BTC is currently trading around $42,700 and ETH around $2,200. Notable gainers in the last 24 hours are SEI, WOO, and INJ. The global crypto market cap is $1.67T, up 3.7% over the last day. DeFi Total Value Locked is ~$52b and BTC dominance is around 54%.
Global equity markets are up slightly while rates are lower after the Bank of Japan held its benchmark interest rate at -0.1% and left its current yield curve control policy unchanged. Crypto markets, however, are higher on continued optimism around a near-term spot Bitcoin ETF approval after BlackRock revised its application to use cash creations/redemptions and Bitwise launched the first ever ad for a Bitcoin ETF product.
Other notable news includes: The UK Treasury unveiled sandbox rules for digital asset innovation; a US pro-crypto lobbying PAC raised $78m ahead of the 2024 elections; Japanese payments giant JCB, identity firm IDEMIA, and Malaysian fintech Soft Space launched the second phase of their JCB Digital Currency project; Do Kwon’s extradition to the US or South Korea was put on hold due to a procedural error; the US SEC delayed its decision on two ETH ETF applications to May 2024; the average cost of a bitcoin transaction is now above $37, the highest in over 2.5 years, due to Ordinals mania; Lisk blockchain revealed plans to transition to an Ethereum layer 2; Ethereum MEV-relay bloXroute announced it will reject blocks containing transactions from addresses on OFAC’s SDN list; and, memecoins on Solana (egs. BONK, WIF) and Avalanche (COQ) rallied sharply.
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Authors:
Matt Kunke, Research Analyst | Twitter, Telegram, LinkedIn
Brian Rudick, Senior Strategist | Twitter, Telegram, LinkedIn
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