Daily Market Update: August 9, 2023

August 9, 2023

BTC is currently trading around $29,800 and ETH around $1,850. Notable gainers in the last 24 hours are RLB, FLEX, and SHIB. The global crypto market cap is ~$1.23T, up ~1.7% over the last day. DeFi Total Value Locked is ~$42b and BTC dominance is around 51%.

Traditional markets are little changed while crypto is broadly higher. Continued optimism for US-based crypto ETFs and a new Fed program to oversee banks engaged in novel crypto activities likely contribute to the strength.

Notable news includes: Microsoft partnered with Aptos (+17%) to explore digital payments and tokenization; crypto casino Rollbit’s RLB token surged ~63% after unveiling a revenue-based buy-and-burn program; Frax’s founder proposed expanding into real-world assets; Nexus Mutual partnered with InShare to bring blockchain-based insurance coverage to real-world risks, adding $274m of coverage to The Retail Mutual, an organization covering ~5,000 shopkeepers and small retail businesses; Maple Finance opened its tokenized treasury pools to US accredited investors; Uniswap and Chainlink Price Feeds became available on Coinbase’s L2 Base; CoinGecko launched an index for crypto tokens alleged to be securities by the SEC; former FTX US executive Ryan Salame is reportedly negotiating a plea deal with prosecutors; Bitstamp announced that trading of several altcoins (SOL, MATIC, and others) would be halted for US customers; Bitstamp is also seeking to raise funds to launch a European derivatives offering in 2024; blockchain.com received an institutional license from Singapore; Binance received a license to offer bitcoin trading services in El Salvador; Bitcoin miner Core Scientific’s bankruptcy plans include an equity stake for Bitmain and Anchorage; Kenyan authorities raided Worldcoin’s warehouse in Nairobi; the EOS Network Foundation called on community members to reject Block.one’s $22m settlement; and, a Coinbase report indicated 19% of New Yorkers own cryptocurrency.

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

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