The markets are up to a strong start this week, with Bitcoin trading above $28,000 and Ether rallying above $1,900, 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 told the media that he and Biden reached an 'agreement in principle' regarding the government's borrowing limit ahead of the June 5 deadline.
s a lot more within the bill, he said.
The deal will not be effective until 2025, leaving the federal government free to issue new debt.
DeFi assets represent a combined market capitalization of $48.5 billion after gaining more than 5% over the past three days, according to CoinGecko.
Over the past three days, the total value of DeFi products grew by $1.5B, bringing the company's total to $48B. Three-quarters of the top 100 protocols posted TVL growth for the past week.
TVL surged 181% in the past week to $170M from 181 during the stablecoin protocol, Lybra Finance, a blockchain platform based on Ethereum that offers 0% maintenance and minting fees.
The Tokenunlocks website says that several major web3 projects will release sizable tranches of tokens this week. A significant unlock has frequently resulted in added selling pressure on the affected tokens.
On May 31, 3.6% of Optimism's OP supply, worth $258M, will be distributed, along with $100M worth of 1INCH, $67M worth of Hedera's HBAR token and $65M worth of SUI.
In the coming months, notable unlocks lie ahead for Blur, Aptos, and dYdX.