Daily Market Update: July 11, 2023

July 11, 2023

BTC is currently trading around $30,500 and ETH around $1,850.  Notable gainers in the last 24 hours are COMP, MATIC, and SOL.  The global crypto market cap is $1.23T, up 1.0% over the last day.  DeFi Total Value Locked is ~$44b and BTC dominance is around 52%.

Equity markets and bond yields are little changed, as investors await key US inflation data slated for release tomorrow morning.  Economists expect a 3.1% year-over-year increase in headline inflation in June, down from 4.0% in May.

Notable crypto news includes: The UK Treasury started consultation on a five-year sandbox for digital bonds and equities; BoE Governor Andrew Bailey reiterated his stance against cryptocurrencies in a recent speech; Dubai’s Virtual Assets Regulatory Authority suspended the operational license of local crypto exchange BitOasis; former SEC Chair Jay Clayton suggested that a US spot Bitcoin ETF approval may be “hard to resist” for the SEC; Standard Chartered increased its 2024 year-end BTC price prediction from $100,000 to $120,000; activity in Bitcoin Ordinals has increased with the number of new daily inscriptions rising to over 350,000 due to a modified version of the BRC-20 token standard that reduces the cost of inscriptions; ConsenSys released the alpha version of its L2 network Linea on Ethereum mainnet; Aave DAO members will soon vote on deploying the GHO stablecoin on Ethereum mainnet; Algofi, the largest dapp on Algorand, stated that it will shut down after a large decline in activity; the Ripple CTO predicted that the judge would rule on its SEC case by September; the Connext founder proposed EIP-7281 “Sovereign Bridged Token” to standardize how tokens are bridged between networks; and, cross-chain protocol Axelar and tech giant Microsoft announced a partnership to bridge public and private blockchains.

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

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