Daily Market Update: May 6, 2024

May 6, 2024

BTC is currently trading around $63,500 and ETH around $3,100.  Notable gainers in the last 24 hours are WLD, ENA, and HBAR.  The global crypto market cap is $2.47T down 0.4% over the last day.  DeFi Total Value Locked is ~$95b and BTC dominance is around 55%.

Crypto markets continued to rally over the weekend after Friday’s disappointing US employment report strengthened hope for Fed rate cuts this year.  This week is light on economic data, but includes European retail sales on Tuesday and the Bank of England interest rate decision on Thursday.

Notable news includes: The Philippines securities regulator is set to unveil a digital assets regulatory framework in 2H24; the US DOJ announced charges against three former executives of the now-bankrupt crypto lending and investing firm Cred; six customers filed a new class-action lawsuit against Coinbase alleging listed digital assets are securities; the Hong Kong spot Bitcoin ETF secured $230m and spot Ethereum ETF $43m in AUM in their inaugural week; Grayscale’s GBTC recorded its first daily inflow since converting to an ETF; Bitcoin surpassed one billion transactions processed since its launch; Runes are again comprising more than half of all Bitcoin transactions over the last two days; Vodafone revealed plans to integrate crypto wallets with SIM cards; and, a study by Visa and Allium Labs found that just 10% of stablecoin transactions are used for organic payments activity.

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Brian Rudick, Senior Strategist | TwitterTelegramLinkedIn

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