Daily Market Update: 8/25

August 25, 2022

BTC is currently trading around $21,600 and ETH around $1,700. Notable gainers in the last 24 hours are EVMOS, DCR, and ETC. The global crypto market cap is $1.09T, up 1.2% over the last day. DeFi Total Value Locked is ~$83b and BTC dominance is around 40%.

Notable news includes: President Biden announced a student-debt relief package that forgives up to $20,000 in loans for some recipients; Binance is helping the Philippines government formulate crypto regulations despite its contentious relationship with the country’s SEC; Brazil’s Senate is seeking to hire crypto and blockchain experts to advise on policy; a Bank of Finland governor said a digital euro could help facilitate pan-European services to consumers; Tether revealed it will not freeze Tornado Cash addresses without specific law enforcement orders; the Ethereum Foundation quadrupled its bug bounty to $1m ahead of The Merge; Coinbase launched its wrapped staked ETH ERC-20 token ahead of The Merge; Alameda Research’s co-CEO Sam Trabucco stepped down; Astar Network integrated Blockdaemon as a collator; Ripple partnered with global payments firm Tranglo to expand its on-demand liquidity solution to the UAE; Nvidia’s crypto mining chip revenue continued to fall; Bitcoin miner Argo cut its hashrate growth estimates by 42%; Siam Commercial Bank scrapped plans to purchase a $500m stake in Thailand’s largest crypto exchange; crypto ATM operator Bitcoin Depot to list on the Nasdaq via SPAC in an $885m deal; investment bank Cowen expanded its digital assets team; Bored Apes and Moonbirds will get playable avatars in new Sandbox season; ex-SEC Chair Clayton joined crypto investor Electric Capital as an advisor; Haun Ventures led a $24m round into web3 developer platform Thirdweb; and, a John Hopkins cryptography professor posted an “archival fork” of Tornado Cash’s source code to preserve it for “academic research and free speech”

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