BTC is currently trading around $87,200 and ETH around $2,400. Notable gainers in the last 24 hours are IP, DEXE, and QNT. The global crypto market cap is $2.99T, down 6.4% over the last day. DeFi Total Value Locked is ~$100b and BTC dominance is around 61%.
Equity markets are lower after a disappointing US consumer confidence reading that, combined with other recent indicators, is tempering expectations around the US economy. In addition, tariffs are also adding to the uncertainty, as Trump announced that tariffs on Canadian and Mexican imports would move ahead as planned next week. Already on shaky footing from last week’s Bybit hack and the LIBRA memecoin fiasco, crypto is down even more, with the Crypto Fear & Greed Index moving to Extreme Fear and roughly $1.6b liquidated from the crypto markets over the last 24 hours.
Notable news includes: The operator of OKX pled guilty and agreed to pay over $500m to settle US Department of Justice money laundering charges; Bybit released an audited proof-of-reserves; Circle’s USDC and EURC stablecoins received regulatory approval in Dubai; Tron announced USDT transfers will be gas free starting next week; Citadel Securities will reportedly expand into cryptocurrency market making; AI commerce solutions company Rezolve Ai announced a $1b Bitcoin treasury initiative; Strategy’s Michael Saylor met with the SEC’s Crypto Task Force; Aya Miyaguchi announced she will transition from Executive Director to President of the Ethereum Foundation; XDC and Archax launched tokenized versions of four major money market funds; Solana-powered interoperability and scalability layer Rome Protocol integrated with Polygon’s AggLayer; web3 game Nums announced it will launch the first Starknet appchain; and, SBF tweeted for the first time in two years.
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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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