Daily Market Update: May 9, 2024

May 9, 2024

BTC is currently trading around $62,400 and ETH around $3,000.  Notable gainers in the last 24 hours are AKT, AIOZ, and AR.  The global crypto market cap is $2.42T, up 0.4% over the last day.  DeFi Total Value Locked is ~$91b and BTC dominance is around 55%.

Global equity markets are up small as US jobless claims increased, raising hopes for Fed cuts this year, while the Bank of England kept rates steady but signaled it will likely cut rates in the future.

Notable news includes: Taiwan revised its money laundering laws to include digital assets; the SEC delayed crypto wallet provider Exodus’s planned listing on the NYSE; Marsh introduced insurance solutions for EU crypto asset service providers; Grayscale stated it withdrew its 19b-4 filing for an Ethereum futures ETF to focus on converting its Ethereum trust to a spot ETF; BitMEX launched options trading on its platform; Bitcoin mining difficulty fell 6% in the latest difficulty adjustment, the largest drop since 2022; SBI Holdings and Chiliz announced an upcoming joint venture in Japan for sports fan tokens; crypto lender Ledn saw its loans surge to $690m as of 1Q; Polkadot rolled out asynchronous backing to enhance the network’s flexibility in blockspace allocation and overall performance; Optimism announced that layer 3 chains can now join the Superchain; and, Donald Trump related memecoins rallied after he announced intentions to accept crypto campaign donations and stated he “is good with” crypto.

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Brian Rudick, Senior Strategist | TwitterTelegramLinkedIn

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