Daily Market Update: August 30, 2023

August 30, 2023

BTC is currently trading around $27,300 and ETH around $1,700.  Notable gainers in the last 24 hours are STX, TON, and BCH.  The global crypto market cap is $1.14T, up 4.2% over the last day.  DeFi Total Value Locked is ~$39b and BTC dominance is around 50%.

Bitcoin is up 5% after a US federal appeals court ruled in Grayscale’s favor in its bid to convert its Grayscale Bitcoin Trust (GBTC) into an ETF.  Specifically, the court vacated the SEC’s order to deny the GBTC listing application and granted Grayscale’s petition for review.  The SEC now has various options: appeal the decision; grant Grayscale’s application to list its spot bitcoin ETF; let it automatically approve by doing nothing; or reject the application based on new arguments. While the ruling does not guarantee future approval, Bernstein analysts wrote that it“likely clears the path for a spot bitcoin ETF.” Shares of GBTC rose 17% yesterday, and GBTC’s discount narrowed from 25% to 17%.

Other notable news includes: crypto-friendly Swiss bank SEBA received an Approval-In-Principle from Hong Kong regulators to offer crypto services; US Congressman Davidson called for the removal of SEC Chair Gensler following the Grayscale ruling; the SEC filed a sealed motion in its case against Binance; Binance launched a new Send Cash feature in Latin America to facilitate efficient crypto to local bank transfers; the US DOJ asked a court to reject SBF’s defense, which argues that he acted on the advice of previous counsel in his alleged actions at FTX and Alameda; defunct centralized crypto lender BlockFi requested to transfer trade-only assets from user accounts into stablecoins; a group of lenders stated that it opposes the tentative deal announced earlier this week in the Genesis bankruptcy case; USDT issuer Tether added Bahamas-based Britannia Bank & Trust to process dollar transfers on its platform; OpenSea unveiled new standards for redeemable NFTs; the dYdX community is voting whether to convert its DYDX token into a network token ahead of its app-chain migration; Polygon released a Chain Development Kit for ZK-powered networks on Ethereum; and, bitcoin-friendly Miami mayor Francis Suarez ended his US presidential run.

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

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