BTC is currently trading around $31,900 and ETH around $2,450. Notable gainers in the last 24 hours are MATIC, MKR, and CVX. The global crypto market cap is $1.55T, down 2.9% over the last day. DeFi Total Value Locked is ~$160b and BTC dominance is around 42%.
Risk markets are reversing upwards after Monday’s rout which saw the S&P 500 fall to its lowest level in over a year. Inflation will continue to be a primary focus this week as President Biden will detail his plan to combat inflation later today, contrasting his approach versus Congressional Republicans. The April CPI release will follow tomorrow morning and will be closely watched by investors.
Crypto markets were particularly hurt during yesterday’s selloff as TerraUSD (UST), the market’s largest algorithmic stablecoin, materially de-pegged from the dollar and caused some market participants to speculate on the protocol’s feasibility into the future. Luna is down over 60% from its prior week high, and investors will continue to closely monitor the situation as rumors spread of a potential capital raise to backstop the protocol.
Other notable news includes: yesterday’s crypto market crash led to $1b in liquidations as most major coins breached their support levels; the IMF recommended the Bahamas accelerate their CBDC’s education campaign; authorities in India intend to introduce an additional 28% tax on cryptocurrencies; Nigeria revealed they are moving ahead with plans to upgrade the country’s CBDC to be used in a wider range of applications; El Salvador bought the bitcoin dip; Binance temporarily halted withdrawals on UST and ceased showing bids below $0.70; Kraken revealed they are exploring stocks as part of a ‘super wallet’; crypto custodian Copper began offering NFT custody solutions; Compound’s enterprise arm received an S&P credit rating in a DeFi first; Azuki’s price floor dropped by nearly 50% as the projects’ pseudonymous founder revealed failings in past NFT projects; the eighth rarest Otherdeed NFT sold for a record $1.5m; FalconX executed the first-ever staking yield swap with Figment; crypto trading firm Talos raised $105m from financial services giants including Citi, Wells Fargo, and BNY Mellon; Dapper Labs raised a $725m ecosystem fund from DCG, a16z, and others; and, KuCoin raised $150m in a deal led by Jump at a $10b valuation.
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