Daily Market Update: July 20, 2023

July 20, 2023

BTC is currently trading around $30,200 and ETH around $1,900. Notable gainers in the last 24 hours are LINK, XLM, and XDC. The global crypto market cap is ~$1.26T, up ~1.2% over the last day. DeFi Total Value Locked is ~$45b and BTC dominance is around 50%.

Crypto markets are up slightly, while equities are mixed and being pulled down by weak tech earnings reports from Tesla, TSMC, and Netflix. European markets have managed to hold on to gains despite losses in the US, however. Additionally, US interest rates are moving higher, particularly in the middle of the curve ahead of the Fed meeting next week, where markets overwhelmingly anticipate a 25 bp hike.

Notable news includes: the UK government rejected lawmakers calls to treat crypto like gambling income; a new Senate bill seeks to regulate crypto like a bank, placing stringent AML requirements on DeFi protocols; Kuwait’s financial regulator issued an “absolute prohibition” on all crypto operations; Bitget is growing its Middle Eastern operation in a push to grow market share; Solana Labs announced Solang, a compiler enabling developers on Solana to write smart contracts in Ethereum’s Solidity, easing the burden of shipping EVM-based apps on Solana; Lybra Finance’s interest bearing overcollateralized stablecoin backed by Ethereum liquid staking tokens has grown ~150% in the last month and is approaching $400m in market cap; Nethermind announced a partnership with EigenLayer to combine their respective client infrastructure and restaking capabilities; Push Protocol announced a Twitter Spaces competitor dubbed Push Spaces; Telegram trading bot Unibot’s token surged toward $100m market cap; Arkham’s public token sale raised $2.5m across 100k participants; Bitcoin miner Bitfarms expanded operations in Paraguay after securing two hydropower contracts; several crypto investors departed Sequoia Capital in a VC team reshuffle; Tesla continued to hold all of its Bitcoin holdings during Q2; and, a study from Stanford and Berkeley indicated that ChatGPT’s accuracy fell severely during the course of Q2 on certain topics and generally concluded that an LLM’s performance can change drastically over a short period of time.

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

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