BTC is currently trading around $29,600 and ETH around $1,850. Notable gainers in the last 24 hours are XDC, RPL, and MKR. The global crypto market cap is ~$1.22T, down ~0.8% over the last day. DeFi Total Value Locked is ~$42b and BTC dominance is around 51%.
This morning’s US inflation release painted a picture of continued progress, and US equities are up roughly 1% to 1.5% despite a muted response from crypto markets. While the headline YoY metric rose due to energy and housing pressures, the MoM core metric printed a second consecutive month at the 0.2% level, which was also achieved in June but remained the lowest reading in nearly two years. Markets are now pricing in a ~91% chance of a pause at the Fed’s September meeting.
Notable news includes: The SEC filed a letter of intent to request an interlocutory appeal to Judge Torres’ summary judgment in its case vs. Ripple; The Federal Reserve will require state banks to receive a written ‘non-objection’ letter from its supervisors before engaging with stablecoins to ensure the appropriate controls are in place to safely conduct the proposed activities; Coinbase’s L2 Base went live on mainnet; BNB Chain is set to undergo two hard forks in August aiming to reduce the attack surface of malicious reorgs and increasing compatibility with other EVM chains; Fantom revealed its exploring the use of the Arbitrum and Optimism stacks to potentially become their canonical bridge; the y00ts NFT collection is joining its affiliated-collection DeGods and migrating to Ethereum mainnet, returning the $3m in funding it received to migrate from Solana to Polygon earlier this year; real-world crypto lending protocol Goldfinch wrote down a failed loan to a Kenyan taxi financier after the company re-lent $1.9m of the borrowed funds to a subsidiary that became insolvent, GFI’s token fell nearly 20% on the news and the Senior Pool is expected to take a ~4% hit; Maker founder Rune Christensen proposed a pre-farming airdrop of the Spark lending protocol’s governance token to early users; SoFi reported holding $166m of client assets in crypto; The BoE is seeking to recruit academics to assist with the next phase of its digital pound design; B. Riley purchased a three-year option to acquire up to 25% of Bitdeer’s increased voting power class-A shares; the Bitcoin Mining Council reported that its members’ energy mix was 63% renewable and represents ~43% of the industry; and, weak entropy used in the wallet generation tool of the Libbitcoin Explorer has caused several bitcoin wallets to be drained in brute-force attacks.
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