Daily Market Update: August 11, 2023

August 11, 2023

BTC is currently trading around $29,400 and ETH around $1,850. Notable gainers in the last 24 hours are RLB, XRD, and MINA. The global crypto market cap is ~$1.22T, down ~0.4% over the last day. DeFi Total Value Locked is ~$42b and BTC dominance is around 51%.

Equities are down and yields are moving higher after US PPI came in hotter than expected. PPI is often viewed as a leading indicator of CPI, raising concerns that yesterday’s better-than-expected inflation data may not persist. Crypto’s response to the release was once again relatively muted compared to traditional markets.

Notable news includes: Digital Currency Group filed to dismiss Gemini’s fraud claims; Bittrex paid a $24m fine to settle with the SEC; Ripple joined the BIS’ cross-border payments task force; $170m has been bridged to Coinbase’s L2 Base and daily active users breached 135k; XRP momentarily breached $50 on Gemini hours after its relisting; Visa’s exploring the use of credit cards to pay crypto gas fees; Aave DAO is voting on proposals to reduce CRV exposure after the recent flurry of bad debt concerns attributed to the Curve founder’s positions; Aave’s GHO stablecoin has consistently traded under its peg since launch; Worldcoin opened WLD token reservations for users with a WorldID that have been unable to visit an Orb and complete verification; cross-chain wallet BitKeep changed its name to Bitget Wallet after its acquisition; DeGods NFT sales jumped as plans for the Season III of the collection were revealed; Dubai-based crypto VC fund Illuminati Capital raised $50m to invest in early-stage web3 gaming startups; Binance applied for Taiwan AML compliance; and, regulators are considering the regulation of political deep fakes ahead of the US 2024 election.

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Matt Kunke, Research Analyst | TwitterTelegramLinkedIn
Brian Rudick, Senior Strategist | TwitterTelegramLinkedIn

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