Daily Market Update: July 13, 2023

July 13, 2023

BTC is currently trading around $30,600 and ETH around $1,900.  Notable gainers in the last 24 hours are COMP, KAS, and FTM.  The global crypto market cap is $1.23T, down 0.1% over the last day.  DeFi Total Value Locked is ~$44b and BTC dominance is around 51%.

Global equity markets are higher, bond yields are down, and crypto is little changed after both headline and core US producer prices rose less than expected in June.  The more benign reading adds to the slowing inflation narrative after yesterday’s CPI print and may enable the Fed to be less aggressive with rate hikes.

Notable crypto news includes: The US government has reportedly transferred ~$300m of BTC allegedly related to Silk Road; US Senators Lummis and Gilibrand announced a renewed push to pass an updated version of the crypto regulation bill they co-sponsored last year; Alex Mashinsky, the former CEO of bankrupt crypto lender Celsius, has reportedly been arrested after the SEC filed a lawsuit against Celsius and Mashinsky; The US FTC fined Celsius Network $4.7b; LBRY Inc. announced that it will wind down after a US Federal Judge ruled it was liable for violating securities laws; SEC Chair Gensler pushed back on industry calls to recuse himself from crypto actions; a Coinbase legal filing submitted yesterday argued that the SEC overstepped its jurisdiction by going after the exchange without support from Congress; Binance named a new general counsel after the prior general counsel departed last week; Google Play expanded its Android app store rules to accommodate new blockchain content, although under fairly strict rules; Elon Musk announced the launch of his new AI company, xAI; crypto mining firm Hive Blockchain rebranded to Hive Digital Technologies and announced a strategic expansion to AI; PWC’s 2023 Crypto Hedge Fund Report found that the percentage of traditional hedge funds investing in crypto fell from 37% in 2022 to 29% this year; Jacobi Asset Management announced that it will launch The Bitcoin ETF, Europe’s first spot Bitcoin ETF (rather than ETN), sometime this year after a lengthy delay; blockchain data firm Chainalysis found that crypto-related crime has fallen by 65% so far this year versus 2022; and, the co-owners of a $13m fractionalized Banksy NFT voted to loan the artwork to global museums.

In protocol-specific news: a Bitcoin developer introduced a new tool to allow holders to store private keys as colors; BNB Chain announced it will undergo its ZhangHeng upgrade later this month to materially improve user security features; merchants on messaging app Telegram are now able to accept in-app crypto payments for the first time; scaling solutions provider Polygon proposed replacing the MATIC token with POL, which would function as a single token for all Polygon-based networks; re-staking protocol EigenLayer attracted over 30,000 ETH within minutes of raising its deposit caps; Ondo Finance expanded its tokenized treasuries to Polygon; and, liquid staking platform Stader Labs launched a new 6% yielding Ethereum staking product allowing node operators to stake just 4 ETH.

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

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