BTC is currently trading around $91,300 and ETH around $3,150. Notable gainers in the last 24 hours are HBAR, XTZ, and OM. The global crypto market cap is $3.22T, up 0.2% over the last day. DeFi Total Value Locked is ~$108b and BTC dominance is around 60%.
Equity markets and digital assets are flattish after the last week saw equities decline, but crypto outperform. One item driving the pull back in equities was a more hawkish tone from the Fed, while crypto investors appear willing to look past this for now and towards various positive catalysts that may come in the wake of Trump’s Presidential election victory. Looking ahead, the week features Nvidia earnings on Wednesday, European HCOB PMIs on Friday, and various speeches throughout the week by central bank officials including ECB President Lagarde and Bank of Japan Governor Ueda.
Notable news includes: Poland’s libertarian Presidential candidate Mentzen announced plans to create a strategic Bitcoin reserve if he wins the May 2025 election; MicroStrategy purchased an additional $4.6b of Bitcoin; medical technology company Semler Scientific acquired more Bitcoin; Bitcoin miner MARA issued $700m of convertible notes with the proceeds intended for a variety of reasons, including potentially to buy Bitcoin; the US CFTC approved options on the spot Bitcoin ETFs, which now await approval by the OCC; Goldman Sachs may spin out its digital assets platform in 12-18 months; BlackRock obtained a commercial license to operate in Abu Dhabi; digital asset products saw $2.2b of inflows last week, per CoinShares; crypto.com acquired Australian brokerage firm Fintek Securities; Starknet’s founder stated he expects TPS to surpass 1,000 within the next three months due to network improvements; synthetic dollar protocol Ethena announced it will activate the fee switch by the end of the month; and, layer 1 blockchain Monad began rolling out its testnet.
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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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