Daily Market Update: May 3, 2024

May 3, 2024

BTC is currently trading around $61,000 and ETH around $3,050.  Notable gainers in the last 24 hours are AR, TON, and BONK.  The global crypto market cap is $2.40T up 2.8% over the last day.  DeFi Total Value Locked is ~$89b and BTC dominance is around 54%.

Equity and crypto markets are higher after a disappointing US labor market report is renewing hopes for Fed rate cuts this year.  Specifically, nonfarm payrolls grew by 175,000 in April versus expectations of +240,000, while the unemployment rate rose to 3.9% and wages grew by a less-than-expected 3.9% over the last year.

Notable news includes: digital asset exchange operators and Nigerian regulators will meet next week to discuss crypto regulations in the country; Block announced plans to allocate 10% of profits from its Bitcoin products toward buying more BTC each month; Tether partnered with Chainalysis to monitor secondary transactions and combat illicit activity; mining firm Stronghold revealed it is considering a potential sale or other strategic alternatives, though no plans are definite; MoonPay partnered with PayPal to expand its crypto trading services within the US; Ethereum Name Service petitioned the USPTO to challenge a patent held by Unstoppable Domains; EigenLayer increased its season 1 stakedrop by 28m tokens after receiving community backlash on its initial plans; Eclipse partnered with Neon to bring EVM compatibility to Eclipse’s SVM-powered Ethereum L2; Polkadot canary network Kusama sold its inaugural batch of Agile Coretime, a new mechanism for apps to access computational resources; and, friend.tech rolled out its v2 and launched its token, though the largest friend.tech whale dumped all of their FRIEND tokens just hours after the airdrop.

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Brian Rudick, Senior Strategist | TwitterTelegramLinkedIn

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