Daily Market Update: May 31, 2023

May 31, 2023

BTC is currently trading around $27,000 and ETH around $1,850. Notable gainers in the last 24 hours are XDC, GRT, and XRP. The global crypto market cap is ~$1.18T, down ~2.3% over the last day. DeFi Total Value Locked is ~$47b and BTC dominance is around 48%.

Both crypto and equity markets are down heading into a U.S. debt ceiling vote later this evening. While President Biden and House Speaker McCarthy have expressed optimism, other influential politicians on both sides of the aisle have expressed their opposition, potentially threatening the deal’s approval and increasing the chance of U.S. default.

Notable news includes: the UAE’s central bank issued new AML/CFT guidance for crypto that will go into effect next month; a former Coinbase product manager settled insider trading charges with the SEC; Binance is preparing to delist all privacy tokens across several European countries; Chainalysis acquired the blockchain infrastructure and data company Transpose; crypto analytics provider Nansen slashed its headcount by ~30% in a bid to cut costs; Binance also laid off an undisclosed number of employees that underperformed or were cultural misfits; the issuing team behind the Chinese yuan-pegged stablecoin CNHC were reportedly detained by Chinese police; Curve’s crvUSD traded within a 0.5% range during its first month; Tribe Capital is targeting a $100m raise for its newest crypto fund; PayPal Ventures led the $52m raise of crypto wallet-as-a-service provider Magic; and, FTX has already paid more than $100m to lawyers and consultants handling its bankruptcy case.

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