BTC is currently trading around $21,300 and ETH around $1,600. Notable gainers in the last 24 hours are EOS, CHZ, and SNX. The global crypto market cap is $1.05T, down 1.4% over the last day. DeFi Total Value Locked is ~$80b and BTC dominance is around 41%.
Risk markets are heading lower this morning as investors continue to grapple with the challenging global macro backdrop. Investors will look for more policy clarity towards the end of the week as the ECB meeting minutes come out on Thursday, and Fed Chair Powell is scheduled to speak at Jackson Hole on Friday. Contrary to its developed market counterparts, China cut rates again this morning in an attempt to recover from extended Covid lockdowns.
Notable news includes: Australia announced plans for state-of-the-art crypto regulations that will be informed by comprehensive ‘token mapping’ research; South Africa’s central bank approved financial institutions to serve crypto clients; Canada’s primary bank and insurance regulator provided interim guidance limiting the exposure that entities under its supervision have to crypto; South Korea may levy up to a 50% gift tax on crypto airdrops; Nigeria’s eNaira CBDC recorded $10m in transactions since October; internal documents indicated FTX’s 2021 revenue grew 10x; FTX.US was among five companies issued cease and desist letters from the FDIC; Binance.US obtained an MTL license in Nevada; Socios received regulatory approval in Italy; Hodlnaut reported a shortfall of nearly $200m as it sought court protection; Ethereum’s largest mining pool, Ethermine, revealed it will not support a proof-of-work fork of Ethereum after The Merge; Ethermine also stopped processing sanctioned transactions in its current blocks; the average bitcoin transaction fee dropped below $1.00; BIT Mining is facing threats of a NYSE delisting as its shares fell below $0.50; Tribe DAO controversially proposed a plan to distribute ~$157m of DAO-controlled assets to TRIBE holders and compensate victims of the Rari hack; Nexo introduced a new feature allowing for up to 3x leveraged trading; Uniswap blocked ~250 addresses related to stolen funds or sanctions; BendDAO is running out of funds amid fears of souring debt; Gordon Ramsay announced his foray into the metaverse with an NFT project; GameStop’s daily NFT revenue fell to just ~$4k; self-custody solution Safeheron raised $7m and partnered with MetaMask; and, hackers exploited a zero day bug to steal from General Bytes bitcoin ATMs.
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