Daily Market Update: May 7, 2024

May 7, 2024

BTC is currently trading around $63,600 and ETH around $3,100.  Notable gainers in the last 24 hours are RNDR, ENA, and AGIX.  The global crypto market cap is $2.47T down 0.2% over the last day.  DeFi Total Value Locked is ~$93b and BTC dominance is around 55%.

Notable news includes: Hong Kong’s central bank launched an initiative to explore asset tokenization; the US SEC issued a Wells Notice to Robinhood Crypto to warn the company that it anticipates filing an enforcement action over alleged securities violations; Colombian bank Bancolombia launched a crypto exchange Wenia and peso stablecoin COPW; Revolut launched crypto trading platform Revolut X for UK retail customers; crypto wallet developer Exodus will list its stock on the NYSE; hashprice, which measures the revenue per TH/s for Bitcoin miners, fell to an all-time low; NFT platform Ethernity launched its own L2 for improved security and UI/UX; Polygon launched the alpha testnet for its its ZK-based, parallel processing, privacy enhancing L2 Miden; and, MetaMask is rolling out Smart Transactions to protect against certain kinds of MEV.

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Brian Rudick, Senior Strategist | TwitterTelegramLinkedIn

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