BTC is currently trading around $59,200 and ETH around $2,500. Notable gainers in the last 24 hours are BEAM, NEO, and GALA. The global crypto market cap is $2.17T, down 2.9% over the last day. DeFi Total Value Locked is ~$83b and BTC dominance is around 57%.
Global equity markets are up small, while crypto continues to retreat despite positive inflation data out of Europe and the US. Specifically, headline and core inflation for the euro zone fell to 2.2%, a three-year low, and 2.8%, respectively, year-over-year in August, matching expectations and supporting the case for a September rate cut from the ECB. Meanwhile, US headline and core PCE inflation came in at 2.5% and 2.6% in July, respectively, with the latter slightly below consensus and solidifying a Fed rate cut in September.
Notable news includes: South Korean tech giant Naver partnered with sports-centric blockchain Chiliz to launch a crypto wallet; crypto friendly bank Custodia cut its workforce amidst continued regulatory hurdles; the Gnosis Chain community is reassessing its choice of a gas token following MakerDAO’s rebranding to Sky and the introduction of USDS; SafeDAO contributors proposed implementing a licensing fee model for protocols integrating the Safe Wallet; and, tBTC creator Threshold Network proposed to acquire BitGo’s Wrapped Bitcoin WBTC product.
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Author:
Brian Rudick, Senior Strategist | Twitter, Telegram, LinkedIn
Carlos Guzman, Research Analyst | Twitter, Telegram, LinkedIn
Toe Bautista, Research Analyst | Twitter, Telegram, LinkedIn
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