Daily Market Update: August 17, 2023

August 17, 2023

BTC is currently trading around $28,500 and ETH around $1,800.  Notable gainers in the last 24 hours are RUNE, KAVA, and RNDR.  The global crypto market cap is $1.18T, down 1.6% over the last day.  DeFi Total Value Locked is ~$40b and BTC dominance is around 50%.

Equities and bonds are little changed and crypto is off ~2%, with some attributing the decline to rising US Treasury yields, a strong dollar, and ~$150m in 24h liquidations after bitcoin breached $29,000.  In addition, investors are digesting yesterday’s July FOMC meeting minutes, which showed that most officials continued to see significant upside risks to inflation and that further monetary policy tightening could be required.  Investors currently ascribe just a 13% chance of a Fed hike at its September meeting.

Notable crypto news includes: Kazakhstan’s central bank laid out a detailed proposal for a CBDC; the Chinese province of Sichuan unveiled a draft action plan to help develop the metaverse industry; The Philippine National Police issued a warning on play-to-earn games; Ripple submitted a filing opposing an expected interlocutory appeal from the SEC; the judge in the SEC vs. Ripple Labs lawsuit approved the participation of an investment banker declarant; Alameda Research and Genesis reached a deal enabling Alameda to claim $175m from Genesis; The CME is launching BTC and ETH reference rates for the Asia Pacific region; PayPal integrated with crypto wallet Ledger to allow users to buy crypto assets within the app; tokenization firm Securitize announced the acquisition of digital asset wealth platform Onramp Invest; Quantum Blockchain Technologies claimed to have developed an AI-powered bitcoin mining method that increases the odds of mining a block by 260%; Shiba Inu’s layer 2 Shibarium went live, though with technical issues that locked $2.5m in bridged funds; Fantom-based DEX SpiritSwap will no longer shut down as planned as the project will be transferred to fellow Fantom DEX Power; and, new disclosures show that former US president Trump currently holds $2.8m in ETH.

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

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