Daily Market Update: August 7, 2023

August 7, 2023

BTC is currently trading around $29,000 and ETH around $1,850.  Notable gainers in the last 24 hours are RLB, BCH, and ALGO.  The global crypto market cap is $1.21T, flat over the last day.  DeFi Total Value Locked is ~$41b and BTC dominance is around 50%.

Global equity and crypto markets are little changed after an uneventful weekend.  Market participants will closely watch the US CPI and PPI due late this week. Also of note, the SEC must respond to ARK’s bitcoin ETF application by Sunday, which it may accept, reject, or extend.

In stablecoin news, Paypal launched a USD-denominated stablecoin in collaboration with Paxos; Maker increased the Dai Savings Rate to 8% for certain jurisdictions, which led to a large increase in DAI deposits; First Digital USD, a stablecoin launched by a Hong Kong-based trust, saw its market cap increase 10x after Binance said it would list it; and, a US court dismissed a class action lawsuit against Tether and Bitfinex that argued USDT was not backed one-for-one with US dollars.

Elsewhere, Huobi has seen $73m of net outflows after Hong Kong media reported that Chinese police apprehended at least three executives; Coinbase’s layer 2 Base has seen over $100m of assets bridged over; The Monetary Authority of Singapore has committed $150m of funding to support financial technology innovation, including web3; China Minsheng Bank announced a collaboration with e-commerce giant JD.com to launch a digital yuan-powered payment service; advocacy organization The Chamber of Digital Commerce (CDC) released an “impact and analysis” report on the SEC’s lawsuit against Ripple; The New York AG is probing transactions between DCG and its subsidiary Genesis Global Capital; crypto claims trading platform Open Exchange submitted a bid to take over troubled crypto lender Hodlnaut; former Celsius CEO Alex Mashinsky lost his motion to dismiss a civil fraud lawsuit; Bloomberg analysts stated the odds of a US futures-based ETH ETF approval before year-end are 75%; CoinShares data showed the highest weekly outflows from digital asset funds since March at $111m; Curve Finance hackers have returned 73% of the tokens stolen from the platform; Curve offered a $1.9m bounty for information on the hacker that leads to legal consequences; demand for Worldcoin ID verifications doubled during the first week of its launch; Kenyan police raided a Worldcoin warehouse and confiscated documents and machines; a judge will hear additional arguments on August 11 regarding whether to revoke SBF’s bail; US Presidential candidates Robert Kennedy Jr. and Francis Suarez are both accepting crypto donations; and, an NFT trader on Blur made $1.5m after seeing a bot copy his trades and tricking the bot to buy his NFTs at inflated prices.

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

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