BTC is currently trading around $41,600 and ETH around $2,200. Notable gainers in the last 24 hours are STX, LUNC, and ORDI. The global crypto market cap is $1.60T, up 2.8% over the last day. DeFi Total Value Locked is ~$50b and BTC dominance is around 54%.
Bitcoin gained 8% over the weekend and broke $40,000 for the first time in 19 months in what many attribute to continued enthusiasm around a potential US spot Bitcoin ETF, rising expectations that the Fed is now done with its rate hiking cycle, and $180m in total crypto short liquidations over the last 24h. Meanwhile, traditional equity markets are down small after enjoying several weeks of strength that includes five straight weeks of positive S&P 500 performance. Notably, gold hit a record high of $2,110 per ounce earlier today before retreating slightly. Market participants will be watching several data releases this week including Eurozone retail sales and GDP as well as US employment and hourly earnings.
Notable news includes: two Swiss banks issued digital bonds using real CHF wholesale CBDC on the SIX Digital Exchange; Brazil’s largest bank Itau Unibanco launched Bitcoin trading; SoFi announced its exit from crypto; FTX filed to dismiss IRS claims that it owes the government $24b; Grayscale hired a managing director to head distribution and partnerships; digital asset investment products recorded $1.8b in inflows over the last 10 weeks; a recent research paper claimed that each Bitcoin transaction uses enough water to fill a swimming pool; and, Bitcoin miners Hut 8 and USBTC completed their merger.
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Authors:
Matt Kunke, Research Analyst | Twitter, Telegram, LinkedIn
Brian Rudick, Senior Strategist | Twitter, Telegram, LinkedIn
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