Daily Market Update: May 8, 2024

May 8, 2024

BTC is currently trading around $62,100 and ETH around $3,000.  Notable gainers in the last 24 hours are RUNE, LEO, and LDO.  The global crypto market cap is $2.41T, down 2.7% over the last day.  DeFi Total Value Locked is ~$91b and BTC dominance is around 55%.

Notable news includes: The US SEC characterized Ripple’s proposed stablecoin as an “unregistered crypto asset” in a recent legal filing; state-owned German bank KfW announced plans to launch a blockchain-based digital bond; Mastercard, Visa, JP Morgan, Citigroup, and others partnered to test distributed ledger technology for settlement; FTX floated a plan to fully pay back all creditors plus “billions in compensation”; Japanese crypto exchange Coincheck is set to go public on the Nasdaq via a SPAC; Grayscale withdrew its 19b-4 filing for an Ethereum futures ETF, which would have been an important part of getting a spot ETH ETF approved in the same manner as the spot Bitcoin ETFs; Susquehanna disclosed holding $1.3b of the spot Bitcoin ETFs; Tether partnered with Swan to expand its Bitcoin mining operations; Ethereum developers proposed a new transaction type in EIP-7702 to refine account abstraction; and, onchain options protocol Lyra unveiled plans for a new LDX token.

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Brian Rudick, Senior Strategist | TwitterTelegramLinkedIn

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