Daily Market Update: July 10, 2024

July 10, 2024

BTC is currently trading around $57,800 and ETH around $3,100. Notable gainers in the last 24 hours are OP, FTM, and ONDO. The global crypto market cap is $2.24T, up 1.4% over the last day.  DeFi Total Value Locked is ~$89b and BTC dominance is around 55%.

Global equity markets are mixed, though the S&P 500 and Nasdaq both set closing records yesterday.  One driver was Fed Chair Powell’s testimony before Congress, where he warned that keeping rates too high for too long could unduly hurt economic growth, potentially setting up a September rate cut.  Meanwhile, crypto markets continue to inch higher as they recover from their early-month sell-off.  All eyes now turn to today’s continued Powell Congressional testimony, the US democratic crypto policy roundtable, and the late afternoon House vote to override Biden’s veto of a measure that would have repealed the SEC’s controversial crypto custody accounting policy, SAB 121.

Notable news includes: US tech industry coalition The Chamber of Progress called on President Biden to support crypto regulation; Italy released guidelines on implementing EU crypto regulations; Germany continued to transfer BTC to exchanges and OTC desks; ten crypto firms including Coinbase and Anchorage joined together to form the Blockchain Security Standards Council; Grayscale announced July 18 as the distribution date for its Grayscale Ethereum Mini Trust that will be spun off to ETHE holders; crypto asset manager 21Shares launched three new crypto ETPs in Europe; Bitcoin miner Terawulf paid off all outstanding debt early; Pudgy Penguins and Unstoppable Domains released .pudgy web3 domain names; Bitcoin transfer costs fell to 2020 lows; Ethereum L2 Starknet revealed plans to launch staking by the end of the year; the TON blockchain is set to release an Ethereum L2, though the effort is by affiliated developers rather than an official one; Filecoin and SingularityNET partnered to promote AI and DePIN integration and decentralization; and, API3 launched the OEV Network to recapture oracle extractable value.

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Brian Rudick, Senior Strategist | TwitterTelegramLinkedIn

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