BTC is currently trading around $19,700 and ETH around $1,100. Notable gainers in the last 24 hours are MATIC, UNI, and SNX. The global crypto market cap is $922b, up 3.1% over the last day. DeFi Total Value Locked is ~$73b and BTC dominance is around 44%.
Markets rallied yesterday afternoon, with most asset classes including bonds and crypto more than offsetting their initial losses after the inflation print, but markets have broadly reversed this trend and continued their downward slide so far this morning. The U.S. 2y10y spread, a metric often referenced as a recession indicator, fell to -22 basis points, the most severe inversion in over two decades. It has been a tough start to the earnings season for the banking industry as both JPMorgan and Morgan Stanley missed on earnings this morning, with JPMorgan building its reserves for bad loans and suspending its share buyback program.
Notable news includes: China’s central bank announced it will be expanding the number of digital yuan test sites from 11 to 23; a UK court allowed a lawsuit to be delivered through an NFT airdrop; Brazil postponed voting on its crypto bill until after its presidential election in October; India’s crypto lobbying group, the Blockchain and Crypto Assets Council, was abruptly shut down; OKX obtained a provisional license from Dubai’s Virtual Assets Regulatory Authority; crypto lender Celsius and its subsidiary Celsius Mining filed for Chapter 11 bankruptcy in New York; Mastercard partnered with crypto gateway provider Fasset to drive financial inclusion in Indonesia; Hyosung America partnered with DigitalMint to enable bitcoin purchases at the firm’s 175k ATMs across the U.S.; Plaid, an open-banking system that aggregates users’ financial information, announced integrations with Binance.US, Kraken, and Gemini to expand its access to users’ crypto holdings; StarkWare confirmed the creation of a StarkNet token; the Celo blockchain suffered a critical network outage; Polygon joined Disney’s ‘accelerator program’ to develop AR, NFT, and AI experiences; Bitpanda launched Metaverse and DeFi-themed crypto investment indexes; Binance burned $444m of BNB tokens; CoinShares launched a staked Algorand ETP; and, an ape-themed CryptoPunk sold for 2,500 ETH, the largest NFT sale in the past month.
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