BTC is currently trading around $58,400 and ETH around $2,350. Notable gainers in the last 24 hours are POL, MATIC, and QNT. The global crypto market cap is $2.14T, down 0.4% over the last day. DeFi Total Value Locked is ~$80b and BTC dominance is around 57%.
Crypto prices are flat while global equity markets are generally higher, with some attributing the strength to a greater chance the Fed cuts interest rates by a larger 50 bps rather than 25 bps next week. Indeed, the market had just about locked in a 25 bps cut from the Fed, with Fed funds futures implying an 85% chance of a 25 bps cut and 15% for a 50 bps cut as of yesterday. However, those odds are now roughly evenly split, with the media attributing the change to Financial Times and Wall Street Journal articles arguing it’s a close call, as well as comments by several former Fed officials. Market participants also appear to be split on the potential market reaction, with some believing a larger cut could spook the markets as it may imply the Fed is worried about growth, while others believe a larger cut would support risk assets.
Notable news includes: England’s High Court of Justice ruled that Tether’s USDT stablecoin is property; the SEC expanded its lawsuit against Binance to name additional tokens as securities; a court filing by crypto exchange Kraken revealed that it is seeking a jury trial in its SEC lawsuit; Kalshi launched its US election prediction markets for two hours before halting them upon an appeals attempt by the CFTC; asset manager Janus Henderson announced its entry into the securities tokenization space; MicroStrategy revealed that it bought $1.1b of Bitcoin in August and September; Coinbase’s wrapped Bitcoin cbBTC hit $100m market cap; DeFi lender Sky/MakerDAO will vote to fully off-board all wrapped Bitcoin (WBTC) from its ecosystem due to perceived risks from Tron founder Justin Sun’s involvement with the custodian for the underlying assets; Ethereum L2 ZKsync launched a three-body governance system; web3 gaming ecosystem Treasury DAO proposed to migrate from Arbitrum to ZKsync; and, Donald Trump announced that his family crypto project World Liberty Financial will launch on September 16.
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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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