BTC is currently trading around $57,400 and ETH around $2,350. Notable gainers in the last 24 hours are ICP, UNI, and BCH. The global crypto market cap is $2.11T, down 1.6% over the last day. DeFi Total Value Locked is ~$80b and BTC dominance is around 57%.
Markets are little changed after yesterday’s US Presidential debate and this morning’s US inflation reading. On the former, though polls are not yet out, post-debate commentary suggests that Harris won the debate. Polymarket seems to agree, with users now assigning a 99% chance that Harris will be declared the debate winner when the Ipsos poll is released next week, and Harris and Trump are now neck and neck as the predicted election winner after Trump was leading 52% to 46% before the debate began. Lastly, there was no mention of crypto during the debate, and Bitcoin’s price fell ~1.5% over the course of the debate, which is lower but within normal volatility.
Meanwhile, the US CPI report came in generally as expected, paving the way for the Fed to cut rates next week. While Powell has indicated progress on inflation gives the Fed more room to focus on the employment side of its dual mandate and Fed Governor Waller suggested he may support front-loading rate cuts, most believe the Fed will cut by 25 bps rather than 50 bps, with the latter potentially inferring heightened worries around the economy and spooking markets. Indeed, Fed funds futures currently imply an 87% chance the Fed cuts by 25 bps next week and 13% chance they cut by 50 bps.
Notable news includes: The UAE securities regulator signed a cooperation agreement with Dubai for regulatory cohesion across the country; Russia’s central bank announced it will monitor digital assets markets in real time; the FBI announced that North Korean hackers targeted firms associated with the US digital asset ETFs; Standard Chartered launched crypto custody services in the UAE; fintech providers Venmo and Paypal integrated the Ethereum Name Service; controversial crypto platform Prometheum launched custody services for institutional clients; Indonesian crypto exchange Indodax was hacked for $22m; BitGo announced the planned deployment of its Wrapped Bitcoin (WBTC) on new chains; Polymarket hit a weekly all-time high in user activity; Bitcoin mining difficulty hit a record high; the Artificial Superintelligence Alliance proposed that CUDOS join the collective with SingularityNET, Fetch.ai, and Ocean; Cosmos DEX Osmosis unveiled its Polaris token portal to easily trade and track assets across all chains; Trump-themed memecoins sold off following the Presidential debate; and, former FTX executive Caroline Ellison’s sentencing was scheduled for September 24.
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Author:
Brian Rudick, Senior Strategist | Twitter, Telegram, LinkedIn
Carlos Guzman, Research Analyst | Twitter, Telegram, LinkedIn
Toe Bautista, Research Analyst | Twitter, Telegram, LinkedIn
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