BTC is currently trading around $58,300 and ETH around $2,350. Notable gainers in the last 24 hours are SUI, BEAM, and SEI. The global crypto market cap is $2.14T, up 0.2% over the last day. DeFi Total Value Locked is ~$80b and BTC dominance is around 57%.
Crypto markets are little changed while equities are higher. US wholesale prices increased as expected in August, with monthly growth above expectations but 12-month growth below. More importantly, the generally in line reading sets the stage for the Fed to cut rates for the first time since 2020 at its meeting next week. Meanwhile, the ECB cut rates by 25 bps today for the second time this year amidst sluggish economic growth and falling inflation. While today’s ECB rate cut was expected, the ECB was mum on the potential pace of future policy action, stating that the ECB is “not pre-committing to a particular rate path” and will be data-dependent. Market participants are currently split over whether the ECB will cut rates at its next meeting in October.
Notable news includes: Russia’s central bank stated that it expects the country’s largest banks will support its digital ruble by July of next year; the CFTC appealed a ruling that blocked its attempt to halt predictions market Kalshi’s election contracts; trading platform eToro halted trading for most digital assets in the US following a settlement with the SEC; the US government held talks with Nigeria to release a detained Binance employee who developed severe health issues; global financial messaging network Swift revealed that it is building real world solutions to link fiat with tokenized assets; custody bank Northern Trust introduced a digital carbon credit trading platform; publicly traded holding company Cypherpunk Holdings rebranded to Sol Strategies in a pivot focused on Solana; Unstoppable Domains partnered with top level domain registry Radix to support .pw domains for full browser compatibility and search engine visibility; USDC issuer Circle moved its headquarters to New York City; digital asset investment manager ParaFi announced plans to tokenize a $1.2b fund; Grayscale announced it will launch an XRP Trust investment product; Coinbase formally announced its wrapped Bitcoin token cbBTC; Vitalik pledged to only publicly mention L2s that have reached stage 1 decentralization or better beginning next year; and, onchain derivatives protocol Vega retired its chain and token with hopes of relaunching.
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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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