Daily Market Update: 8/26

August 26, 2022

BTC is currently trading around $21,700 and ETH around $1,700. Notable gainers in the last 24 hours are SNX, HT, and AAVE. The global crypto market cap is $1.09T, down 0.2% over the last day. DeFi Total Value Locked is ~$82b and BTC dominance is around 41%.

Market volatility remains muted heading into Fed Chair Powell’s keynote speech at Jackson Hole this morning at 10:00 am EST. Fed funds futures are pricing in a slight edge towards a 75-basis-point hike instead of 50 basis points at the September FOMC meeting. All eyes will be on Powell as investors seek insights into the longer-term rate hike trajectory.

Notable news includes: amendments to the U.S. commercial code differentiate crypto from ‘electronic money’; Japan is reportedly evaluating corporate crypto tax breaks to entice startups; similar to Coinbase, Binance announced it will suspend ETH and ERC-20 deposits and withdrawals during The Merge; Binance further revealed it will support a forked version of Ethereum by crediting users accounts for the forked balances, but it did not confirm it will list the token and reiterated that the fork would need to meet its strict listing criteria; Zipmex appointed restructuring firm KordaMentha to oversee a recovery plan; Coinbase added nano ETH futures to its derivatives platform for retail traders; Coinbase also launched a voter registration tool and a crypto policy education initiative ahead of midterm elections; Mastercard unveiled a partnership with Binance to enable customers to make crypto payments for everyday purchases; CBOE Digital Markets named Jump Crypto, GSR, and others among its expected equity partners; The Graph added Gnosis Chain to its decentralized blockchain indexing protocol; the Waves-backed USDN algorithmic stablecoin once again broke its peg amid a protocol upgrade; CME Bitcoin futures realized a record pricing discount to spot; Rocket Pool incentivized rETH liquidity in a bid to narrow its gap versus Lido; crypto infrastructure provider Alchemy acquired Ethereum coding platform ChainShot; Bitcoin miner Riot countersued its hosting client GMO Internet over a pricing dispute; Alameda Research and FTX merged their VC operations; Polygon’s founder launched a $50m early-stage web3 fund; crypto venture firm Hashed tapped an ex-South Korean finance official to lead its new research institute; the SEC delayed VanEck’s Bitcoin ETF application; crypto-native messaging platform Comm raised a $5m seed round; blockchain explorer SolanaFM raised $4.5m to expand to Aptos; and, Eminem and Snoop Dogg will perform at MTV’s Video Music Awards in a performance inspired by the Otherside metaverse and BAYC NFTs.

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