BTC is currently trading around $56,700 and ETH around $4,200. Notable gainers in the last 24 hours are AMP, SAND, and LRC. The global crypto market cap is $2.68T, down 0.9% over the last day. DeFi Total Value Locked is ~$259b and BTC dominance is around 43%.
Cryptocurrencies initially rallied yesterday after US President Joe Biden renominated Jerome Powell as Federal Reserve Chairman before steadily giving up gains over the subsequent several hours. Fed Governor Lael Brainard, who some speculated could replace Powell as Fed Chair, was elevated to Vice Chair. Powell and Brainard are said to share similar views on digital assets, with both believing that cryptocurrencies should not be allowed to grow unfettered to where they might threaten the existing financial system. Moreover, both are seen as monetary policy doves, potentially going lighter on inflation in favor of economic growth in what may be a positive for Bitcoin given its use as an inflation hedge by some investors.
Other notable news over the last day includes: The IMF released a new statement warning of Bitcoin-related risks for El Salvador and included several suggestions; South Korea’s financial regulatory agency is calling for crypto token fundraising to be included in the country’s Capital Market Act potentially overturning the country’s ICO ban; the Electric Reliability Council of Texas (ERCOT) anticipates demand for power by the Bitcoin mining industry in Texas could increased by as much as 5x by 2023; American multinational investment bank Citi appointed Puneet Singhvi to lead its Institutional Clients Group digital assets division and is looking to hire 100 employees for the effort; the European Central Bank published its new framework for electronic payments which includes “crypto-asset related services” and “digital payment tokens”; and, the Central Bank of Brazil plans to launch a CBDC pilot by 2022.
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