BTC is currently trading around $27,600 and ETH around $1,850. Notable gainers in the last 24 hours are KAS, STX, and FXS. The global crypto market cap is ~$1.21T, down ~0.2% over the last day. DeFi Total Value Locked is ~$49b and BTC dominance is around 47%.
Markets are little changed this morning as investors prepare to digest a slew of earnings releases. Earnings are the week’s headline focus and will drive the development of near-term risk sentiment. Nearly ~45% of S&P 500 market cap reports this week, with Microsoft, Google, Facebook, and Amazon all reporting between Tuesday and Thursday. Economic data releases are minimal to start the week but will pick up in the latter half, with Core PCE and Q1 GDP in the U.S. and a BoJ Monetary Policy Statement across Thursday and Friday.
Notable news includes: Gemini revealed plans to launch a crypto derivatives platform outside the U.S.; Grimes said she’d split royalties down the middle with anyone who successfully creates an AI-generated song using her voice; a World Economic Forum promo video highlighted Bitcoin miner Crusoe, embracing the environmental benefits of Flare gas-based Bitcoin mining; KuCoin’s Twitter account was hacked but the exchange vouched to reimburse victims; Reddit and Stack Overflow will begin charging AI developers for access to their content; more Chinese government employees in Changshu will be enlisted in China’s digital yuan rollout; Erigon released a new testnet client software for Optimism; the UniSat Bitcoin Ordinals wallet was hit with a ‘large number’ of double-spend attacks; Web3 VC funding fell ~82% in Q1 versus 2022; and, several investment firms like DRW and Nascent denied investing in OPNX after the exchange disclosed their alleged backers.
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Authors:
Matt Kunke, Research Analyst | Twitter, Telegram, LinkedIn
Brian Rudick, Senior Strategist | Twitter, Telegram, LinkedIn
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