BTC is currently trading around $27,400 and ETH around $1,650. Notable gainers in the last 24 hours are GALA, RLB, and EOS. The global crypto market cap is ~$1.12T, down 3.1% over the last day. DeFi Total Value Locked is ~$39b and BTC dominance is around 50%.
Rates continued their upward climb as the US 10Y breached 4.76% and soured market sentiment. Equities and crypto are plunging lower while safe haven currencies like the USD and JPY are holding their ground. Resilient job openings data likely contributed to the upward move in rates, as well as hawkish comments from Cleveland Fed President Loretta Mester. However, Atlanta Fed President Raphael Bostic voiced an opposing view this morning, arguing the Fed has lifted rates to sufficiently restrictive levels and they should be on hold “for a long time.”
Notable news includes: several ETH Futures ETFs went live yesterday to lackluster early-launch volume; a Fed inspector blamed Silvergate’s collapse on its over-dependence on risky crypto deposits and nepotism that led to ineffective management;; a Kenyan parliamentary committee called for the shutdown of Worldcoin in the country; India is expected to introduce a global database of crypto exchanges to help law enforcement agencies combat crypto-related crimes; UBS piloted a tokenized money market fund leveraging Ethereum; Ledger and Sotheby’s teamed up to provide digital art collectors with exclusive Ledger hardware wallets in a new collaboration; Brazil’s BTG Pactual acquired crypto friendly brokerage Orama for $99m; Chainalysis axed another ~15% of staff citing challenging market conditions; Chia Network laid off one third of its staff saying the failure of Credit Suisse caused costly delays on its path to going public; Synthetix launched a trading competition for its Perps v3 testnet on Base; an upgrade to the Nomic bridge will enable Bitcoin-based tokens in the Cosmos ecosystem; Rollbit’s RLB token climbed after recording $38m in betting revenue during the month; Velocity Pass unveiled the mint details of its highly anticipated Snowfro drop; and, the security of friend.tech users are in question after several prominent accounts were sim swapped.
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Authors:
Matt Kunke, Research Analyst | Twitter, Telegram, LinkedIn
Brian Rudick, Senior Strategist | Twitter, Telegram, LinkedIn
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