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Trading Desk Market Update: 5/25

May 25, 2022

BTC is currently trading around $29,500 and ETH around $1,950. Notable gainers in the last 24 hours are LUNA, UST, and CELO. The global crypto market cap is $1.32T, down 0.2% over the last day. DeFi Total Value Locked is ~$112b and BTC dominance is around 45%.

Notable news includes: US Senators Lummis and Gillibrand are set to propose a bi-partisan crypto oversight bill next month; South Korean regulators revealed plans to inspect companies linked to Terraform Labs; the Central African Republic revealed their intent to launch Africa’s first legal BTC investment platform; Michael Hsu, the acting head of the OCC, noted that custody and ownership rights are underdeveloped for the size and scope of the crypto industry; Russia’s updated crypto bill cuts tax amnesty for Bitcoin miners; Mastercard’s CEO teased that SWIFT may not exist in five years during a CBDC panel; Stripe partnered with OpenNode to allow businesses to instantly convert fiat funds to BTC; Google job listings revealed they are seeking new Web3 talent; Argentinian crypto exchange Buenbits cut ~45% of staff due to the market downturn; Vitalik proposed soulbound tokens (SBTs) in a new paper as the Web3 credentials of the future; Blockstream revealed a new type of multisig standard; TRON’s Terra-inspired stablecoin launch pushed the TRON blockchain to the third-largest by TVL; Brave added Solana support in its latest update; Avalanche proposed the Otherside metaverse should build their own Avalanche subnet; Do Kwon’s proposed launch of Terra 2.0 has passed; Lido Finance has refused to support Terra’s new blockchain; Uniswap breached $1 trillion in total volume amongst only 3.9m addresses since its launch; a16z announced a new $4.5b crypto fund; VC firm Standard Crypto raised a new $500m fund that will invest in both equities and crypto; Seth Green still teased his NFT show despite having his Bored Ape stolen; 29 Moonbirds were stolen in a phishing attack; Milady Maker NFTs plummeted amidst founder controversy; and, Sam Bankman-Fried revealed plans to spend up to $1b on donations ahead of the 2024 US elections. 

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