BTC is currently trading around $45,500 and ETH around $3,350. Notable gainers in the last 24 hours are STEPN, AAVE, and FTM. The global crypto market cap is $2.20T, down 3.4% over the last day. DeFi Total Value Locked is ~$223b and BTC dominance is around 42%.
Crypto markets are taking a breather today after their latest run, with some attributing the decline to the EU’s vote to outlaw ‘non-custodial wallets’ throughout the European Union. The US employment report released this morning showed resilience against some concerns of a potential slowdown, with the economy adding 431,000 jobs in March, the unemployment rate falling 20 bps to 3.6%, and average hourly earning increasing 5.6% year-over-year. The 2-10 spread has inverted in response.
Other notable news includes: The European Union voted to ban cold wallets unless they are revealed to an exchange and KYC’d; SEC said US firms providing crypto-asset custody services should account for the assets held as liabilities given heightened risk; Proposed bill would require stablecoins to be fully backed by dollars or government securities; Elizabeth Warren said it’s time for the US to create its own CBDC; CFTC Chief noted FTX’s proposal to directly clear customer derivative trades could improve crypto market efficiency; Citibank sees metaverse economy as large as $13t by 2030; Bitcoin miner CleanSpark revealed plans to embark on 500 MW expansion; Fantom Foundation announced $335m incentive program; BitMEX’s attempted acquisition of German bank, Bankhaus von der Heydt, failed; OpenSea rolled out credit card payments for NFTs; and, Galaxy Digital’s acquisition of BitGo was delayed.
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