Daily Market Update: August 22, 2023

August 22, 2023

BTC is currently trading around $26,000 and ETH around $1,650. Notable gainers in the last 24 hours are SUI, WBT, and TON. The global crypto market cap is ~$1.09T, down ~0.3% over the last day. DeFi Total Value Locked is ~$38b and BTC dominance is around 49%.

Equity markets continued their upward ascent maneuvering past headwinds from higher interest rates. Crypto has conversely flatlined and failed to maintain upside exposure to the Nasdaq, which realized its best day of the month yesterday.

Notable news includes: Circle dissolved The Centre Consortium to bring the issuance and governance of USDC entirely in-house, and Coinbase was given an equity stake and maintains a revenue split after the wind down; a federal court backed the US Treasury Department’s right to impose sanctions on Tornado Cash; Base’s friend.tech social platform gained over 100k users in the days followings its launch; an unlabeled Bitcoin wallet has quickly grown to become the third largest holder of bitcoin and sparked a wide array of theories around its origin; ~$99m of AVAX tokens unlock this Saturday; Nomura-backed crypto custody provider Komainu gained an operating license in Dubai; Indian crypto exchange CoinDCX laid off ~12% of its staff; the country of Oman launched a ~$350m bitcoin mining facility; Blockchain Capital’s managing partner took legal action against an unidentified hacker who allegedly stole $6.3m of tokens from his wallet in a SIM-swap attack; and, SBF was allowed one day in court to meet with his lawyers.

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

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