced his 2024 presidential bid in a Twitter Spaces that was riddled with technical glitches.

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

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