Daily Market Update: August 25, 2023

August 25, 2023

BTC is currently trading around $26,000 and ETH around $1,650. Notable gainers in the last 24 hours are RLB, MNT, and XRD. The global crypto market cap is ~$1.09T, up ~1.6% over the last day. DeFi Total Value Locked is ~$38b and BTC dominance is around 49%.

Notable news includes: The US DEA lost over $50k USDT to a scammer due to a botched transaction according to a Forbes report; The South Korean Central Bank is set to unveil its CBDC blueprint next month; Tether’s latest transparency report indicated the USDT issuer maintained a ~$3.3b liquidity buffer; an impending default of tokenized loans on Centrifuge’s blockchain-based credit platform has put nearly $2m of MakerDAO’s investment at risk; OnlyFans accounts have swarmed friend.tech as the viral dapp on Base introduced the ability to share photos; PancakeSwap v3 launched on Consensys’ Ethereum L2 Linea; Num Finance launched a Colombian peso stablecoin on Polygon; bankrupt crypto exchange Vauld received court approval to restructure its board; a cybersecurity breach at Kroll unveiled certain data of FTX and BlockFI claimants; Prime Trust admitted to losing $8m of client and treasury funds during the Terra collapse; the Ark/21Shares partnership joined the queue to offer Ethereum Futures ETFs; Vessel Capital secured $55m to invest in web3 infrastructure; Donald Trump NFTs rallied after he skipped the GOP debate in favor of an interview with Tucker Carlson; and, PEPE plummeted after nearly $17m worth of tokens were transferred to exchanges before the team decreased the security parameters of its multisig from 5/8 to 2/8.

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

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