BTC is currently trading around $29,400 and ETH around $1,850. Notable gainers in the last 24 hours are BSV, FLEX, and XDC. The global crypto market cap is $1.23T, flat over the last day. DeFi Total Value Locked is ~$41b and BTC dominance is around 50%.
Global equity markets are generally flat to up small, while bond yields and crypto prices are little changed. Eurozone GDP grew 0.3% in the second quarter, outpacing the 0.2% expectation, while headline inflation continued to fall, rising an expected 5.3% in July (core inflation remained at 5.5%). Looking ahead, investors will closely watch the BOE’s interest rate decision on Wednesday and the US employment report on Friday.
The big news overnight was an attack on several DeFi protocols including Curve, Alchemix, and JPEG’d due to a vulnerability in the latest versions of the Vyper smart contract language, enabling over $70m to be stolen via a reentrancy attack. A spokesperson for Curve stated that all pools aside from the four effected are now safe, though market participants are watching DeFi borrowing rates as well as a loan on Aave taken out by Curve’s founder and backed by CRV tokens.
Elsewhere: The Bank of Korea narrowed down an upcoming CBDC pilot to three regions; SEC Chair Gensler declined to say whether the SEC will appeal the recent Ripple decision in a Bloomberg interview, stating that he is only one of five commissioners; Coinbase CEO Brian Armstrong revealed that the SEC requested the company suspend trading in all cryptocurrencies except bitcoin; Coinbase’s Ethereum layer 2 network Base has seen a surge of activity related to memecoins like BALD, COIN, and BASED; Binance became the first digital asset exchange to secure an Operational Minimum Viable Product license from Dubai; a report by Ripple found that blockchain has the potential to save financial institutions $10b by 2030 conducting cross-border payments; Sequoia Capital significantly scaled back its cryptocurrency fund from $585m to $200m; decentralized lending marketplace Clearpool expanded to Polygon zkEVM; and, The US Department of Justice asked a judge to revoke SBF’s bail terms and put him in detention due to witness tampering and diary leak allegations.
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