Daily Market Update: May 30, 2024

May 30, 2024

BTC is currently trading around $68,400 and ETH around $3,800.  Notable gainers in the last 24 hours are NOT, JASMY, and ORDI. The global crypto market cap is $2.69T, up 1.0% over the last day.  DeFi Total Value Locked is ~$105b and BTC dominance is around 54%.

Traditional equity markets continue to slide while crypto prices are relatively flat heading into tomorrow’s inflation data.  The US PCE will be particularly important, given the potential impact on US monetary policy, and a light inflation mark relative to expectations should support risk asset prices, including crypto.

Notable news includes: Terra creator Terraform Labs and Do Kwon agreed in principle to settle its fraud case with the SEC; Genesis distributed $2.2b of crypto to Gemini Earn users; MasterCard launched a Crypto Credential service to replace blockchain addresses with usernames; BlackRock filed an amended S-1 and seeded its spot Ethereum ETF; Bloomberg ETF analyst Eric Balchunas stated there is a “legit possibility” of the spot ETH ETFs launching by the end of June; Bitfarms rejected Riot Platforms’s acquisition offer, stating that it undervalues the company; crypto trading software provider Talos acquired DeFi access platform Skolem; zkSync development company Matter Labs filed trademark applications in nine countries to claim the term “zero-knowledge”; Arweave’s AO supercomputer will launch next month with a 100% fair launch; and, Mythical Games revealed plans to develop a Pudgy Penguins mobile game.

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Brian Rudick, Senior Strategist | TwitterTelegramLinkedIn

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