Daily Market Brief

May 9, 2024

Daily Market Brief 240509

Min Jung
Rick Maeda
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  • $BTC mostly traded sideways during the Asian hours but is down around 1.8% at US hours, currently trading at $61,207. There were two notable headlines: one regarding an $11B+ distribution of BTC to creditors and the other regarding the SEC’s SAB 121.

  • Yesterday, the SEC delayed making a decision on the Invesco Galaxy spot Ethereum ETF, and Grayscale announced the withdrawal of its Ethereum futures ETF application. As we approach the deadline for the Ethereum ETF decision, we anticipate more headlines and related trades. For further details, please refer to our daily pick. Additionally, there are 21 days left until the $ETC halving.

  • Few notable crypto headlines include Vitalik proposing EIP-7702 aimed at refining account abstraction, ZKM raising $5 million, and Core Scientific experiencing a revenue surge in 1Q24 after emerging from bankruptcy.

  • During the last 24 hours, the top three gainers were $KAS, $ADA, and $TRX, while the top three losers were $FET, $WIF, and $TAO, which had been the outperformers in this cycle.

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Min JungResearch Analyst
Rick MaedaResearch Analyst