📉Crypto Market Cap Under $1 Trillion - TWJ #165
If the stETH situation gets worse, buckle up.
In today’s issue:
The crypto market is down with its total market cap sitting at ~$900 billion. LEO Token (LEO) is the best performer in the top 100 in the past 7-d. The Fed is expected to raise its benchmark rate by 75 basis points on Wednesday.
In other news, $1 billion liquidations in 24 hours, Goldman begins ETH-tied derivatives trading, and large crypto firms continue with layoffs.
We’re continually improving our content, please reach out if you have ideas or want us to recap another market segment.
- Curated by Marco Manoppo (@manoppomarco)
📰Market News
⎆$1 Billion Liquidations in 24 Hours
The crypto market sees more than $1 billion in liquidation over the past 24 hours as BTC broke its $25,000 support. The entire crypto market cap is currently under $1 trillion, and a further cascade might happen if the Celsius situation triggers on-chain liquidations on Maker, which will start at around $16-17k BTC.
⎆Goldman Begins ETH-Tied Derivatives Trading
Although we’re in a bear market, Goldman has started offering a derivative product tied to ETH to its client. According to Goldman’s statement, the firm has started with the first OTC non-deliverable forward ETH trade with Marex.
The pandora box has been opened and although the total market cap of crypto assets might continue to fall further, institutional adoption is here and will continue to increase over the next few years, establishing the necessary infrastructure for the next bull market.
⎆Large Crypto Firms Continue With Layoffs
Despair is in the air as large crypto firms continue to downsize and lay off their employees amidst the market downturn and the concerning macroeconomic conditions. Coinbase plans to reduce its workforce by 18%, BlockFi by 20%, and Crypto.com by 5%.
Oh, and Gemini too. Let me just leave this here.
👨🏻💻Decentralized Finance (DeFi)
Do Kwon Statement Regarding LUNA Cashout
Osmosis Validators Plan to Restart the Chain
A MakerDAO Vault just Sold 65k ETH to Pay off Debt
🏛Governance - Active Proposals
ENS - [EP13] [Executable] Fund the Protocol Guild pilot with 200,000 $ENS
Gitcoin - Gitcoin FDD workstream S14 funding request ratification
Yam Finance - Contributors comps for May
🦮NFT & Metaverse
Floor Price of Popular NFT Collections Collapse due to Bear Market
Kraft Foods has Filed Trademark Applications for NFT & Metaverse
Top Sales (Last 24-h); Source: https://dappradar.com/nft
📈Deal Flow & Capital Raise
Nume Crypto - $2M Pre-Seed Round
ScienceMagic - $10M Pre-Seed Round
Artlabs - $700K Seed Round
Atmos - $11M Seed Round
Molecule - $13M Seed Round
⚖️Regulatory Update
Bank of England Chief Takes Victory Lap as Crypto Crumbles
NY City Mayor Eric Adams Wants State's Governor to Veto 2-Year Moratorium on PoW Mining
📚Noteworthy Reads
Wassielawyer’s Thread on Celsius Insolvency
PwC’s Read on 4th Annual Global Crypto Hedge Fund Report 2022
Marc Rubinstein’s Read on A Marketer's Guide to Fund Management
Feel free to reach out to manoppomarco@gmail.com — feedbacks and constructive criticisms are much appreciated.