Daily Market Update: August 29, 2023

August 29, 2023

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

Notable news includes: The US SEC took its first action against an NFT project by charging Impact Theory for an unregistered offering of NFTs, which the two parties settled; SEC Commissioners Peirce and Uyeda partially dissented from the Impact Theory settlement, arguing that the SEC should provide better guidance on NFTs; crypto conglomerate DCG reached a preliminary agreement with Genesis creditors that may recover 70-90%; Binance is weighing exiting Russia amidst regulatory pressure; the SEC is due to accept, reject, or delay spot bitcoin ETF applications from BlackRock, VanEck, Invesco, Bitwise, and WisdomTree on Friday and Saturday; Jacobi Asset Management classified its spot bitcoin ETF as an Article 8 fund that promotes ESG characteristics; Indian crypto unicorn CoinSwitch let go of 44 employees; Coinbase and Optimism reached a strategic revenue and governance sharing agreement; Disney partnered with NFT toy company Cryptoys to launch a new Mickie Mouse NFT collection; and, over 100,000 wallets have now been created on Shiba Inu layer 2 Shibarium.

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

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