Daily Market Update: May 27, 2024

May 27, 2024

BTC is currently trading around $68,400 and ETH around $3,900.  Notable gainers in the last 24 hours are FLOKI, JASMY, and SNX. The global crypto market cap is $2.71T, up 0.2% over the last day.  DeFi Total Value Locked is ~$109b and BTC dominance is around 54%.

It’s a quiet start to the week with US markets closed, while the most notable economic data will come on Friday with inflation reports from Europe (HICP) and the US (PCE).  Meanwhile in crypto, ETH is up 5% from Friday’s close in the wake of last week’s spot Ethereum ETF 19b-4 approvals, though there continues to be positive fundamentals as well, such as Ethereum layer 2 TVL hitting an all-time high of $47b and Ethereum developers tentatively scheduling the Pectra upgrade for 1Q25.  In addition to Ethereum’s performance, traders will also watch whether US President Biden makes good on his promise to veto a measure overturning the SEC’s controversial crypto policy SAB 121, of which he has until June 3 to do so.

Notable news includes: Argentinian regulators have been speaking with El Salvador authorities regarding Bitcoin adoption and are evaluating possible “cooperation agreements” on digital assets-related issues; Donald Trump expressed several pro-crypto messages across multiple platforms, including promising to pardon Silk Road founder Ross Ulbricht; Japanese banking giant Nomura and GMO Internet Group partnered to explore stablecoin issuance in Japan; the Bitcoin white paper returned to bitcoin.org after Craig Wright failed to prove that he is Satoshi; the FTX estate auctioned off the last of its locked SOL tokens; friend.tech founder Racer hinted at leaving Base; and, several crypto influencers’ X accounts were hacked and used to pump up specific tokens.

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Brian Rudick, Senior Strategist | TwitterTelegramLinkedIn

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