BTC is currently trading around $94,900 and ETH around $2,650. Notable gainers in the last 24 hours are IP, SEI, and TAO. The global crypto market cap is $3.23T, down 2.6% over the last day. DeFi Total Value Locked is ~$109b and BTC dominance is around 62%.
Equities are mixed, while crypto is lower after macro fears and last week’s Bybit exploit and LIBRA memecoin fiasco continue to weigh on sentiment. In fact, crypto investment products saw $924m of outflows over the last two weeks, per CoinShares. Looking ahead, the week features Nvidia earnings on Wednesday, US PCE inflation on Friday, and a large, but well-telegraphed SOL unlock on Saturday.
Notable news includes: The US SEC ended its investigation into retail trading platform Robinhood Crypto with no action; the SEC closed its investigation into OpenSea after deciding not to follow through on the Wells notice it issued to the NFT platform in 2024; the SEC launched the Cyber and Emerging Technologies unit to combat blockchain fraud; per Trump’s digital asset executive order, the Treasury, Department of Justice, and SEC identified “all regulations, guidance documents, orders, or other items that affect the digital asset sector”; Montana, North Dakota, and Wyoming voted down bills aimed at introducing state-level Bitcoin reserves; Iowa introduced a bill to invest in Bitcoin; Canary Capital amended its S-1 filings for its proposed HBAR and LTC ETFs last week which typically indicates that the SEC provided comments; Russia rolled out an anti-fraud system for its CBDC; German investment bank DekaBank introduced institutional crypto trading and custody services; stablecoin-focused neo-bank Infini suffered a $50m exploit; crypto mining rig manufacturer Bgin Blockchain filed to IPO in the US; Bybit saw $6b of crypto leave the exchange though it processed withdrawals without major disruptions and reassured users that it can cover its Ethereum shortfall; Bybit offered a $140m bounty to help recover the stolen assets; crypto options exchange Deribit revealed plans to expand to Hong Kong; Ethereum’s Pectra upgrade went live on the Holesky testnet; Berachain TVL overtook that of Base and Arbitrum; Solana-based DEX Raydium saw its token fall as pump.fun appeared to test an AMM feature; Telegram-based tap-to-earn game Hamster Kombat launched the second season of its game; and, Kanye West teased an upcoming launch of his new memecoin and also stated intentions to create his own blockchain.
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Author:
Carlos Guzman, Research Analyst | Twitter, Telegram, LinkedIn
Brian Rudick, Head of Research | Twitter, Telegram, LinkedIn
Toe Bautista, Research Analyst | Twitter, Telegram, LinkedIn
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