Trading Desk Market Update: 5/2

May 2, 2022

BTC is currently trading around $38,900 and ETH around $2,850. Notable gainers in the last 24 hours are FTM, LDO, and HNT. The global crypto market cap is $1.83T, up 1.8% over the last day. DeFi Total Value Locked is ~$198b and BTC dominance is around 43%.

Notable news includes: the IMF raised concerns over Central African Republic’s adoption of bitcoin as legal tender; Belgium mandated new rules on crypto exchanges and crypto custody providers; Solana suffered a seven-hour outage as bots knocked validators out of consensus; Coinbase made changes to their coin listing policy after front-running allegations; Yuga Labs, the company behind BAYC, was criticized for Otherdeeds’ gas inefficient NFT contract that cost minters $165m in fees; MetaMask partnered with MoonPay to provide a fiat-to-Ethereum on-ramp directly in the wallet; Three Arrows Capital revealed their intent to move their headquarters from Singapore to Dubai; privacy startup Nym unveiled a new $300m fund to entice developers to their ecosystem; a Bitstamp study indicated the majority of institutional investors are actively recommending crypto assets to clients; the CRO token’s price fell as the community reacted negatively to their reduced card rewards; Uniswap was deployed on the Celo blockchain; and, Fei Protocol was exploited for nearly $80m, the team offered a $10m bounty to the hacker in an attempt to retrieve some of the stolen funds.

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