Daily Market Update: July 3, 2024

July 3, 2024

BTC is currently trading around $60,100 and ETH around $3,300. Notable gainers in the last 24 hours are STRK and TRX. The global crypto market cap is $2.34T, down 3.0% over the last day.  DeFi Total Value Locked is ~$97b and BTC dominance is around 55%.

Crypto prices are down with news reports attributing the decline to fears around impending Mt Gox distributions, the US spot Bitcoin ETFs snapping their inflows streak, and mixed commentary by Fed Chair Powell yesterday stating that while progress on inflation has been made, the Fed does not yet have enough confidence to cut interest rates.  Market participants now turn their attention to this afternoon’s FOMC minutes, where fed funds futures currently imply a 73% chance of a cut in September.

Notable news includes: A US federal judge fast-tracked Ethereum development firm Consensys’s lawsuit against the SEC, with a ruling potentially coming in December; a US judge denied DraftKings’ motion to dismiss a class action lawsuit alleging its NFTs are unregistered securities; defunct crypto lender Celsius initiated legal action to recover funds from pre-bankruptcy withdrawals; Robinhood is reportedly considering launching cryptocurrency futures in the US and Europe; Chainlink partnered with Fidelity International and Sygnum to bring NAV data onchain; Mantra Chain announced plans to tokenize $500m of real estate assets for UAE builder MAG Group; crypto exchange CoinDCX acquired digital asset trading platform BitOasis; Consensys acquired Wallet Guard to help protect MetaMask users against hacks and scams; and, Obol Labs spearheaded an industry group to push for distributed validator technology.

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Brian Rudick, Senior Strategist | TwitterTelegramLinkedIn

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