COIN Launching into Orbit, GHO Launching on Mainnet
BTC is once again testing the $31k mark, while ETH inches towards $1.9k, reflecting a general rise in most large cap assets today. SOL -1.33% continues to show relative strength, moving above $22 on the day, a rise potentially attributable to improving DeFi user data. DeFi 1.0 coins, such as COMP -19.15% and AAVE, are outperforming the majors, suggesting continued momentum within the DeFi sector. Today’s standout performer in the broader crypto universe is Coinbase equity, which has experienced a 10% increase following its addition to five other surveillance-sharing agreements within ETF applications (more on this below). Meanwhile, traditional equity markets are trading higher in anticipation of tomorrow’s CPI report. The consensus expectation is for the headline CPI to fall within the low 3.0% range (CPI chart below). Long-dated bonds persist in rallying as long-term rates retreat while short-term rates climb. Despite an ostensibly robust economy, the DXY is nearing its year-to-date lows, providing an additional potential boost for crypto prices.
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