BTC is currently trading around $94,400, ETH around $1,800, and SOL around $146. Notable gainers in the last 24 hours are TAO, DEXE and KAS. The global crypto market cap is $3.04T, down 1.1% over the last day. DeFi Total Value Locked is ~$101b and BTC dominance is around 65%.
Equity markets are mixed and crypto markets are lower as investors digest new global trade developments, which include a new set of tariffs on foreign films by the Trump administration and mixed news on trade deals with India proposing zero tariffs on key goods and President Trump stating he has no plans of talking with Chinese President Xi Jinping. This week notably features the next FOMC meeting starting on Tuesday and ending Wednesday. Markets expect the Fed to maintain rates at the current level, with Fed Funds futures pricing the probability of a rate cut at 2.7%, per CME Group’s FedWatch tool. This week also features Chinese services PMI data on Tuesday, European retail sales on Wednesday, the Bank of England’s interest rate decision on Thursday, and Chinese CPI data on Saturday.
Notable news includes: the US House Financial Services and Agriculture committees released a draft of the much-awaited crypto market structure bill; a group of nine US Senate Democrats who previously supported the GENIUS stablecoin bill have now said they won’t back it in its current form, throwing the bill’s path forward into doubt; Maldives plans to build a digital assets focused financial hub backed by an $8.8b investment from Dubai-based family office MBS Global Investments; Kyrgyzstan plans to launch a gold-backed stablecoin pegged to USD in 3Q this year, which will be backed by $500m in gold from the Kyrgyz Ministry of Finance; CME Group’s crypto derivatives market trading activity increased 129% year-over-year in the most recent period ending in April; Bybit announced it intends to support trading of US stocks and commodities by the end of 2Q 2025, with leverage of up to 500x for select instruments; OKX reactivated its DEX aggregator with a suite of enhanced security features; global crypto exchange-traded investment products added $2b in inflows last week, bringing their haul over the past three weeks to $5.5b, per CoinShares; Tether CEO Paolo Ardoino announced tether.ai, an open source AI initiative by Tether; Solana patched a vulnerability in its recently released zk-privacy system; Indonesia suspended World’s operations in the country claiming the project failed to register for the proper license; Gnosis chain successfully rolled out Ethereum’s upcoming Pectra upgrade, marking another successful test of the upgrade before Ethereum mainnet deployment; Unichain deployed Flashbots’ rollup-boost TEE tool, introducing verifiable transaction ordering to mitigate MEV; and, Gala games is shutting down The Walking Dead Ethereum NFT game.
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Author:
Carlos Guzman, Research Analyst | Twitter, Telegram, LinkedIn
Brian Rudick, Head of Research | Twitter, Telegram, LinkedIn
Toe Bautista, Research Analyst | Twitter, Telegram, LinkedIn
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