BTC is currently trading around $59,300 and ETH around $2,650. Notable gainers in the last 24 hours are TON, AAVE, and FTM. The global crypto market cap is $2.20T, up 0.2% over the last day. DeFi Total Value Locked is ~$85b and BTC dominance is around 57%.
Crypto prices and equities are little changed as US inflation came in modestly lighter than expected. Specifically, headline CPI increased 2.9% year-over-year in July, slightly below the consensus and at its lowest annual pace since early 2021, while core CPI increased 3.2% as expected. The tempered reading sets the stage for a likely Fed rate cut at its next meeting in September.
Notable news includes: the Crypto4Harris advocacy group will hold a town hall today to attempt a “formal reset” of the current administration’s crypto views; the Harris campaign added advisors with a mixed track record towards crypto; Nigeria’s Lagos state government announced plans to tokenize real estate; Australia’s securities regulator sued the Australian Securities Exchange for misleading statements regarding its failed blockchain project; a 13F filing revealed that Goldman Sachs holds ~$420m in spot Bitcoin ETFs; Riot Platforms increased its ownership in fellow miner Bitfarms to 19%; MetaMask partnered with Mastercard to launch a debit card enabling users to spend crypto directly from their crypto wallet; Coinbase teased the potential launch of a new cbBTC product, which some speculate will be a wrapped Bitcoin token; TON Foundation spun out TON Ventures to invest in early stage consumer apps on TON; the Arbitrum community will vote on introducing ARB staking to drive utility to the token and improve governance; dYdX announced plans to add permissionless market listings; and, memecoin generator pump.fun experienced record fees after shifting its $2 token creation fee from the creator to the first buyer.
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Author:
Brian Rudick, Senior Strategist | Twitter, Telegram, LinkedIn
Toe Bautista, Research Analyst | Twitter, Telegram, LinkedIn
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