BTC is currently trading around $23,800 and ETH around $1,650. Notable gainers in the last 24 hours are XEM, STX, and NEO. The global crypto market cap is ~$1.14T, up ~2.2% over the last day. DeFi Total Value Locked is ~$50b and BTC dominance is around 44%.
Markets opened the week positively as gains accrued to equities, bonds, and crypto. This morning’s durable goods release came in weak-than-expected thanks to a ~13.3% drop in transportation equipment orders. While the release is unlikely to change the monetary backdrop on its own, it’s one data point that’s converse to the slew of recent releases supporting tighter economic conditions. The probability of the Fed staying the course and hiking by 25 bps rose by ~5% in response based on the Fed Funds futures prices.
Notable news includes: FDIC-insured Citizens Trust Bank has partnered with Circle to hold some of its reserves in USDC; Indonesia is targeting a mid-2023 launch for its state-backed crypto exchange; a report from crypto data analytics firm Inca Digital alleged that Huobi and KuCoin still allow customers of sanctioned Russian banks to transact on their platforms; Jump Crypto and Oasis counter-exploited the Wormhole protocol hacker to retrieve ~$140m of stolen tokens, but the move was highly controversial as the recovery attempt was made by court order and shined light on the mutability inherent in upgradeable contracts; Solana experienced a ~20 hour outage over the weekend, but the root cause of the crash is still being determined; Alchemy launched its new developer platform CW3D to simplify the process of launching a dapp; the price of supposedly free Goerli testnet ETH rose to ~$1.60 over the weekend, and developers responded noting it will be phased out and eventually replaced by a new testnet; Lido Finance initiated a daily cap on stETH minting after recording its largest single day inflow of ~150k ETH; a BitDAO proposal aims to create a $200m development fund for the Mantle ecosystem; Bitcoin mining difficulty jumped nearly 10% in the aftermath of the recent price rally; yield platform Stablegains was sued over allegations that it deposited customer assets on Anchor; and, a Coinbase survey indicates ~20% of Americans own crypto.
Authors:
Matt Kunke, Junior Strategist | Twitter, Telegram, LinkedIn
Brian Rudick, Senior Strategist | Twitter, Telegram, LinkedIn
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