BTC is currently trading around $29,300 and ETH around $1,850. Notable gainers in the last 24 hours are FLEX, RUNE, and XRD. The global crypto market cap is $1.22T, down 0.1% over the last day. DeFi Total Value Locked is ~$42b and BTC dominance is around 50%.
Speculation is mounting that we may soon get a decision on Grayscale’s lawsuit against the SEC in its attempt to convert its Grayscale Bitcoin Trust (GBTC) into an ETF. Legal experts expect a near-term decision as nearly all March cases over the last two years are decided by the end of August. Further, some point to Tuesdays and Fridays as the preferred days to release judgements, meaning we may get a decision as soon as today. Meanwhile, the Jacobi FT Wilshire Bitcoin ETF (BCOIN), the first EU spot-based bitcoin ETF, went live on the Euronext Amsterdam stock exchange.
Other notable crypto news includes: Dubai announced a 90% registration subsidy for web3 and AI companies seeking licenses in the city; Singapore’s MAS officially established new regulations for stablecoins; The Reserve Bank of Zimbabwe announced it is close to launching gold-backed digital tokens; Coinbase launched in Canada; Coinbase commenced its Stand With Crypto Alliance to fight anti-crypto legislation; The Blockchain Association filed an amicus brief in support of Coinbase in its legal battle with the SEC; Binance issued a complaint against the SEC stating that the SEC’s discovery demands exceed its purview; crypto custodian Prime Trust filed for bankruptcy; customers of defunct crypto lender Celsius will vote on a settlement plan that would see a consortium buy Celsius’s assets; CoinDesk is reportedly planning to lay off editorial staff; The Department of Justice indicted SBF for allegedly using $100m in customer funds to make campaign donations; trading-focused layer 1 blockchain Sei saw its mainnet go live; Maker revenue hit a two-year high; web3 gaming platform Immutable launched a ZK rollup to offer developers more infrastructure options; FarmVille developer Zynga announced a new web3 game named Sugartown; and, pro-bitcoin libertarian Javier Milei won the primary presidential election in Argentina.
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Authors:
Matt Kunke, Research Analyst | Twitter, Telegram, LinkedIn
Brian Rudick, Senior Strategist | Twitter, Telegram, LinkedIn
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