BTC is currently trading around $18,900 and ETH around $1,300. Notable gainers in the last 24 hours are CSPR, EVMOS, and QNT. The global crypto market cap is ~$943B, down ~1.7% over the last day. DeFi Total Value Locked is ~$67b and BTC dominance is around 42%.
Risk markets are continuing their downward second half of the week. Treasury yields continue their push higher, negatively impacting risk appetite as the 10Y yield reached ~4.3%. Investor focus remains on earnings and any read-throughs to the trajectory of interest rates. Snapchat is down ~30% in pre-market trading after reporting its worst quarterly sales growth on record as companies pull back on ad spending. Facebook, Google, and Pinterest are all pointing towards a gloomy open on the negative read-through from Snapchat. Elsewhere in advertising, Elon Musk reportedly told prospective investors he intends to cut ~75% of Twitter’s staff.
Notable news includes: a Hong Kong Monetary Authority experiment indicated CBDCs could be facilitated with private stablecoins; Vietnam ranked first in global crypto adoption according to Chainalysis; Tether’s USDT will become available at more than 24k ATMs in Brazil; Coinbase waived fees on USDC to fiat conversion in an attempt to attract more global usage; Foundry data indicates there is a gap of $5/TH in ASIC prices between where sellers will sell and where buyers will buy; the Jack Dorsey-backed decentralized social network Bluesky gained ~30k signups in 48 hours; and, US officials are discussing whether to subject some of Elon Musk’s ventures to national security reviews.
Authors:
Matt Kunke, Junior Strategist | Twitter, Telegram, LinkedIn
Brian Rudick, Senior Strategist | Telegram, LinkedIn
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