BTC is currently trading around $40,400 and ETH around $2,850. Notable gainers in the last 24 hours are NEO, HEART, and KLAY. The global crypto market cap is $1.92T, down 4.1% over the last day. DeFi Total Value Locked is ~$202b and BTC dominance is around 42%.
Crypto prices are down on news reports that President Biden will issue an executive order next week calling for US government agencies to formulate a national strategy for regulating digital assets. US agencies will reportedly have three to six months to produce regulatory reports, and the Biden Administration will use them to direct its approach to digital assets. Geopolitical concerns are also weighing on markets as multiple news sources suggest tensions between Russia and Ukraine are mounting. Lastly, tightening monetary policy remains top of mind, with the Fed’s James Bullard saying yesterday that inflation “could get out of control” and calling for aggressive, front-loaded central bank action in response.
Other news includes: Russia’s Ministry of Finance has officially initiated work on the country’s crypto regulations by filing a public notice on the federal legal portal; the Canadian government has frozen crypto-related bank accounts tied to the trucker protests in the country; The US Department of Justice is forming a Virtual Asset Exploitation Unit for blockchain analysis and virtual asset seizure; a NY court has ordered Terraform Labs CEO Do Kwon to comply with the SEC’s investigation into Mirror Protocol; Europe’s largest asset manager Amundi is developing plans to invest in NFTs; Japanese gaming, entertainment, and toy giant Bandai Namco will invest $130m in new metaverse operations; NBA Top Shot will auction NFTs that grant access to five years of VIP All-Star Game access; and, hip hop icon and NFT connoisseur Snoop Dogg announced plans to turn his newly-acquired Death Row Records into an NFT music label and to be the first major record label in the metaverse.
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