Daily Market Update: July 9, 2024

July 9, 2024

BTC is currently trading around $57,400 and ETH around $3,050. Notable gainers in the last 24 hours are TIA, TAO, and EGLD. The global crypto market cap is $2.22T, up 1.4% over the last day.  DeFi Total Value Locked is ~$88b and BTC dominance is around 55%.

Notable news includes: Republicans added Bitcoin and crypto to their official platform for the 2024 US election; a US Senate committee urged the department of defense to explore blockchain technology for national security purposes; Dubai launched a blockchain-based system to improve trade customs procedures; Germany has now sent more than half its Bitcoin to exchanges and trading firms, per Arkham; ETF issuers updated their spot Ethereum ETF S-1s; Bloomberg ETF analyst Balchunas pegged July 18 as his best guess for the spot Ethereum ETFs to launch; the CBOE filed to list VanEck and 21Shares’ Solana ETFs; miner Hut 8 entered into an agreement for a 205 MW site in Texas; the market cap of PayPal’s PYUSD stablecoin doubled following its expansion to Solana; MetaMask launched a delegation toolkit to enable developers to build new experiences; Cardano upgraded its node software to enable the Chang hard fork; decentralized storage provider Storj acquired GPU computing firm Valdi; Filecoin partnered with AI infrastructure platform Nuklai to create a decentralized database for AI/ML; and, Ampleforth introduced a low-volatility alternative to fiat-based stablecoins called SPOT.

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Brian Rudick, Senior Strategist | TwitterTelegramLinkedIn

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