BTC is currently trading around $34,900 and ETH around $1,800. Notable gainers in the last 24 hours are RLB, THETA, and SOL. The global crypto market cap is ~$1.33T, up 2.0% over the last day. DeFi Total Value Locked is ~$42b and BTC dominance is around 54%.
Traditional markets are predominantly sideways with this afternoon’s FOMC meeting in focus. Markets are pricing in a near-certain pause, so the press conference will be far more important than the decision itself. Additionally, the Treasury announced plans to scale up its debt auctions in response to growing interest coverage, and Treasury officials will hold a news conference to discuss more at 10am.
Notable news includes: Celestia airdropped its TIA tokens yesterday as the modular layer 1 blockchain went live on mainnet; the Government Accountability Office said that the SEC’s published guidance on how public companies should account for their crypto assets (SAB 121) is not merely guidance but amounts to a rule and should be submitted to Congress; the Aragon Association has come under criticism for failing to puts its $160m treasury under DAO control more than a year after agreeing to do so in June 22’ vote; Tether reported $3.2b of excess reserves but made little progress in reducing its secured loan book ($5.2b) that was previously promised to be reduced to zero by year-end; Circle announced its discontinuing support for legacy consumer accounts, and retail investors will no longer be able to mint USDC but would need to acquire it on an exchange or elsewhere; and, Frax Finance regained control over its domains after its founder warned against interacting with its front-end due to a security breach.
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Authors:
Matt Kunke, Research Analyst | Twitter, Telegram, LinkedIn
Brian Rudick, Senior Strategist | Twitter, Telegram, LinkedIn
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