BTC is currently trading around $59,500 and ETH around $2,650. Notable gainers in the last 24 hours are AAVE, FTM, and AR. The global crypto market cap is $2.19T, down 0.9% over the last day. DeFi Total Value Locked is ~$85b and BTC dominance is around 57%.
Crypto prices are flat despite equity market strength as solid US retail sales and jobless claims data ease recession fears. While crypto’s decoupling from traditional markets today is within the range of normal, there could be some consternation regarding the impending return of $2.2b of Mt Gox-related BTC by BitGo or around the US government recently moving ~$600m in seized Silk Road BTC to Coinbase Prime. Though the US may not necessarily sell the $600m of BTC, the US’s plans for its $12.5b seized Bitcoin stash remain unclear.
Notable news includes: US Senate majority leader Schumer vowed to pass crypto legislation by year-end during a Crypto4Harris advocacy event; Eric Trump stated the Trump Organization will launch a crypto initiative, and hinted that it could involve tokenized real estate; Fidelity revealed it is studying stablecoins, tokenized treasuries, and tokenized debt; BlackRock overtook Grayscale as the largest digital asset fund manager with $22b in digital assets-related AUM; Grayscale appointed Peter Mintzberg as CEO; Vanguard’s CEO reconfirmed the asset manager will not launch crypto ETFs; Telegram unveiled new monetization options for creators, including ways to earn TON; Circle’s CEO stated that USDC tap-to-pay functionality on iPhones is coming soon; OKX announced plans for its wallet to bring Solana’s Blinks to EVM chains to enable sharable URLs that can execute onchain transactions; Phantom wallet fixed a bug that resulted in incorrect token balances; web3 gaming blockchain Immutable integrated custody technology provider Fireblocks; Ethereum L2 Cronos zkEVM launched its alpha mainnet; EigenLayer announced it will implement permissionless token listings to allow any ERC-20 token to be (re)staked; Solayer launched its Solana restaking protocol; and, decentralized lending protocol Aave hit an all-time high in weekly borrowers.
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Author:
Brian Rudick, Senior Strategist | Twitter, Telegram, LinkedIn
Toe Bautista, Research Analyst | Twitter, Telegram, LinkedIn
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