BTC is currently trading around $65,000 and ETH around $2,550. Notable gainers in the last 24 hours are MOG, WLD, and ENA. The global crypto market cap is $2.37T, up 3.0% over the last day. DeFi Total Value Locked is ~$81b and BTC dominance is around 58%.
Crypto prices rose over the weekend for a number of reasons. First, China’s Minister of Finance pledged additional stimulus to help local governments, banks, and individuals during a highly-anticipated press conference. While he did not reveal details, disappointing investors who were hoping for more, such information may be given at the next meeting of China’s rubber-stamp legislature in the coming weeks and Chinese stocks reversed an early decline to rise 2% today. Second, polls in the US show Trump gaining momentum, suggesting a higher likelihood of him winning the election. Lastly, digital asset investment funds saw over $400m of inflows last week, per CoinShares. Looking ahead, the major macroeconomic events all occur on Thursday, with an ECB meeting, US retail sales, and the release of China’s 3Q GDP. Lastly, note that there are particularly heavy altcoin unlocks this week with $500m scheduled.
Notable news includes: US Senator Hagerty unveiled a proposed stablecoin regulatory framework; Chinese researchers claimed to have cracked encryption algorithms via quantum computing; South Korea’s new Virtual Assets Committee may hold a meeting this month and could discuss whether to approve spot crypto ETFs; publicly listed asset manager Samara Asset Group announced plans to issue debt to buy assets including Bitcoin; The Avalanche Foundation negotiated an agreement to repurchase AVAX sold to the Luna Foundation Guard in April 2022; recently-launched Avalanche-based web3 game Off the Grid topped the Epic Games free-to-play chart; fighting league Karate Combat announced the forthcoming launch of its Hedera layer 2 blockchain UP; Trump’s World Liberty Financial will begin selling its WLFI tokens on Tuesday; and, Vitalik authored a new blog post discussing potential upgrades to Ethereum that would enhance transaction speeds, boost security, and make staking more accessible for solo participants.
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Author:
Brian Rudick, Head of Research | Twitter, Telegram, LinkedIn
Carlos Guzman, Research Analyst | Twitter, Telegram, LinkedIn
Toe Bautista, Research Analyst | Twitter, Telegram, LinkedIn
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