BTC is currently trading around $65,400 and ETH around $3,200. Notable gainers in the last 24 hours are XMR, ICP, and OM. The global crypto market cap is $2.43T, down 0.5% over the last day. DeFi Total Value Locked is ~$95b and BTC dominance is around 57%.
Global equity markets are getting hit amidst rising worries around US economic growth. Japan’s benchmark Nikkei 225 Index fell 5.8% in what some media outlets are reporting is the largest single-day drop since 1987. The fears were stoked by yesterday’s poor jobless claims and manufacturing data in the US, with this mornings disappointing employment data adding to the concern. Specifically, the US saw July payrolls grow at a much slower pace than expected, while the unemployment rate came in higher than expected and reached a level not seen since 2021.
Meanwhile, crypto markets are hanging in alright considering the equity market weakness, but experienced significant intraday volatility with Bitcoin touching as low as $62,300 over the last 24h. Crypto markets appear to be caught between solid longer-term bull arguments that include central bank easing, institutional asset manager inflows, and a more positive US stance, and more near-term worries such as potential Mt Gox related selling, mixed spot ETF inflows, a greater appreciation that Trump isn’t a lock to win in November, rising tensions in the Middle East, and the aforementioned equity market weakness and economic worries.
Notable news includes: Advocacy group The Digital Chamber penned a letter to US senators urging their support for The BITCOIN ACT; MicroStrategy announced plans to raise $2b to acquire more Bitcoin; Coinbase unveiled its Basenames onchain identity tool; the odds of Kamala Harris winning the US presidency hit an all-time high of 45% on decentralized predictions market Polymarket; Polymarket surpassed $1b in cumulative volume since inception; OpenEden announced it will begin offering tokenized treasuries on the XRP Ledger; and, a Montenegrin court ordered Do Kwon to be extradited to South Korea.
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Author:
Brian Rudick, Senior Strategist | Twitter, Telegram, LinkedIn
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