BTC is currently trading around $29,100 and ETH around $1,950. Notable gainers in the last 24 hours are XRD, TRX, and PAXG. The global crypto market cap is $1.30T, down 5.0% over the last day. DeFi Total Value Locked is ~$112b and BTC dominance is around 45%.
Risk markets are moving down broadly this morning with most global equity markets falling 1-2% while BTC and ETH are down 4% and 6.5%, respectively. Riskier factions of the market appear to be taking the brunt of the sell-off in response to insights of a deteriorating macro economic backdrop that were gleaned from Snapchat’s updated guidance yesterday after the bell. While Snapchat reported earnings just one month ago, they have already updated their guidance noting that the macro economic backdrop has deteriorated “further and faster” than they anticipated, resulting in them being unlikely to meet even the low end of their previous guidance. The name is down 40% on the news this morning, and broader risk markets appear to be treating the announcement as a bellwether indicator for real-time economic developments.
Other notable news includes: the American Bankers Association voiced their doubts in a letter to the Fed about the purported benefits of a CBDC; the head of the IMF warned about the concerns in crypto, labeling Terra a “pyramid” but urged regulators not to abandon positive crypto progress; Central African Republic teased the creation of a crypto hub dubbed Project Sango; SWIFT is partnering with French consultancy firm Capgemini in an attempt to conduct experiments and test how domestic CBDCs can be interlinked; the ECB warned that crypto risks could spill into the broader economy; the Fed’s annual report indicated that most American crypto investors have a “disproportionately high income”; South Korean police requested that exchanges freeze LFG related funds; an ex-Deutsche Telekom team launched a new liquid staking division at crypto custodian Finoa; Coinbase Wallet now offers thousands of tokens through their expanded swap service; FTX is reportedly in the market for brokerage start-ups as part of its recently announced plan to support stock trading; Coinbase became the first crypto firm to enter the Fortune 500; Optimism removed 17k alleged sybil addresses from their airdrop list; Uniswap revealed it will go live on Gnosis Chain and Moonbeam; Filecoin and Lockheed Martin revealed plans to launch IPFS in space; ADDX raised $58m to reduce the minimum private investment size by 10x via smart contract tokenization; Flowcarbon, a technology company aimed at bringing carbon credits to the blockchain, completed a $70m token sale led by a16z; and, North Carolina Representative Madison Cawthorn is being investigated by the House Ethics Committee over his alleged promotion of a crypto pump-and-dump.
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