BTC is currently trading around $27,800 and ETH around $1,900. Notable gainers in the last 24 hours are LDO, QNT, and IOTA. The global crypto market cap is ~$1.21T, down ~0.1% over the last day. DeFi Total Value Locked is ~$48b and BTC dominance is around 48%.
Crypto markets are mostly flat, while equities are higher behind tech sector strength as Nvidia breached the $1 trillion market cap level. President Biden and House Speaker McCarthy came to a budgeting agreement over the weekend and are seeking support for the deal that’s expected to come to a vote on Wednesday. 1M treasury yields plummeted ~32 bps following the progress, now sitting beneath other short-tenor bills with renewed optimism around avoiding a default. Separately, Fed rate hike expectations have flipped since Friday when the Fed’s preferred measure of inflation (PCE) came in hotter than expected and increased from the month before. Markets now expect a ~65% chance that the Fed will hike by 25 bps in June, a substantial rise from ~28% one week earlier. Friday’s U.S. jobs data release will be another key data point informing the Fed’s path ahead.
Notable news includes: Beijing’s municipal government unveiled a white paper to foster innovation and advance the web3 industry; the ECB finalized its digital Euro prototype that favored a centralized UTXO-based approach versus a distributed blockchain; DCG is closing down its trade execution and prime brokerage services unit TradeBlock; Russia scrapped its plans to embed a crypto exchange under the Moscow Exchange; Gemini is seeking to have its SEC lawsuit dismissed; DAI’s USDC backing has plummeted to ~23%; Tether revealed it would begin mining bitcoin in Uruguay; the mainnet data publishing fees paid by layer 2s reached a record high; Reddit collectible avatars have onboarded nearly 10m users into the crypto/NFT space; Bitcoin Ordinals surpassed 10m inscriptions, and its creator Casey Rodarmor stepped down as the lead maintainer; BRC-721E was launched to help bridge Ethereum NFTs to Bitcoin; Cronos Labs launched the second cohort of its $100m web3 accelerator; Foresight Ventures launched the second phase of its web3 accelerator with an additional $10m pledged; and, Jimbos Protocol was exploited for nearly $8m in a flash loan attack.
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