Cryptocurrency continued its bullish momentum on Wednesday, adding another 3.9% in the past 24 hours, bringing global market capitalisation to a monthly high of US$1.06tln.
Bitcoin performed particularly well with a 6.86% rise to US$23.542, thus pushing market cap close to the US$450bln barrier which could serve as a strong support line.
Ethereum’s momentum cooled off slightly, though it still managed to add another 3.16% on Wednesday morning, bringing its trading price to US$1,572.
Large-cap network tokens continue to post solid gains on the back of Ethereum’s recent bull run, with Solana up 5%, Polygon up 4.07% and Avalanche up 10.24%.
But the biggest winner was the US$18bln Cardano Network, with a 10.81% rally pushing its ADA coin to a 30-day high of US$0.50.
Niche blockchain offerings NEM, Mina Protocol and Waves all posted double-digital gains.
It’s a topsy-turvy week for Nexo; after outflanking the market on Monday and Tuesday, the crypto lender was today’s biggest loser, having shed 10% in the past 24 hours.
The decentralised finance (DeFi) market held steady at US$86.2bln in total value locked across all protocols.
In the headlines
A long-awaited financial services and markets bill being introduced to parliament today will lay the framework for stablecoin regulation going forward for the UK.
The bill is expected to recognise fiat-pegged digital currencies as a valid form of payment with oversight by the financial regulators.
Three Arrows Capital’s founders maintain radio silence following Yesterday’s circulation of court documents pertaining to the hedge fund’s high-profile liquidation.
The 1000 pages of material outlined egregious mishandling of user funds, elaborate yacht purchases and a US$65mln claim against the company by founder Kyle Davies’ wife Ms Chen Kaili Kelly.
The bitter dispute between Elon musk and Twitter over Musk’s takeover renege is heating up, with Twitter pushing for a non-jury trial in the coming months.
“This very public dispute harms Twitter with each passing day Musk is in breach. Musk amplifies this harm by using the company’s own platform as a megaphone to disparage it,” Twitter’s attorney’s said.