BTC is currently trading around $47,600 and ETH around $3,400. Notable gainers in the last 24 hours are FIL, EOS, and XRD. The global crypto market cap is $2.22T, up 5.7% over the last day. DeFi Total Value Locked is ~$223b and BTC dominance is around 43%.
Bitcoin is up 6% over the last 24 hours and 14% over the last seven days after having risen for six days straight. Many are attributing the move to improved equity market performance, rising sentiment with the Crypto Fear & Greed Index now in “Greed” territory, and purchases by Terra for its UST stablecoin bitcoin reserve. Not to be outdone, ether is up 6.4% over the last 24 hours and 17% over the last seven days. After a successful Kiln testnet merge, many are looking ahead to Ethereum’s transition to proof-of-stake, which may come within the next few months. While the merge to proof-of-stake is unlikely to improve transaction speed and costs just yet, Ethereum’s inflation rate should fall materially and could potentially turn negative depending on network usage.
Notable news includes: Rio de Janeiro will accept bitcoin for Real Estate taxes beginning in 2023; Ukraine launched an NFT war museum on Ethereum/Polygon to raise funds; The Bank of England and MIT have announced a partnership to collaborate on CBDC research; Report indicates North Korean regime focused on acquiring financial assets via crypto heists; Coinbase is reportedly buying the parent company of Latin America’s largest crypto brokerage; WonderFi acquires Canadian exchange BitBuy in attempt to become largest BTC/CAD market; Greenidge plans to triple US bitcoin mining capacity; BNB Chain aims to reduce network congestion by introducing application-specific side chains; and the Avalanche Foundation partners with NFT launchpad to create a $100m Web3 Culture Fund.
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