BTC is currently trading around $26,000 and ETH around $1,650. Notable gainers in the last 24 hours are SUI, INJ, and NEAR. The global crypto market cap is ~$1.09T, down ~0.1% over the last day. DeFi Total Value Locked is ~$38b and BTC dominance is around 49%.
Crypto markets continued their gradual decline despite positive equity market performance. Global bond yields are down across the curve, but the move is particularly extended in Europe as flash PMIs in the Eurozone and UK pointed to a sharp contraction in activity. Commentary from the Jackson Hole economic conference will be in focus throughout the remainder of the week.
Notable news includes: a WSJ report alleged that Binance’s pullback from Russia may be less extensive than previously believed and may be in violation of EU sanctions; the price of BNB fell to a 1yr low amidst the growing scrutiny around Binance; Balancer’s TVL dropped by more than $100m yesterday after discovering a critical vulnerability in its v2 pools and warning users to withdraw funds; BlockFi is attempting to block fund recovery efforts from FTX and 3AC, claiming the court should disallow the claims under the “doctrine of unclean hands”; EigenLayer raised its liquid restaking cap and its TVL tripled over the course of a few hours until the new cap was quickly reached; Mantle staked $66m of ETH through Lido as part of its treasury management strategy; Chainlink’s Oracle Network rolled out an integration for Scroll Foundation developers; CoinDCX blamed India’s crypto tax rules as one of the drivers for its latest round of job cuts; bitcoin mining difficulty jumped 6% despite the recent bitcoin price decline; bitcoin mining startup Nodal raised $13m to convert landfill-produced methane gas into electricity that can mine bitcoin and/or be sold to the local power grid; Atomic Wallet is facing a class action lawsuit over its $100m hack; OpenSea’s former product manager who was convicted of insider trading was sentenced to three months in prison; and, the FBI claimed North Korean hackers may attempt to liquidate $40m of stolen bitcoin.
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Authors:
Matt Kunke, Research Analyst | Twitter, Telegram, LinkedIn
Brian Rudick, Senior Strategist | Twitter, Telegram, LinkedIn
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