BTC is currently trading around $30,300 and ETH around $1,900. Notable gainers in the last 24 hours are XEC, BCH, and FXS. The global crypto market cap is ~$1.23T, down ~0.3% over the last day. DeFi Total Value Locked is ~$45b and BTC dominance is around 51%.
Risk sentiment waned as ADP jobs data came in sharply higher than expected (497k vs. 228k expected), escalating fears of tighter monetary policy the day after the Fed Minutes indicated June’s interest rate decision was perhaps even more hawkish than previously believed. In response, interest rates soared across the curve, with the 2y treasury yield rising ~11bps to a 16-year high of ~5.12%. The release also dampened the move in crypto, which realized meaningful gains overnight but has since given them all back and is slightly down. We’ll gain more clarity into the jobs picture after tomorrow’s nonfarm payrolls release.
Notable news includes: the Brazilian Central Bank uploaded a large collection of CBDC-related documents to GitHub as the nation heads towards its digital real launch next year; Saxo Bank was ordered to dispose of its crypto assets in adherence to the Danish regulators declaration that local banks cannot hold crypto; Namibia passed a bill to regulate crypto; Celsius moved altcoins to new wallets in preparation for conversions to BTC and ETH; an Abracadabra project leader proposed a transition of power from Abacadabra DAO to a centralized entity with lawyers, jurisdictions, and trustees; Starknet’s Quantum Leap upgrade went live on testnet and is expected to follow on mainnet next week, increasing TPS and reducing a transactions time-to-inclusion; GBTC’s discount narrowed to ~27%; Ethereum NFT royalties hit a two year low as the floor price on Bored Apes fell below 30 ETH; decentralized Twitter rival Bluesky announced an $8m fund raise and introduced its first paid service; and, Instagram’s newly launched Twitter rival dubbed Threads gained more than 10m users in the first seven hours.
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Authors:
Matt Kunke, Research Analyst | Twitter, Telegram, LinkedIn
Brian Rudick, Senior Strategist | Twitter, Telegram, LinkedIn
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