BTC is currently trading around $27,300 and ETH around $1,800. Notable gainers in the last 24 hours are BGB, LEO, and KAVA. The global crypto market cap is ~$1.17T, down ~2.2% over the last day. DeFi Total Value Locked is ~$47b and BTC dominance is around 48%.
Negative sentiment returned this morning and equities, and crypto are down while bonds have caught a bid. Regional banks are continuing to feel pressure after PacWest filed that it lost nearly 10% of its deposits last week and the stock fell ~20%. Yesterday was another eventful afternoon in crypto as markets sold off sharply just after 1:00 pm behind a wave of long liquidations. A crypto Twitter user shared a screenshot of a transaction sending ~9,820 BTC tagged to ‘Silk Road,’ prompting renewed speculation of government selling that caused nearly $120m of long liquidations. As others failed to confirm the tag independently, many assumed this was due to a quick fix/removal by Arkham, but it turned out to be a mislabeled user-created private tag that was shared. Still, the damage was done as liquidations already began. Bitcoin recovered about two-thirds of the losses over the following hours, but prices have dwindled lower since yesterday evening. Elsewhere, the BoE hiked rates by 25 bps as expected.
Notable news includes: Circle has rotated its treasury portfolio into all May expiries due to debt ceiling concerns; the volume share of crypto derivatives rose to an all-time high of ~78%; Tether’s latest assurance report showed a record asset surplus of ~$2.4b, with about ~$3.9b of the ~$81.8b balance sheet held in bitcoin and gold; a new Uniswap proposal once again weighs activating a ‘fee switch’; Uniswap’s recent volume has flipped Coinbase largely due to the spike in memecoin trading; crypto derivatives protocol Vega’s mainnet went live; Milady NFTs skyrocketed as Elon Musk tweeted a Milady meme; Aragon’s ANT token rallied after its cofounder proposed a token buyback to end its activist crisis; Roblox users surged ~22% to a new peak; the IRS filed 45 claims worth $44b against bankrupt crypto exchange FTX and its subsidiaries; BNB NFT marketplace Tabi raised $10m; and, ~$176m of Do Kwon’s assets were reportedly frozen by a South Korean District Court.
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Authors:
Matt Kunke, Research Analyst | Twitter, Telegram, LinkedIn
Brian Rudick, Senior Strategist | Twitter, Telegram, LinkedIn
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