BTC is currently trading around $59,400 and ETH around $2,300. Notable gainers in the last 24 hours are CKB and SUI. The global crypto market cap is $2.14T, down 3.8% over the last day. DeFi Total Value Locked is ~$80b and BTC dominance is around 58%.
Crypto markets are lower ahead of the Federal Reserve rate decision and economic projections set to be released at 2pm EST today. Fed fund futures markets currently imply a 55% chance of a 50 bps cut and a 45% chance of a 25 bps cut. Overall, while some are hoping for a dovish policy stance combined with a confident message on the economy, the Fed is likely to stress that there is no pre-set policy path and that future policy action will depend on incoming data.
Notable news includes: Venezuelan opposition leader Machado proposed adding Bitcoin to the country’s reserves; Australia revealed plans to shift its CBDC development focus from a retail to a wholesale CBDC; two US Congressmen wrote a letter to SEC Chair Gensler requesting clarity on why airdrops are securities transactions; US CFTC Chair Behnam stated that the agency will continue to pursue its case against Kalshi; FTX’s former auditor settled with the SEC over alleged misconduct; Google Cloud launched a blockchain RPC service for Ethereum; Swiss stock exchange SIX stated it is exploring the launch of a new crypto trading platform in Europe; fintech giant Revolut revealed plans to launch its own stablecoin; crypto custodian BitGo introduced USDS, a USD-pegged stablecoin that rewards participants for providing liquidity; the Phantom blockchain launched a new feature allowing users to create custom usernames; EigenLayer added Threshold’s Bitcoin-backed tBTC as a restakable asset; former MakerDAO protocol Sky deployed its new dapp and SKY and USDS tokens; DEX aggregator 1Inch revealed a Fusion+ feature enabling self-custodied cross-chain swaps.
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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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