Ethereum, Bitcoin top $28,000 in 3 days

Ethereum, Bitcoin top $28,000 in 3 days

This week's markets are going to a fast start, with Ether rallying above $1,900 and Bitcoin briefly trading above $28,000 - their highest levels in nearly three weeks.

Investors cheered on the news that Democrats and Republicans are making progress toward a deal to increase the U.S. debt ceiling. On Sunday, House Speaker Kevin McCarthy said that he and Biden reached an agreement in principle regarding the government's borrowing limit ahead of the June 5 deadline.

''It s a lot more within the bill,'' McCarthy said.

The agreement will remain in effect until 2025, allowing the federal government to issue new debt.

DeFi's assets represent a combined market capitalization of $48.5B, a gain of more than 5% in the past three days, according to CoinGecko.

Over the past three days, the total value of DeFi products rose to $1.5B, bringing the sector's total to $48B. Three-quarters of the top 100 protocols posted TVL growth for the past week.

TVL, a stablecoin based on Ethereum, posted an 181% rise in TVL in the past week to $170M.

Tokenunlocks said that several major web3 projects will launch sizable tranches of tokens this week. The sale of the affected tokens has historically been boosted by significant unlocks.

On May 31, 3.6% of Optimism's OP supply, worth $258 million, will be distributed, alongside $100M worth of 1INCH, $67M worth of Hedera's HBAR token and $65M worth of SUI.

In the coming month, notable unlocks lie ahead for Blur, Aptos, and dYdX.