BTC is currently trading around $95,100 and ETH around $2,650. Notable gainers in the last 24 hours are TAO, LTC, and MKR. The global crypto market cap is $3.24T, down 2.2% over the last day. DeFi Total Value Locked is ~$106b and BTC dominance is around 61%.
Crypto markets remain subdued in the wake of the LIBRA memecoin fiasco and subsequently cooling memecoin hype. Specifically, some are alleging that various actors coordinated to extract hundreds of millions of dollars from investors through memecoin launches, and the CEO of liquidity protocol Meteora resigned amidst such allegations.
Notable news includes: Europe’s ESMA proposed staff knowledge checks for crypto firms; the Nigerian SEC began developing rules to tax cryptocurrency transactions; FTX convenience class creditors began receiving $1.2b in payouts today; FTX announced the next round of claims will be paid out on May 30; Google revealed it is exploring developing “sign in with Google” for Bitcoin wallets; Bitcoin-focused financial services company Fold is scheduled to go public on Nasdaq tomorrow; Grayscale launched the Pyth Trust; Robinhood revealed plans to introduce crypto services in Singapore; OKX secured a MiCA license; Bitcoin miner MARA completed its acquisition of a Texas wind farm; Tether bid to take control of South American agribusiness and energy company Adecoagro; former Tether CEO Reeve Collins announced a forthcoming competing stablecoin called Pi; an NFT by artist Sam Spratt sold for $3m; OpenSea paused its airdrop reward system after user backlash; token launch platform Echo hinted that it is working on an ICO product; perps-focused layer 1 Hyperliquid launched its HyperEVM for general purpose programmability; SingularityNET and Mind Network partnered to launch the ASI Hub focusing on AI initiatives; domain name service provider Space ID partnered with IP-focused Story Protocol to provide identity management solutions; and, some users of Ethereum L2 Abstract were hit by wallet drain issues.
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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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