Daily Market Update: July 7, 2023

July 7, 2023

BTC is currently trading around $30,300 and ETH around $1,850. Notable gainers in the last 24 hours are KAS, XEC, and SOL. The global crypto market cap is ~$1.22T, down ~1.0% over the last day. DeFi Total Value Locked is ~$44b and BTC dominance is around 52%.

Sentiment remains weak as most equity markets are in the red ex-Europe, crypto is down, and the yield curve steepened on a weaker-than-expected nonfarm payrolls release showing a sharp contrast to yesterday’s ADP jobs data.

Notable news includes: Galaxy Digital announced plans to move headcount offshore in the wake of the ongoing regulatory crackdown in the US; DeFi protocol BarnBridge revealed its under SEC investigation; Binance CEO CZ referred to the departures of several senior officials as normal attrition, deeming other speculation to be FUD; Multichain’s bridges across Fantom, Moonriver, and Dogechain were exploited for ~$130m; an Ethereum developer proposed a “circuit breaker” ERC standard aiming to minimize losses from exploits; Avail, a data availability protocol previously spun out of Polygon, launched its data attestation bridge in a bid to reduce costs on higher order Ethereum scaling solutions; IDEX unveiled a zkEVM Layer 2 chain based on Polygon Supernets; Binance reached an agreement to transfer its Dutch clients to local competitor Coinmerce; the Aptos Foundation’s Twitter account was hacked and promoted a fake airdrop; Hut8 started a mining rig recycling program and reiterated its dedication to carbon neutrality; and, Elon Musk accused Mark Zuckerberg of infringing on Twitter’s IP with the launch of Threads.

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

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