Daily Market Update: July 11, 2024

July 11, 2024

BTC is currently trading around $58,700 and ETH around $3,200. Notable gainers in the last 24 hours are STX, OM, and AAVE. The global crypto market cap is $2.27T, up 1.1% over the last day.  DeFi Total Value Locked is ~$89b and BTC dominance is around 55%.

Equity markets are higher and bond yields lower after US inflation came in lighter than expected in June.  Specifically, both headline and core CPI fell from the prior month’s pace and both were 0.1 percentage points below the consensus.  Meanwhile, crypto continues to be prevalent in US politics, with the US crypto policy roundtable yesterday between key Democrats and industry leaders said to leave participants cautiously hopeful about the regulatory landscape in the coming months.  In addition, the CFTC Chair stated in Congressional testimony yesterday that Bitcoin and Ethereum are commodities.  And, Donald Trump confirmed his participation in the Bitcoin 2024 conference later this month.  Finally, the House vote to potentially overturn Biden’s SAB 121 repeal veto was rescheduled from yesterday to today.

Notable news includes: The US Department of Energy requested public feedback regarding an energy usage survey aimed at crypto miners after its first survey was stymied by a lawsuit; Core Scientific purchased 15 EH/s of Block’s new Bitcoin mining rigs; Goldman Sachs revealed plans to launch three new tokenization products later this year; the SKALE blockchain announced its Pacifica V3 upgrade will increase transaction throughput by 122%; Farcaster hit a record high in user engagement with over 73,000 unique casters last week; Compound Finance’s website was compromised; and, Oracle network Pyth launched its Express Relay service aiming to eliminate MEV.

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Brian Rudick, Senior Strategist | TwitterTelegramLinkedIn

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