Daily Market Update: August 2, 2023

August 2, 2023

BTC is currently trading around $29,400 and ETH around $1,850.  Notable gainers in the last 24 hours are XDC, FLEX, and MKR.  The global crypto market cap is $1.23T, up 1.3% over the last day.  DeFi Total Value Locked is ~$40b and BTC dominance is around 50%.

Equity markets are in the red while bitcoin is higher after rating agency Fitch downgraded the US government’s credit rating.  Bitcoin is also benefitting from Microstrategy’s announcement that it plans to raise $750m of equity and may purchase bitcoin with the proceeds.  Meanwhile, the ADP report suggested that the US private sector added more jobs than expected in July.

Notable crypto news includes: The Bitcoin Ordinals team launched a nonprofit to foster protocol development; the Litecoin halving is set to occur in less than two hours; Curve has lost roughly half of its TVL since the exploit; Coinbase is looking to integrate the Lightning Network; Binance launched its Japan arm; Binance denied a WSJ report that claimed it had $90b of one-month crypto volume from users in China; India, head of the G20 group of nations, released a note proposing a path to develop globally coordinated crypto asset rules; Kenya suspended all activities related to Worldcoin amidst security concerns; six asset managers including Grayscale and VanEck filed applications to launch futures-based Ethereum ETFs in the US; GameStop announced that it will remove support for its crypto wallets due to regulatory uncertainty; a body representing FTX customers stated it is “extremely disappointed” by the exchange’s draft bankruptcy exit plan; bankrupt crypto firm Voyager may have been hacked when withdrawals were briefly reopened for users; and, Three Arrows Capital co-founder Kyle Davies stated that US courts no longer have jurisdiction over him as he renounced his citizenship in 2020.

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

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