Daily Market Update: August 3, 2023

August 3, 2023

BTC is currently trading around $29,200 and ETH around $1,850.  Notable gainers in the last 24 hours are FLEX, XDC, and KAS.  The global crypto market cap is $1.21T, down 1.1% over the last day.  DeFi Total Value Locked is ~$40b and BTC dominance is around 50%.

Equity markets are lower, while rates are higher as the market processes various US earnings reports and waits for tomorrow’s employment release.  The Bank of England raised interest rates for the 14th consecutive time, increasing its main interest rate by 25 bps to a 15-year high of 5.25%.  Positively, the BoE now sees inflation falling to 4.9% by year-end, a faster decline than it previously forecasted.

Notable crypto news includes: The US Department of Justice is reportedly considering initiating criminal charges against Binance but may use alternative measures to avoid potentially inciting a run on the exchange; Namibia passed a new crypto law that sets the groundwork for future legislation; the Australian financial regulator filed a lawsuit against eToro over “volatile” trading products; Bloomberg ETF analysts increased the odds of a US spot bitcoin ETF approval by year-end from 50% to 65%; The Tel Aviv Stock Exchange signed an agreement with Fireblocks to jointly offer digital asset products and services; Hong Kong granted Hashkey licenses to offer retail crypto trading and granted OSL a license to offer bitcoin and ether retail trading; Coinbase announced plans for the public launch of Base to occur on August 9 and released a bridge between Base and Ethereum; Crypto exchange KuCoin announced plans to suspend its Bitcoin and Litecoin mining pools and denied rumors of layoff plans; Binance introduced zero-fee trading for BTC/FDUSD and ETH/FDUSD pairs; BlockFi received conditional approval for a $1b recovery plan; NFT platform Nifty announced it will shut down despite its star-studded launch and pivot to web3; Argent released a new “invisible wallet” that resembles a web2 banking app and only requires an email and password to get started; Litecoin completed its third-ever block reward halving; Curve’s emergency DAO terminated rewards for hacked pools; WorldCoin will open its ID system to governments and private companies; Shiba Inu revealed that it will incorporate digital identify into future protocol developments; and, Push Protocol launched V2 of its app to introduce new social and reward features.

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

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