BTC is currently trading around $91,100 and ETH around $3,050. Notable gainers in the last 24 hours are USDS. The global crypto market cap is $3.29T, down 4.3% over the last day. DeFi Total Value Locked is ~$112b and BTC dominance is around 58%.
After a steady weekend, crypto prices fell over the last several hours with many blaming the slide in equities and macroeconomic pressures. These pressures include US dollar strength, rising interest rates, and questions around the future path of Fed rate cuts in the wake of last week’s strong employment data. In fact, Goldman Sachs pushed out its expectation for the next Fed cut to June, while Bank of America stated that the Fed is more likely to hike than cut. As such, Tuesday and Wednesday’s US wholesale and consumer inflation readings and Thursday’s US retail sales data will likely take on heightened importance, while investors will also closely monitor China’s 4Q GDP report due out on Friday.
Notable news includes: Singapore banned predictions markets platform Polymarket; US Treasury Secretary nominee Bessent will divest his crypto ETF holdings to avoid conflicts of interest; the Enforcement Director behind CFTC crypto cases announced he will leave the agency; FDIC Vice Chairman Hill outlined plans to address contentious crypto and banking access issues in the US; JPMorgan CEO Dimon claimed that Bitcoin has no intrinsic value and is often misused by bad actors; Trump launched his fifth NFT trading card collection on Bitcoin; the US states of New Hampshire and North Dakota introduced legislation to establish strategic Bitcoin reserves; publicly-traded Heritage Distilling adopted Bitcoin for payments and its treasury; conservative think tank NCPPR urged Meta to adopt a Bitcoin treasury strategy after unsuccessful attempts with Microsoft and Amazon; Indian crypto exchange Mudrex halted withdrawals for compliance purposes; Usual Money introduced a revenue-sharing model to stabilize its ecosystem after USD0++ fell below $1.00 last week; Solana-based DEX Mango Markets shut down following its settlement with the SEC stemming from its 2022 exploit; compromises of X accounts accelerated with Litecoin and Foresight Ventures the latest victims; and, email addresses from the 2022 OpenSea leak were allegedly made fully public.
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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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