BTC is currently trading around $59,600 and ETH around $2,650. Notable gainers in the last 24 hours are AKT, SATS, and MKR. The global crypto market cap is $2.19T, down 1.3% over the last day. DeFi Total Value Locked is ~$84b and BTC dominance is around 57%.
Crypto prices are little changed as equity market strength from lower than expected US wholesale inflation is offset by the potential for BitGo to return Mt Gox-related Bitcoin to creditors. On the latter, a wallet that received $2.2b in BTC from Mt Gox and is believed to be owned by BitGo recently performed test transactions, suggesting it may distribute funds to creditors soon.
Notable news includes: US Rep Khanna, who has organized meetings between democrats and key crypto industry participants, suggested the democrats may soon release a crypto regulation roadmap for the US; South Korean crypto exchange Bithumb enabled the opening of traditional bank accounts via its app; a Turkish holding company announced intentions to invest $1.6b into two El Salvadoran ports, one of which is located in El Salvador’s planned Bitcoin City; Germany’s KfW Bank partnered with Boerse Stuttgart to issue a blockchain-based digital bond; Singapore’s DBS Bank launched a Treasury Token pilot; the DeFi Education Fund purchased patents owned by a third party to end lawsuits against DeFi protocols Maker and Compound; Coinbase submitted a comment letter to the SEC urging the regulator not to expand the definition of an exchange to include DEXs; the liquidators for defunct crypto hedge fund Three Arrows Capital filed a $1.3b claim against Terra Luna developer Terraform Labs; Grayscale’s spot Ethereum ETF ETHE saw no outflows yesterday for the first time; and, Marathon Digital announced that every Bitcoin mined by its MARA pool will be tagged “Made in the USA”.
In protocol related news: the supply of PayPal’s PYUSD stablecoin on Solana surpassed that of Ethereum; a long-time Bitcoin developer created the first fully anonymous onchain DAO; developers for Ethereum L2 Optimism revealed a roadmap to introduce native interoperability between chains in its ecosystem; predictions market Polymarket partnered with AI search engine Perplexity to share information; decentralized exchange Curve reduced its CRV emissions; Uniswap DEX developer Uniswap Labs surpassed $50m in cumulative front end fees; Zora announced onchain secondary markets for its NFT collectibles via a new token wrapper; restaking protocol Symbiotic launched its devnet on Ethereum test network Holesky; layer 1 blockchain Canto halted block production shortly after coming back online; Aurora Labs launched a Bitcoin light client and relayer to enable interoperability between Bitcoin and Near Protocol; and, Sun.io launched SunPump for launching and trading memecoins on Tron.
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Author:
Brian Rudick, Senior Strategist | Twitter, Telegram, LinkedIn
Toe Bautista, Research Analyst | Twitter, Telegram, LinkedIn
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