Daily Market Update: May 9, 2023

May 9, 2023

BTC is currently trading around $27,600 and ETH around $1,850. Notable gainers in the last 24 hours are BSV, BGB, and LDO. The global crypto market cap is ~$1.19T, down ~1.0% over the last day. DeFi Total Value Locked is ~$47b and BTC dominance is around 48%.

Notable news includes: SBF’s defense seeks to dismiss all but three conspiracy charges: securities fraud, commodities fraud, and money laundering; Bittrex filed for Chapter 11 bankruptcy protection in Delaware; Coinbase requested the SEC make several revisions to its proposed RIA custody rule; OrBit markets will begin offering worst-of put options on bitcoin/gold baskets; Bitcoin maintained a nearly $700 premium on Binance US over Coinbase; MakerDAO launched a new DAI lending solution called Spark Protocol; an explosion of BRC-20 tokens has sent Bitcoin transaction fees above block rewards for the first time in years; Binance incorporated Ordinals into its NFT market; Hut 8’s Alberta mining facility is running at ~15% of capacity due to electrical issues; Ripple expects its SEC lawsuit to cost ~$200m in aggregate; Sam Altman’s Worldcoin launched its Polygon-based crypto wallet, World App; Peer-to-peer crypto marketplace Paxful is back online for the first time since April; Celsius is reportedly being targeted for acquisition by Apollo and NovaWulf; Spotify reportedly deleted thousands of AI-generated songs; and, Shaq’s lawyers claim he has yet to be properly served for promoting FTX, saying papers “were thrown at his car, and landed on a public road.”

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Matt Kunke, Research Analyst | TwitterTelegramLinkedIn
Brian Rudick, Senior Strategist | TwitterTelegramLinkedIn

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