BTC is currently trading around $68,000 and ETH around $3,300. Notable gainers in the last 24 hours are BSV, BCH, and LTC. The global crypto market cap is $2.54T, up 0.7% over the last day. DeFi Total Value Locked is ~$101b and BTC dominance is around 57%.
Crypto prices are higher after Donald Trump gave an extremely pro-crypto speech at Bitcoin 2024 on Saturday. During the speech, Trump promised to establish a US strategic Bitcoin reserve, immediately fire SEC Chair Gensler, and clarify crypto regulation within 100 days of taking office. In addition, US Senator Lummis revealed plans to soon introduce a bill that would establish the strategic Bitcoin reserve and direct the government to purchase 1m BTC, or ~5% of supply. Outside of crypto, it’s a busy week for central banks, with key meetings from the Bank of Japan on Tuesday, the Fed on Wednesday, and the Bank of England on Thursday. Lastly, market participants will closely follow macro data releases such as European HICP inflation on Wednesday and the US employment report on Friday.
Notable news includes: A Hong Kong legislator announced plans to explore the feasibility of adding Bitcoin to the region’s fiscal reserves; Slovenia issued a sovereign digital bond via the Bank of France’s tokenized cash system; Vice President Kamala Harris’s campaign reached out to prominent crypto companies including Coinbase, Circle, and Ripple regarding crypto regulation; investment bank Cantor Fitzgerald announced plans to lend $2b in Bitcoin-backed financing; bankrupt centralized lender BlockFi was granted court approval to return 100% of customers’ assets; 21Shares implemented Chainlink’s Proof-of-Reserves to enhance ETF transparency; blockchain platform Casper halted operations following a security breach; and, Compound Finance underwent what some classified as a governance attack after a whale acquired enough COMP to pass a proposal allocating $24m to the whale’s protocol.
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Author:
Brian Rudick, Senior Strategist | Twitter, Telegram, LinkedIn
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