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Daily Market Update: 8/24

August 24, 2022

BTC is currently trading around $21,500 and ETH around $1,650. Notable gainers in the last 24 hours are EVMOS, HNT, and ZIL. The global crypto market cap is $1.08T, up 0.9% over the last day. DeFi Total Value Locked is ~$82b and BTC dominance is around 41%.

Markets are in a lull continuing yesterday’s modest volatility. Equities are flat, crypto is slightly up, and yields are moving higher. Investors sit idly as they wait for Powell’s comments at Jackson Hole on Friday with many expecting a more hawkish tone.

Notable news includes: U.S. Congressman Emmer urged the Treasury to provide further clarity on the Tornado Cash sanctions; the Ontario Securities Commission flagged KuCoin and others for operating unregistered crypto exchanges; the Securities Commission of Malaysia added Huobi to its investor alert list; Beijing unveiled a two-year metaverse innovation and development plan; the Texas Comptroller’s office revealed the state’s positive stance on crypto mining, noting the benefits to the energy industry; China is now accepting the digital yuan for public transportation; Coinbase admitted the transaction fee-based revenue model won’t work for long, and that they intend to focus on subscriptions; Bitfinex prepared for The Merge by offering Ethereum ‘chain split tokens’; Ethereum clients Geth and Nethermind found bugs in their recent upgrades but they are not expected to impact The Merge timeline; Uniswap is reportedly interested in NFT financialization and speaking with multiple NFT lending protocols; Uniswap community members also voted to create the Uniswap Foundation to support open-source development and community governance; Thorswap introduced cross-chain swaps for the majority of Ethereum tokens; BendDAO passed a proposal to lower the liquidation LTV threshold, and it also removed the requirement that bids must be within 95% of OpenSea’s floor price; Sotheby’s hired an NFT specialist; Ethereum-tracking funds realized their ninth consecutive week of positive inflows; Coinme added six altcoins to its grocery store crypto kiosks to expand beyond bitcoin; China’s Ant group is partnering with investment bank Kenanga to build a crypto ‘SuperApp’ that will include trading, wallets, and portfolio management; Celsius alleged KeyFi stole more than 1,000 ETH of its investor’s funds; hackers lost five ETH while attacking NEAR protocol’s Rainbow Bridge; and, crypto influencer Cobie donated $100k to a crypto YouTuber being sued by BitBoy. 

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