Daily Market Update: July 24, 2023

July 24, 2023

BTC is currently trading around $29,200 and ETH around $1,850. Notable gainers in the last 24 hours are FLEX, TWT, and DOGE. The global crypto market cap is ~$1.22T, down ~1.9% over the last day. DeFi Total Value Locked is ~$43b and BTC dominance is around 50%.

Equities are mostly unchanged, while crypto is slightly down and interest rates inch lower. It’s a calm Monday before a slew of notable releases and developments. Earnings season accelerates tomorrow as Microsoft, Alphabet, and Visa report after the bell. Releases from Meta and Amazon will follow on Wednesday and Thursday, respectively. It’s also a big week for macro data and monetary updates. Markets are pricing in a virtual certainty of a 25 bp hike at the Wednesday FOMC meeting, but the written statement and subsequent press conference will be closely scrutinized for any new signaling. Interest rate decisions are also on the docket for the ECB and BoJ on Thursday, and the ECB is expected to hike by 25 bps while the BoJ is expected to stand pat. CPI readings will close out the week in Germany, France, and Japan, alongside the Fed-preferred Core PCE release in the US.

Notable news includes: Worldcoin’s mainnet and its WLD token went live, sparking a blog post on biometrics from Vitalik Buterin; Ripple requested a crypto license in the UK after its partial legal win vs. the SEC; the Nigerian Central Bank introduced Near Field Communication (NFC) technology to enhances its CBDC mobile app; Arkansas counties are seeking to pass noise regulations on crypto miners; a dormant bitcoin wallet awoke from an eleven year slumber to transfer $31m of bitcoin; the Alphapo hot wallets were drained of more than $31m across various tokens; evidence of crypto usage by ISIS is reportedly growing according to blockchain intelligence firm TRM Labs; Twitter announced it would rebrand from Twitter to ‘X’ with plans to jettison its bird logo; and, HAMS rallied nearly 800% from its launch after the platform enabled users to bet crypto on live streamed hamster races, but it has since fallen ~70% from its peak.

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

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