BTC is currently trading around $35,600 and ETH around $2,650. There are no notable gainers in the last 24 hours. The global crypto market cap is $1.73T, down 9.1% over the last day. DeFi Total Value Locked is ~$195b and BTC dominance is around 42%.
Market sentiment turned sharply bearish yesterday, more than reversing the initial positive reaction to the Fed meeting on Wednesday. The S&P dropped 3.6%, bitcoin fell 8.8%, and the 10-year treasury yield breached 3% as the dollar moved higher. The labor market remained tight as nonfarm payrolls exceeded expectations and grew by 428k for the month. There were some positives on the inflation front as the average hourly earnings undershot expectations, growing by 0.3%. However, sentiment is poor and risk markets appear to be heading for another sharply down day.
Other notable news includes: a BIS report indicated the number of central banks involved in CBDC projects nearly doubled in one year; Argentina banned crypto sales through banks amidst IMF pressure; a US House panel will weigh FTX’s proposal on clearing customers’ swap trades; El Salvador’s central bank accepted Qredo’s registration to provide crypto services; Elizabeth Warren issued concerns over Fidelity’s plan to allow customers to allocate to bitcoin in their 401(k); conversely, Alabama Senator Tuberville unveiled a new bill that would allow Americans to add cryptocurrency to their 401(k) unencumbered by regulation; the CFTC Commissioner appointed a “crypto-experienced” CME Group director as chief counsel; Terra’s LFG acquired another $1.5b in bitcoin; Twitter’s Bluesky released their first code for the decentralized social media network; Coinbase NFT only realized $75k in volume on its launch day; Ethereum bridge Hop Protocol unveiled a token and airdrop for early users; the SEC approved Valkyrie’s Bitcoin Futures ETF; the BitMEX founders were each fined $10m in “civil monetary penalties” for failing to operate AML protocols, still awaiting sentencing; three digit ENS domains breached a 15 ETH floor; Curve Finance integrated with Near protocol’s EVM layer Aurora; NFT marketplace Zora raised $50m in a round led by Haun Ventures; gaming startup Untamed Planet raised $24m in a round led by Animoca; and, Craig Wright has sued Coinbase and Kraken for $500 billion GBP for using the term ‘Bitcoin’, allegedly affecting his intellectual property rights.
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