Daily Market Update: August 26, 2024

August 26, 2024

BTC is currently trading around $63,300 and ETH around $2,700.  Notable gainers in the last 24 hours are AKT, HNT, and FET.  The global crypto market cap is $2.31T, down 2.8% over the last day.  DeFi Total Value Locked is ~$89b and BTC dominance is around 58%.

Crypto prices rallied over the weekend after Fed Chair Powell’s dovish comments at Jackson Hole on Friday. Specifically, Powell centered much of his speech on inflation, noting how recent progress enables the Fed to now focus on the full employment side of its dual mandate and that “the time has come for policy to adjust.”  In addition, independent US presidential candidate Robert F Kennedy Jr suspended his campaign and threw his support behind Donald Trump, with some outlets reporting this as also helping prices.  Looking ahead, the main focus this week will be on Friday’s inflation reports out of Europe (HICP) and the US (PCE).

Notable news includes: Telegram CEO Pavel Durov was arrested in France on terrorism, money laundering, and fraud charges related to his operation of the messaging platform; a US federal judge denied Kraken’s request to dismiss the SEC’s lawsuit against the exchange, stating that the SEC plausibly alleged that at least some of the cryptocurrency transactions that Kraken facilitates are investment contracts and therefore securities; multiple digital asset advocacy groups formally pushed back against the SEC’s mandated data collection program Consolidated Audit Trail; the US trustee overseeing the bankruptcy of FTX filed an objection to the bankrupt exchange’s reorganization plan; the US state of Wyoming announced it will launch a USD-backed stablecoin in 1Q25; Tether scrapped plans to launch its own blockchain; Nasdaq-listed Semler Scientific purchased more Bitcoin; the US spot bitcoin ETFs saw over $500m of inflows last week; the Dimensionals NFT game announced plans to move to a purely web2 game; Tron jumped into the top ten tokens by market cap; the Bitcoin backing Tron’s USDD stablecoin were quietly removed, with the stablecoin now backed almost exclusively by Tron’s TRX; Bitcoin L2 Stacks will activate its Nakamoto upgrade on Wednesday; Trader Joe announced additional memecoin features including a Token Mill memecoin token generator; memecoin Shiba Inu announced plans to launch a DAO; and, Donald Trump Jr announced The Defiant Ones DeFi project intended to overhaul traditional financial systems.

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Author:
Brian Rudick, Senior Strategist | TwitterTelegramLinkedIn
Toe Bautista, Research Analyst | TwitterTelegramLinkedIn

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