BTC is currently trading around $62,900 and ETH around $2,450. Notable gainers in the last 24 hours are WIF, TAO, and SUI. The global crypto market cap is $2.29T, up 1.3% over the last day. DeFi Total Value Locked is ~$83b and BTC dominance is around 58%.
Equity and crypto markets are little changed after a quiet weekend. All eyes are on a court hearing scheduled for later today regarding FTX’s restructuring plan. While it is unclear if the judge may grant final approval of the plan today or not, such approval will see $14-16b in cash returned to creditors over the next three quarters. Moreover, many believe this to be a positive catalyst for the markets, with analysts estimating $3-8b of cash will be reinvested into crypto. That said, there is significant pushback from some creditors on the plan, both as it values losses as of November 2022 when Bitcoin traded around $16,000 and as equity holders are set to recover over $200m. Lastly, economic data this week includes the FOMC meeting minutes on Wednesday, US CPI inflation on Thursday, and US PPI inflation on Friday.
Notable news includes: a World Economic Forum report called for tailored DeFi regulations to mitigate risks and protect consumers; the UAE amended its VAT regulations to exempt crypto transfers and conversions; a CBDC pilot in Brazil is exploring DeFi integration; Telegram teased an upcoming NFT feature related to its new Gifts function; crypto-friendly gaming giant Tencent is reportedly considering acquiring Ubisoft; the spot Bitcoin ETFs reversed its recent positive trend with $300m of outflows last week; Tether revealed it will introduce a new technology solution for the European market after Coinbase announced plans to delist USDT in Europe due to MiCA considerations; EIP-7781 was proposed to reduce Ethereum slot times from 12 to 8 seconds and increase overall throughput by 50%; multi-chain L2 Anduro revealed a tokenization platform on Bitcoin; and, 0G rebranded from a modular AI blockchain to the world’s first decentralized AI operating system.
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Author:
Brian Rudick, Senior Strategist | Twitter, Telegram, LinkedIn
Carlos Guzman, Research Analyst | Twitter, Telegram, LinkedIn
Toe Bautista, Research Analyst | Twitter, Telegram, LinkedIn
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