Daily Market Update: August 16, 2023

August 16, 2023

BTC is currently trading around $29,100 and ETH around $1,800.  Notable gainers in the last 24 hours are SEI, RUNE, and WBT.  The global crypto market cap is $1.20T, down 1.5% over the last day.  DeFi Total Value Locked is ~$41b and BTC dominance is around 50%.

Equity markets are flat to down, bond yields are mixed, and crypto prices have modestly fallen as traders await the release of the Fed’s July FOMC meeting minutes this afternoon.

Notable crypto news includes: leading economic officials discussed the need for greater global coordination of crypto regulations during a recent G20 roundtable discussion; Republican members of US Congress are inquiring into Prometheum’s approval as a registered Special-Purpose Broker-Dealer; Coinbase received authorization as a Futures Commission Merchant and can now offer crypto futures to US institutional customers; Binance announced plans to shut down its crypto payments business Binance Connect; crypto custodian BitGo raised $100m at a $1.75b valuation; cross border crypto payments network Stellar announced an investment in money transfer company MoneyGram; digital asset miners in the US created a new lobbying group called the Digital Energy Council; Helium Mobile debuted its crypto-powered mobile services in Miami for $5 per month; two Base dapps, SwirlLend and RocketSwap, lost money due to a rug pull and a hack, respectively; PayPal is pausing the ability for UK customers to buy crypto as it works to comply with new regulations; a Singapore court will hear a legal dispute between Three Arrows Capital liquidators and DeFiance Capital; and, Chinese authorities accused a major Filecoin miner of running an alleged $83m pyramid scheme.

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

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