BTC is currently trading around $68,900 and ETH around $2,500. Notable gainers in the last 24 hours are SPX, OM, and AAVE. The global crypto market cap is $2.44T, up 1.9% over the last day. DeFi Total Value Locked is ~$87b and BTC dominance is around 60%.
Crypto prices fell on Friday after a Wall Street Journal report claimed that the US Department of Justice is investigating stablecoin issuer Tether and as Israel struck military targets in Iran, inciting fears of a potentially larger war. However, Tether strongly denied the report, and Iran stated that it does not want a wider war, helping to calm fears and for crypto prices to recover. Looking ahead, it’s a busy week for macro data, which features Eurozone GDP, US GDP, China NBS PMIs, and a Bank of Japan rate decision on Wednesday, European HICP inflation and US PCE inflation on Thursday, and the US employment report on Friday. Corporate earnings also pick up this week, and five of the Magnificent Seven are due to report (Alphabet, Microsoft, Meta, Amazon, and Apple). Lastly, the markets will pay close attention to any US election tea leaves, with election day just eight days away.
Notable news includes: the BIS released more information on its proof-of-concept Project Mandala for regulatory-compliant peer-to-peer cross-border transactions; Russia passed a law allowing the government to ban mining in specific areas; the Bitcoin Policy Institute released a paper titled ‘The Case for Bitcoin as a Reserve Asset’; Japanese investment firm Metaplanet’s Bitcoin holdings surpassed 1,000 BTC making it the second largest corporate Bitcoin holder in Asia; FTX settled with Bybit for $228m after FTX had alleged Bybit-affiliated accounts moved funds off of FTX just before its collapse; Base’s stablecoin transfer volume topped that of any other chain for the first time on Saturday; Vitalik released the fifth part of his blog series on Ethereum’s future covering “The Purge” section of its roadmap; Vitalik revealed that the Ethereum Foundation is exploring allowing third parties to stake the foundation’s ETH; and, liquid staking protocol Lido launched its Community Staking Module to allow any user staking ETH to become a solo validator.
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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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