Daily Market Update: July 26, 2023

July 26, 2023

BTC is currently trading around $29,300 and ETH around $1,850. Notable gainers in the last 24 hours are FLEX, COMP, and KAS. The global crypto market cap is ~$1.22T, up ~0.1% over the last day. DeFi Total Value Locked is ~$43b and BTC dominance is around 50%.

Crypto markets are essentially unchanged, while equities are down largely from Microsoft’s ~4% plunge after guiding towards slowing cloud growth in its earnings release. Conversely, a strong report from Alphabet (+5.5%) helped bolster the market, but tech remains down generally. Meta will follow as today’s headline report after the bell.

Investor focus will turn to the Fed’s interest rate decision at 2pm and the subsequent press conference. This meeting is arguably less anticipated than most as markets are virtually certain of a 25 bp hike; however, investors will still parse the statement and subsequent press conference for any clues to the future rate hike trajectory. Markets remain split on whether we’ll see one or two more hikes this year, but we may gain increased clarity following today’s meeting and updated Core PCE on Friday.

Notable news includes: Binance withdrew its license application in Germany; Gitcoin’s Layer 2 public goods network went live on mainnet; Lido continues to mull a dual governance structure providing stETH holders with veto power over LDO governance decisions; BadgerDAO unveiled its ‘purple paper’ enabling holders of stETH to borrow synthetic bitcoin (eBTC) on an overcollateralized basis; Island Pay launched its crypto remittance solution leveraging Circle’s USDC; Ripple is running a CBDC pilot with the island nation of Palau; crypto game Aurory integrated with Arbitrum in its multi-chain expansion; Reddit is preparing the launch of its Gen 4 collectible avatars on Polygon; crypto MEV research firm Flashbots raised $60m in a funding round led by Paradigm; Craig Wright lost his appeal in the libel case against Peter McCormack; and, new malware aims to steal Apple users’ crypto via fake blockchain games.

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

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