Chart of the Day
High Tide. Major cryptocurrencies are trading higher on Friday — Bitcoin jumped more than 6% on strong buyer demand from Coinbase, breaching the $47k level. Cardano grabs the spotlight by emerging as one of the most prominent alt gainers. The price of ADA extends its stunning week-long rally to soar more than 15% in a matter of hours, reaching a new all-time high near $2.56. Stellar performance across the altcoin market is somewhat reminiscent of the DeFi summer of ’20. The current alt season ratio remains at low levels compared to the spectacle of last summer, suggesting that there’s comparatively less profit in the BTC tank relative to the ETH market cap.
Talk of the Town
Watchful Eye. Chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, said that the decentralized finance (DeFi) space should fall under the purview of regulators during an interview with Wall Street Journal. Special attention is given to DeFi projects that offer tokens or incentives while disregarding the core value that the name “decentralization” champions.