BTC is currently trading around $67,900 and ETH around $2,650. Notable gainers in the last 24 hours are DOGE, BONK, and SHIB. The global crypto market cap is $2.44T, up 1.8% over the last day. DeFi Total Value Locked is ~$87b and BTC dominance is around 59%.
Crypto markets continue to rise, fueled by the same drivers as the last few days. Enthusiasm for a potential Trump win continues to rise, as evidenced by his 17 percentage point lead on Polymarket. In addition, the spot Bitcoin ETFs continue to see exceptional flows, and attracted $1.2b of inflows over the last three days. Lastly, global equities were generally higher today, adding further support.
Notable news includes: Europe’s ESMA called on lawmakers to require cybersecurity audits for crypto companies; Italy proposed a material increase in the capital gains tax on digital assets; Ireland revealed plans to draft new crypto regulations; US prosecutors recommended a five-year prison sentence for Bitfinex hacker Ilya Lichtenstein; Thai bank SCB announced it will offer cross-border stablecoin services; Tesla transferred its $760m of Bitcoin to a new wallet; CoinDesk acquired crypto data provider CCData/CryptoCompare; CME Bitcoin futures open interest reached an all-time high; Grayscale filed to convert its multi-crypto Digital Large Cap Fund into an ETF; a new a16z report found that crypto activity and usage are at an all-time high; leading EigenLayer operator P2P.org announced it will begin to distribute revenue to delegators; rollup-as-a-service provider Conduit launched its G2 sequencer for improved throughput; Solana-based Neon EVM formally adopted the “network extension” title; Fuel Labs launched its Ignition rollup network; Sei Network launched its yield-bearing stablecoin fastUSD; Sonic Labs published its litepaper with details on its upcoming mainnet launch; and, a tweet from Elon Musk alluding to Dogecoin caused the token to jump.
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Author:
Brian Rudick, Head of Research | Twitter, Telegram, LinkedIn
Carlos Guzman, Research Analyst | Twitter, Telegram, LinkedIn
Toe Bautista, Research Analyst | Twitter, Telegram, LinkedIn
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