BTC is currently trading around $89,700 and ETH around $2,200. Notable gainers in the last 24 hours are BCH, JTO and ONDO. The global crypto market cap is $3.04T, up 2.1% over the last day. DeFi Total Value Locked is ~$97b and BTC dominance is around 61%.
Equity and crypto markets are up after Germany and China announced increased fiscal spending targets, and after comments from US Commerce Secretary Howard Lutnick provided hope that a compromise on tariffs with Canada and Mexico may be reached. Crypto is also benefitting from renewed optimism regarding a Strategic Crypto Reserve for which Lutnick hinted that more details may come during Friday’s Crypto Summit.
Notable news includes: The US Senate voted in favor of repealing the Treasury Department’s DeFi broker rule; the US SEC agreed to drop its lawsuit against Cumberland DRW; Pakistan’s Finance Ministry appointed a Chief Advisor for crypto policy as part of a push to integrate blockchain and digital assets into the country’s financial ecosystem; Sygnum Bank expanded its off-exchange custody platform to include Deribit; Blockstream announced launch dates for its asset management division’s Bitcoin-backed funds; Reddit co-founder Alexis Ohanian joined a bid to acquire TikTok’s US operations and integrate blockchain technology into the platform; Ethereum’s Pectra upgrade ran into issues on testnet for a second time leading to calls from developers to delay mainnet launch; Noble launched its yield-bearing USDN stablecoin on Cosmos; and, early Solana backer Foundation Capital raised a new $600m fund.
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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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