BTC is currently trading around $84,200 and ETH around $1,950. Notable gainers in the last 24 hours are BONK, PEPE and XDC. The global crypto market cap is $2.86T, down 1.4% over the last day. DeFi Total Value Locked is ~$91b and BTC dominance is around 61%.
Equity and crypto markets are lower on negative macro sentiment after the US Fed announced it would keep rates unchanged during yesterday’s FOMC meeting and press conference. The Fed’s updated economic projections reflected lower expectations for economic growth and higher expectations for inflation. The two trends are balancing each other out, in Fed Chair Powell’s view, prompting the central bank to stay the course on rates with two rate cuts expected by the end of the year.
Notable news includes: Kraken entered into an agreement to buy US-based traditional futures trading platform NinjaTrader for $1.5b; Coinbase submitted several recommendations to the US SEC responding to the agency’s call for industry input as the agency shapes its new regulatory approach; Chicago-based crypto exchange Bitnomial launched XRP futures contracts; Bitget upgraded the onchain trading functionality of its crypto wallet with the launch of its Super DEX; Canary Capital filed an S-1 form for an ETF tracking Pudgy Penguins token PENGU; Tether was the world’s 7th largest buyer of US Treasuries in 2024, compared to sovereign buyers; Moonpay secured a $200m revolving credit line from Galaxy Digital to better handle spikes in transaction volume and liquidity demand; Uniswap governance approved ‘Uniswap Unleashed’ proposals, which authorize new rewards and liquidity incentives, and kick off legal preparations for the potential activation of a fee switch; Pump.fun launched a native DEX called PumpSwap; BNB Chain activated its Pascal hard fork, which includes the EIP-7702 smart contract wallet upgrade; and, Eigenlayer announced integrations with Mantle Network and ZKSync for data availability and zero knowledge proving services.
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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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