BTC is currently trading around $68,200 and ETH around $3,300. Notable gainers in the last 24 hours are TON, XEC, and BCH. The global crypto market cap is $2.66T, down 0.7% over the last day. DeFi Total Value Locked is ~$95b and BTC dominance is around 55%.
Equity markets moved sharply lower yesterday after the Minneapolis Fed President stated that no rate cuts would be needed this year if inflation continued to move sideways. In addition, US jobs grew by significantly more than expected in March, also causing some to wonder whether the Fed will maintain rates for longer. Meanwhile, spot Bitcoin ETF inflows benefited from lower GBTC outflows, which recorded its third consecutive sub-$100m outflow day yesterday for the first time since February.
Notable news includes: Europe’s ESMA stated that reordering blockchain transactions to generate MEV may constitute market abuse; Paraguay lawmakers proposed a bill to temporarily ban crypto mining to limit the impact on the country’s electrical system; Morgan Stanley and UBS are allegedly on the verge of adding the spot Bitcoin ETFs to their wealth management platforms; Sony initiated a proof-of-concept to issue a fiat-pegged stablecoin on Polygon; Hong Kong’s ZA Bank announced it will offer banking services for stablecoin issuers; PayPal announced a new international money transfer service using its PYUSD stablecoin; Ethena’s synthetic dollar passed $2b in supply, and announced plans to add Bitcoin to USDe reserves; Bitcoin DEX MerlinSwap raised $480m in its IDO; and, the hacker responsible for the $320m Wormhole bridge exploit was initially eligible for a $50,000 W token airdrop.
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Author:
Brian Rudick, Senior Strategist | Twitter, Telegram, LinkedIn
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