Daily Market Update: August 8, 2023

August 8, 2023

BTC is currently trading around $29,400 and ETH around $1,850. Notable gainers in the last 24 hours are HBAR, FLEX, and SHIB. The global crypto market cap is ~$1.22T, up ~1.0% over the last day. DeFi Total Value Locked is ~$41b and BTC dominance is around 51%.

Equities are down more than 1% and long-term interest rates are lower despite a light day of data releases. The week will pick up with US CPI, US PPI, and UK GDP later on Thursday and Friday. The financial sector is one of today’s headline losers after Moody’s lowered its outlook on 11 banks and announced that several larger banks, including BNY Mellon, State Street, and others are still under review for a potential downgrade. Crypto has been unfazed by the equity market decline and is still green on the day.

Notable news includes: DAI’s supply grew by ~$200m since its savings rate was increased to 8%; Lido’s dominance continued as 10,000 more ETH was staked through the protocol during July; Haun Venture has only deployed ~40% of the $1.5b raised during last year’s launch; Coinbase confirmed USDC’s market cap suffered from Binance converting USDC into another stablecoin over the last several weeks; the value held on Huobi fell ~$2.5b in response to Chinese investigations and insolvency rumors; Coinbase commenced an offer to repurchase up to $150m of its 3.625% senior notes expiring in 2031; Binance Labs announced four new investments through its incubator program despite its ongoing regulatory hurdles; and, Bitdeer completed its new Bhutan-based mining facility with an incremental 2.5 EH/s of hashrate coming from new rigs (~23k).

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

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