BTC is currently trading around $29,300 and ETH around $1,850. Notable gainers in the last 24 hours are HBAR, FXS, and APE. The global crypto market cap is $1.22T, flat over the last day. DeFi Total Value Locked is ~$42b and BTC dominance is around 50%.
Equity, bond, and crypto markets are mixed or little changed after a quiet weekend. Investors this week will focus on several macro releases, including US retail sales, Canadian and UK inflation, Eurozone GDP, and the FOMC minutes.
Notable crypto news includes: The website of the Fed’s instant payment system FedNow added Dropp, a micropayments platform built on Hedera, to its service provider showcase section; crypto friendly bank Custodia announced that it is now accepting US dollar deposits and will soon custody bitcoin for customers in select US states; PayPal unveiled a new Cryptocurrencies Hub feature allowing users to engage in expanded digital asset transactions; the UK FCA has approved only 13% of the nearly 300 crypto companies that have applied for registration since 2020; a Bernstein report said a bitcoin spot ETF approval could power a new crypto cycle and predicted a spot bitcoin ETF could reach 10% of bitcoin’s market cap in 2-3 years; the SEC extended its review of the Ark 21Shares bitcoin ETF application and asked for public comments; a group of six law scholars filed an amicus brief in support of Coinbase in its dispute with the SEC; US Senator Lummis also filed an amicus brief in support of Coinbase; Reddit NFTs minted on Polygon surpassed 20m; the developer of the rug pulled memecoin BALD sent $12m in ETH from Base to Ethereum; former US President Trump holds $500,000 in crypto; and, SBF spent his third night in a notorious Brooklyn jail.
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Authors:
Matt Kunke, Research Analyst | Twitter, Telegram, LinkedIn
Brian Rudick, Senior Strategist | Twitter, Telegram, LinkedIn
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