BTC is currently trading around $20,400 and ETH around $1,100. Notable gainers in the last 24 hours are UNI, WAVES, and LEO. The global crypto market cap is $0.94T, down 3.0% over the last day. DeFi Total Value Locked is ~$73b and BTC dominance is around 44%.
Risk markets are reversing yesterday’s gains behind increased recession fears. Citi increased its expected odds of a recession to 50%, citing softening consumer demand. Global equities are down 1-2%, crypto is down 3%, and the US 10Yr yield has retreated back towards 3.15%. On the data front, UK inflation rose to 9.1% (+0.1%), in-line with expectations, but inflation in Canada shocked to the upside coming in at 7.7% (+0.9%). Fed Chair Powell will testify in front of Congress beginning at 9:30am EST.
Other notable news includes: Singapore granted in-principal approvals for payments to Crypto.com, Genesis, and Sparrow; Republican members of Congress issued a letter to the EPA countering a note previously sent from Democrats warning about the climate risks of Bitcoin mining; a new report published by the Bank of International Settlements indicated that ~90% of central banks are investigating the feasibility of adopting a CBDC; Tether revealed plans to launch a GBP-pegged stablecoin; Binance US cut bitcoin trading fees to zero for select pairs; Deloitte partnered with NYDIG to expand its Bitcoin capabilities for clients; Citigroup partnered with Metaco to develop a digital asset custody platform; multiple tech giants opted in to a newly-formed Metaverse Standards Forum; Chainalysis launched a 24/7 hotline for crypto crime victims; Bitcoin miners sold their entire May harvest in aggregate; Bitfarms sold 3k BTC to pay down a $100m loan from Galaxy; Uniswap acquired NFT marketplace aggregator Genie; Voyager revealed it is considering issuing a default notice to 3AC; Maple provided a $10m unsecured loan to Babel Finance; FalconX more than doubled its valuation to $8b in its latest $150m round; Binance US revealed plans to raise an additional $50m at a $4.5b valuation; blockchain payments company Roxe announced its intent to list via SPAC; and, Twitter’s board unanimously recommended shareholders vote for Elon Musk’s takeover.
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