Daily Market Update: May 26, 2023

May 26, 2023

Daily Market Update: May 26, 2023, 8:20am EST

BTC is currently trading around $26,450 and ETH around $1,800.  Notable gainers in the last 24 hours are MARU, CSPR, and ARB.  The global crypto market cap is $1.16T, up 1.0% over the last day.  DeFi Total Value Locked is ~$47b and BTC dominance is around 48%.

Global equity markets are mixed, crypto prices are up small, and the US yield curve became more inverted as talks to raise the US debt ceiling continue with just a week to go before a potential default.  Positively, talks appeared to move forward yesterday, though negotiators warned that the final phase will be the most difficult.

Notable news includes: The World Economic Forum released a white paper on crypto asset regulation reiterating the need for urgency and cooperation; the BIS and a group of central banks published a policy perspectives paper on retail CBDCs; DCG announced the closure of its institutional crypto services firm TradeBlock; Trezor sales have increased 900% in the wake of Ledger’s seed recovery controversy; Ordinals inscriptions have topped 9m, tripling since since May 1; stablecoin-as-a-service provider Stably launched the stablecoin Stably USD (#USD) as a BRC-20 token on Bitcoin; Multichain employees are rumored to have been arrested by Chinese authorities; AiDoge.com’s presale is 90% sold out after raising ~$14m; crypto venture firm Paradigm announced that it will increase its focus to include “frontier tech” such as AI; Worldcoin raised a $115m Series C round; ~$2.3b of BTC options and $1.2b of ETH options are set to expire on Deribit today; and, Federal Reserve data showed that 10% of US adults held or used crypto assets in 2022, down from 12% in 2021.

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

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