Daily Market Update: July 8, 2024

July 8, 2024

BTC is currently trading around $57,300 and ETH around $3,050. Notable gainers in the last 24 hours are TIA, BONK, and NOT. The global crypto market cap is $2.22T, up 0.6% over the last day.  DeFi Total Value Locked is ~$86b and BTC dominance is around 55%.

Though with some volatility, crypto markets stopped their downward march over the weekend, giving some hope that the worst may be over.  All eyes remain on government selling, where Germany continues to transfer Bitcoin to exchanges and OTC trading firms.  In addition, the US spot Ethereum ETFs remain in focus, as they are expected to launch in the back half of this month though it’s possible they could launch later this week.  Further, there are several political items on the agenda, with US Democrats hosting a crypto roundtable on Wednesday and the US House of Representatives potentially voting to overturn President Biden’s SAB 121-related veto as well.  Finally, notable macroeconomic items this week include Fed Chair Powell’s Congressional testimony on Tuesday and Wednesday, the US CPI on Thursday, and US PPI on Friday.

Notable news includes: a US court ruled that OHM and KLIMA are commodity assets; arrested Samurai Wallet co-founder TDev was granted bail; long-dormant Ethereum ICO project Golem transferred over $100m of ETH to exchanges; telecommunications provider Taiwan Mobile received a VASP license from the country’s FSC; inflows into digital asset investment products totaled $441m last week, per CoinShares; Tron revealed that it is working to enable gasless stablecoin transfers by 4Q; and, Celo launched its Dango Layer 2 testnet in its first step towards joining the Ethereum ecosystem.

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Brian Rudick, Senior Strategist | Twitter, Telegram, LinkedIn

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