BTC is currently trading around $66,100 and ETH around $3,300. Notable gainers in the last 24 hours are KAS, BEAM, and XRP. The global crypto market cap is $2.49T, down 0.1% over the last day. DeFi Total Value Locked is ~$99b and BTC dominance is around 56%.
Equity markets are higher as investors await today’s FOMC meeting, where the Fed is expected to tee up a September rate cut. Meanwhile, crypto prices are little changed despite yesterday’s continuation of the recent tech stock sell-off and Mt Gox transferring $2.3b in BTC to a wallet believed to be owned by BitGo, per Arkham. On a positive note, however, the US spot Ethereum ETFs recorded their first day of inflows since day one after ETHE outflows fell considerably and inflows into the other eight ETFs remained strong.
Notable news includes: The Bahamas adopted new crypto laws to encompass a wider range of digital asset activities and increased investor protections; the US national debt hit $35T; the Trump campaign raised $25m at his Bitcoin 2024 fundraiser which was the second-highest in Trump campaign history; the US state of California digitized 42m car titles using Avalanche and 0xhead Alpha to streamline vehicle title transfers; sports betting platform DraftKings shut down its NFT business due to recent “legal developments”; Grayscale’s Bitcoin Mini Trust ETF spinoff launches today with a category-low fee of 15 bps; the Terra blockchain resumed operations after a security breach; Arbitrum is set to expand Orbit chains beyond Ethereum; Movement Labs integrated with Polygon’s AggLayer for greater L2 interoperability; and, Solana-based dumpy.fun launched in beta to enable users to short memecoins.
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Author:
Brian Rudick, Senior Strategist | Twitter, Telegram, LinkedIn
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