Trading Desk Market Update: 5/4

May 4, 2022

BTC is currently trading around $38,900 and ETH around $2,850. Notable gainers in the last 24 hours are WAVES, CRV, and FXS. The global crypto market cap is $1.85T, up 0.7% over the last day. DeFi Total Value Locked is ~$202b and BTC dominance is around 42%.

Markets are not displaying too much volatility this morning as investor’s may be waiting to glean insights from the Fed this afternoon (equities mixed, yields and crypto slightly higher). Most economists are expecting a half point hike in an attempt to curb inflation. Investors will be intently focused on Fed Chair Powell’s remarks in the post-decision press conference. The BoE will review their rate trajectory tomorrow with most economists expecting them to raise rates as well. 

Other notable news includes: U.S. Senator Lummis teased an upcoming bi-partisan crypto bill; the Council of Europe urged European states to clamp down on crypto-enabled money laundering; a new ECB presentation indicated that the proposed digital euro lacks privacy features; Dubai’s Virtual Assets Regulatory Authority announced plans to establish a metaverse headquarters in The Sandbox; SEC Commissioner Hester Peirce bashed the SEC’s plan to add crypto enforcement; global private bank LGT opened BTC and ETH trading; Coinbase was revealed to be on the other side of Goldman Sachs’ first BTC-backed loan; Argo Blockchain borrowed $70m from NYDIG to purchase mining equipment; MicroStrategy revealed they are considering yield generation strategies for their BTC holdings; Kraken unveiled a waitlist ahead of their upcoming NFT marketplace launch; Vitalik Buterin said ETH Layer-2 fees should be under $0.05 to be acceptable; luxury fitness club Equinox revealed NYC members can now pay in crypto; Millennium hired a former Bitstamp executive as their new COO of digital assets; Terra revealed they will provide liquidity for UST pairs on SynFutures, a Polygon-based DeFi exchange; ex-Moonbirds COO Ryan Carson’s newly launched NFT fund has received $40m in commitments; and, ApeCoin’s volatility surged as Elon Musk changed his Twitter profile picture to a Bored Ape collage.

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