BTC is currently trading around $56,300 and ETH around $2,550. Notable gainers in the last 24 hours are EETH, NOT, and TAO. The global crypto market cap is $2.1T, up 3.7% over the last day. DeFi Total Value Locked is ~$79b and BTC dominance is around 57%.
Equity and crypto markets are bouncing back from their recent selloff as volatility remains elevated. Specifically, Japan’s Nikkei increased over 10% in its best day since 2008, while US markets are up around 1% on the day so far. Within crypto, the total market cap is up 3.7% over the last 24h, with BTC and ETH each up 14% off their respective lows less than 36 hours ago.
Additionally, there were two unrelated, but particularly notable items for crypto over the last day. First, US Vice President and likely Democratic nominee Kamala Harris picked Minnesota Governor Tim Walz as her VP running mate for the US Presidential election. While some media outlets classify Walz as a blank slate with respect to crypto, Cointelegraph stated that Walz “is known for his more stringent, regulatory-focused approach to the crypto industry”. Second, despite the turmoil in the markets, investors in the US spot crypto ETFs generally HODL’d through it. Indeed, the spot Bitcoin ETFs saw $168m of outflows, but the new spot Ethereum ETFs recorded $49m of inflows amounting to their largest inflow day outside of day one.
Other notable news includes: US lawmakers wrote a letter to the CFTC to prohibit gambling on elections; the US government moved 300 seized ETH to an unknown wallet; Europe’s ESMA asked for industry feedback on whether it should allow crypto assets to fall under the UCITs regulatory framework; Capula, Europe’s fifth largest hedge fund, invested ~$500m into Bitcoin ETFs; the Crypto Fear & Greed Index hit Extreme Fear yesterday; web3 payments infrastructure provider Transak introduced fiat-to-crypto wire transfers for crypto users in the US; Ubisoft revealed it is working on a Captain Laserhawk web3 game to be based off of the Netflix animated series; and, the Ronin bridge was paused and restarted after $12m was drained in what’s believed to be a white hat hack.
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Author:
Brian Rudick, Senior Strategist | Twitter, Telegram, LinkedIn
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