Trading Desk Market Update: 5/17

May 17, 2022

BTC is currently trading around $30,500 and ETH around $2,100. Notable gainers in the last 24 hours are EGLD, MEX, and APE. The global crypto market cap is $1.38T, up 2.7% over the last day. DeFi Total Value Locked is ~$113b and BTC dominance is around 45%.

There appears to be a resurgence of risk appetite this morning as both crypto and equities are moving upwards in tandem. Riskier factions of the market such as alt coins and tech are leading the charge forward. Investors will likely turn their attention to upcoming speeches from Jay Powell and Christine Lagarde this afternoon, looking to glean any insights on inflation and/or interest rates. Eurozone, UK, and Canadian CPI data will be released tomorrow. 

Notable news includes: Do Kwon has been summoned to a Korean parliamentary hearing; Portugal revealed plans to reverse their crypto tax haven status; US agencies warned against the influx of North Koreans in online crypto and IT jobs; German regulators called for new DeFi laws; the Congressional Research Service published a document covering the crash of Terra; the US government launched their first crypto sanctions evasion case; Brazilian stock exchange, B3, revealed plans to launch Bitcoin futures in the next three to six months; the Luna Foundation Guard spent $3b in an unsuccessful attempt to defend UST’s peg; the Terra community reacted negatively to Do Kwon’s proposed network fork; algorithmic stablecoin DEI lost its peg; Coinbase revealed plans to slow hiring amidst the market downturn; a report indicated that Nomura is forming a new crypto subsidiary; BitMEX introduced spot trading versus USDT on the platform; a new Cambridge reported indicated ~22% of the Bitcoin network hashrate still resides in China; a new Celsius Mining SEC filing suggested they may have plans for an IPO; Mawson revealed plans to develop a new 120 MW Bitcoin mining facility in Texas; Fireblocks announced the launch of their new Web3 Engine to support ecosystem development; Voyager raised $60m through a private placement; Solana NFTs came full circle as an ‘Okay Bears’ derivative project was created on Ethereum; Paxos, State Street, and Credit Suisse trialed a permissioned blockchain for T-0 settlement; Spotify reportedly tested NFT galleries on musician profiles; SBF does not believe bitcoin has a future as a payment network; and, Musk said the Twitter deal cannot move forward without more information on spam data. 

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