Trading Desk Market Update: 4/6

April 6, 2022

BTC is currently trading around $44,600 and ETH around $3,300.  Notable gainers in the last 24 hours are STEPN, MINA, and LEO. The global crypto market cap is $2.16T, down 5.4% over the last day.  DeFi Total Value Locked is ~$227b and BTC dominance is around 42%.

Bitcoin (-4.3%) and Ethereum (-5.9%) have moved down in the past day alongside broader risk markets. Hawkish comments from Fed Governor Brainard has exacerbated the global bond sell-off and U.S. futures are pointing to a down day alongside European equities. 10Yr Treasuries have breached 2.6%, marking their highest level since mid-2019. Investors will now turn their attention to this afternoon’s release of the FOMC minutes for insights into the Fed’s future trajectory, and will also closely watch U.S. Treasury Secretary Yellen’s first official speech on digital assets tomorrow where she will outline the Treasury’s views on cryptocurrencies.

Other notable news includes: National Bank of Georgia plans to regulate crypto; Kraken revealed plans to offer structured products focused on staking; Goldman Sachs plans to trade cash-settled OTC Ethereum options; HSBC started a Metaverse fund for Asian private banking clients; dominance of public Bitcoin miners has increased 6x over the past 15 months; Luna Foundation Guard bought nearly $230m more bitcoin; Microstrategy bought an additional $190m worth of bitcoin; Stillmark targeting $500m raise for new bitcoin credit fund; NEAR raises $350m led by Tiger Global; report indicated LooksRare NFT trading volume is 95% wash sales; and, bitcoin slumps to $45k amidst hawkish fed remarks.

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