Daily Market Update: 9/1

September 1, 2022

BTC is currently trading around $19,900 and ETH around $1,550. Notable gainers in the last 24 hours are CEL, EVMOS, and XEC. The global crypto market cap is $1.02T, down 1.8% over the last day. DeFi Total Value Locked is ~$77b and BTC dominance is around 40%.

Equities, crypto, and bonds are falling in unison this morning behind renewed China lockdown concerns and central bank hawkishness. China announced a new lockdown of Chengdu, the capital of its Sichuan province with more than 21 million residents, as the metropolis embarks on a four-day citywide Covid-19 testing endeavor. Uncertainty remains on the duration of the lockdown if the test results come back worse than expected. Further adding to market tensions, Cleveland Fed President Loretta Mester, a voting member of the FOMC, made a series of hawkish comments yesterday. Mester noted that she sees interest rates “somewhat above 4% by early next year,” further commenting that they will need to stay there and that she does not anticipate any rate cuts in 2023. 

Notable news includes: Georgia proposed a bill that would adopt EU crypto standards for AML; EU lawmakers voted against conducting a study on the purported negative environmental implications of crypto mining; California’s State Assembly passed a bill for licensing and regulating crypto firms; the Indonesian government reiterated its plans to set up a digital assets exchange by end of year; Washington D.C. alleged that Michael Saylor and MicroStrategy evaded over $25m in taxes; Ripple’s plan to tokenize Colombian land stalled amid a new administration; Crypto.com pulled the plug on its nearly $500m Champions League sponsorship deal; Binance froze a Russian gun maker’s crypto assets amid Ukrainian pressure; Bybit expanded its spot USDC trading pairs and made auto conversions available between dollars and USDC; Ethereum rollup provider Arbitrum completed its Nitro upgrade bringing faster transactions with lower fees and a better UX for developers; Curve’s founder said its crvUSD stablecoin could launch as early as next month; a16z devised a new set of six licenses tailored to NFTs based on the creative commons model; Unstoppable Domains launched an encrypted email service; Socios extended its Argentina soccer deal; hardware wallet Trezor enabled direct crypto purchases with MoonPay; Credit Suisse held ~$31m in digital assets for clients last quarter; crypto lawyer Kyle Roche pulled out of lawsuits against Tether, Binance, and other major crypto companies in the days following the leaked videos purporting he had an improper legal relationship with Ava Labs; Compass mining is closing its Georgia facilities as energy prices soar; PrimeBlock’s CEO departed the firm following its cancelled SPAC; crypto asset manager Babylon Finance will shutdown after failing to recover from the Rari hack; OpenSea committed to ‘solely supporting’ Ethereum NFT’s on its proof-of-stake blockchain following The Merge; Mythical Games unveiled plans to build an Ethereum-compatible chain; Twitter reinstated multiple Solana-based NFT accounts after the Solana Foundation threatened that it would pull ad spend unless an explanation was provided; Hermès unveiled plans for metaverse fashion shows; Ticketmaster selected Flow blockchain for minting NFT tickets; a 1/1 NFT ticket to have a beer with Bill Murray sold for ~119 ETH in a charity auction; GoGoPool raised $5m to provide decentralized staking on Avalanche; creator-owned live streaming platform Stacked raised $13m in a round led by Pantera; and, a fake Google Translate app installed Monero mining software on ~112k computers. 

Matt Kunke, Junior Strategist | TwitterTelegramLinkedIn
Brian Rudick, Senior Strategist | TelegramLinkedIn

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