BTC is currently trading around $65,100 and ETH around $2,950. Notable gainers in the last 24 hours are SAFE, CORE, and FTM. The global crypto market cap is $2.47T, down 0.1% over the last day. DeFi Total Value Locked is ~$92b and BTC dominance is around 56%.
Bitcoin has leveled off after a rally saw it breach $66.5k yesterday, with the strength attributable to three reasons. First, US inflation yesterday was better than feared, potentially helping to clear the path for the Fed to cut interest rates. Second, inflows into the US spot Bitcoin ETFs have improved, with three straight days of positive flows and May-to-date inflows totaling +$357m versus April of -$451m. Lastly, 13F filings demonstrated an impressive breadth of spot Bitcoin ETF holders, which is providing hope for future wealth manager demand (over 1,000 firms with more than $100m AUM reported owning a collective ~$11b of spot Bitcoin ETFs).
Notable news includes: India’s Securities and Exchange Board recommended that several regulators should oversee cryptocurrency trading in the country; Switzerland’s Federal Council announced intentions to implement global crypto tax reporting standards; El Salvador announced a tokenized capital raise via the Liquid Network; the state of Oklahoma passed a law to protect citizens’ right to hold, spend, and mine Bitcoin; the US Senate passed a measure to overturn the controversial crypto custody policy SAB 121, though President Biden has promised to veto it; the US Department of Justice charged two brothers for exploiting a vulnerability in MEV-boost and tricking MEV bots to earn $25m in profit; Tornado Cash developer Alexey Pertsev appealed his conviction; police in China uncovered an illegal $2b USDT underground banking operation; Mastercard and Standard Chartered completed their first live test of the Multi-Token Network using tokenized carbon credits; Vangaurd’s new CEO stated he will not allow the firm to begin offering the spot Bitcoin ETFs; gaming focused blockchain Oasys partnered with SBINFT Market, an NFT marketplace run by a subsidiary of Japanese financial giant SBI Group; and, Pump.fun, which has been responsible for the vast majority of new token launches on Solana recently, paused trading after it was exploited by a hacker.
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Author:
Brian Rudick, Senior Strategist | Twitter, Telegram, LinkedIn
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