BTC is currently trading around $56,500 and ETH around $2,350. Notable gainers in the last 24 hours are FTM, TAO, and BRETT. The global crypto market cap is $2.08T, up 3.3% over the last day. DeFi Total Value Locked is ~$78b and BTC dominance is around 57%.
Crypto prices are higher as equities recover from last week’s sell-off. The big event this week will be the US Presidential debate on Tuesday at 9pm EST. While crypto is unlikely to be discussed, a strong showing by Trump, who is generally perceived as the more pro-crypto candidate, could potentially support prices. Also this week, market participants will watch inflation readings out of the US, with the CPI on Wednesday and PPI on Thursday, as well as the ECB meeting and press conference on Thursday.
Notable news includes: Kamala Harris released proposed policy positions but did not mention cryptocurrency; Senate Majority Leader Schumer left crypto out of a letter outlining the Senate’s near-term priorities; technology industry coalition The Chamber of Progress urged moderators in the upcoming US Presidential debate to include a question on crypto regulation; a US judge ruled that Kalshi, a federally regulated predictions market, can offer markets on the election after the CFTC originally prohibited it, though the CFTC filed an emergency motion to bar such listings for another 14 days; Spanish bank BBVA expanded its crypto custody and trading services to include USDC for institutional and private banking clients in Switzerland; Tether invested over $100m into shares of South American agricultural giant Adecoagro; digital asset investment products saw $726m of outflows last week, per CoinShares; the market share of public Bitcoin miners continued to rise and hit 23%, per The Miner Mag; the friend.tech team permanently relinquished control over the protocol’s smart contracts; and, restaking protocol Ether.fi chose Scroll as its L2 for settling its planned credit card and lending market transactions.
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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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