BTC is currently trading around $64,800 and ETH around $3,200. Notable gainers in the last 24 hours are AAVE, HNT, and QNT. The global crypto market cap is $2.43T, down 2.3% over the last day. DeFi Total Value Locked is ~$96b and BTC dominance is around 56%.
The Fed held interest rates steady at its meeting yesterday, as expected, but teed up a future rate cut, potentially as soon as its next meeting in September. Specifically, Fed Chair Powell stated that a near-term cut could occur should inflation continue to cool, and that the Fed would consider “the totality of the data, the evolving outlook, and the balance of risks” with respect to achieving its dual mandate of price stability and full employment when making the decision.
Meanwhile crypto prices are lower despite strong US tech stock performance due to negative spot ETF flows, the likelihood of additional near-term BTC disbursement to Mt Gox creditors, increasing tensions in the Middle East, and ~$230m in total liquidations.
Notable news includes: The BIS and Bank of England unveiled Project Pyxtrial for stablecoin monitoring; US Senator Lummis released The BITCOIN Act that would establish a US strategic Bitcoin reserve; Hong Kong’s largest brokerage Futu Securities launched crypto trading for its customers; Telegram launched an in-app browser for decentralized websites called TON Sites; Bitcoin miner Riot Platforms increased its stake in fellow miner Bitfarms to ~16%; stablecoin issuer Tether reported $5.2b in profits in 1H24; Compound Finance is considering introducing a fee switch that would allocate 30% of protocol reserves to staked COMP token holders; and, Elixer launched its synthetic dollar deUSD to challenge Athena’s USDe.
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Author:
Brian Rudick, Senior Strategist | Twitter, Telegram, LinkedIn
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