BTC is currently trading around $29,300 and ETH around $1,850. Notable gainers in the last 24 hours are XDC, MKR, and THETA. The global crypto market cap is ~$1.22T, up ~0.6% over the last day. DeFi Total Value Locked is ~$43b and BTC dominance is around 50%.
Risk assets are mostly unchanged to modestly higher heading into several prominent earnings releases after today’s close and tomorrow’s FOMC meeting. Chinese markets were the notable exception after the country pledged to make several major changes to bolster the property market and boost consumer demand, and Hong Kong and mainland equities were up ~4.1% and ~2.1%, respectively. Microsoft and Alphabet are the headline earnings releases coming after today’s close.
Notable news includes: the US Government Accountability Office said lack of interagency cooperation needs to be addressed via newly introduced crypto regulation and oversight; KuCoin is reportedly laying off ~30% of its staff; key dates were set for the Coinbase/SEC lawsuit, beginning with Coinbase’s opening brief on August 4th; Binance is expected to launch crypto services in Japan by August, and it separately filed its intent to dismiss the CFTC’s complaint; the newly launched EDX Markets crypto exchange expanded its institutional access by integrating with Talos; crypto exchange Rain obtained a license to operate and provide custody services in the UAE; Deribit’s Bitcoin volatility index fell to an all-time low; Vitalik Buterin published a long-form blog post outlining his thoughts on human identity verification systems in the wake of the Worldcoin launch; Ducati announced its first digital collectible on XRP Ledger; Solana-based crypto game Star Atlas’ parent company announced restructuring and staff cuts; and, TikTok launched a feature for text-based posts to rival Twitter (‘X’) and Threads.
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Authors:
Matt Kunke, Research Analyst | Twitter, Telegram, LinkedIn
Brian Rudick, Senior Strategist | Twitter, Telegram, LinkedIn
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