BTC is currently trading around $75,800 and ETH around $2,950. Notable gainers in the last 24 hours are CRO, ADA, and AR. The global crypto market cap is $2.69T, up 1.2% over the last day. DeFi Total Value Locked is ~$98b and BTC dominance is around 60%.
Equity markets are mixed, while crypto prices continue to drift higher. As expected, the Fed cut interest rates by 25 bps at its meeting yesterday. Importantly, Powell stated that the election will have no effect on near-term policy decisions, that it won’t factor directly into monetary policy, and that he will not step down as Fed Chair even if Trump asks him to. The Fed painted a picture of inflation moving back towards its 2% target and the economy in process of a soft landing. Many now believe the Fed will continue to gradually lower rates, but will assess economic data as it comes in as well as how any changes from the new Trump administration may impact that in the future.
Notable news includes: A South Korean regulator will rule on whether to approve corporate crypto investment next month; Detroit will become the largest US city to accept crypto for tax payments; the spot Bitcoin and Ethereum ETFs took in $1.4b and $80m yesterday, respectively; Block announced it will reallocate resources from its web5 project to mining rig development; Coinbase’s cbBTC launched on Solana; a group of Bitcoin developers claimed to have discovered a breakthrough related to covenants; and, Stablecoin issuer Sky voted to maintain its rebrand from Maker to Sky.
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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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