BTC is currently trading around $58,200 and ETH around $2,300. Notable gainers in the last 24 hours are TRX, LEO, and TKX. The global crypto market cap is $2.12T, down 4.0% over the last day. DeFi Total Value Locked is ~$79b and BTC dominance is around 58%.
Crypto prices are roughly even with Friday morning after rallying on Friday with equity market strength but falling on Saturday after an alleged second assassination attempt on US Presidential candidate Donald Trump. Looking ahead, the week features heavy central bank activity including the Fed meeting on Wednesday, Bank of Japan and Bank of England meetings on Thursday, and a speech by ECB President Lagarde on Friday. Notably, Fed funds futures now suggest the Fed will cut by a heavier 50 bps rather than the lower 25 bps it had predicted until late last week. In addition, the Fed will also offer clues regarding the expected size and timing of future Fed rate cuts via its Summary of Economic Projections (SEP or “dot plot”) showing its outlook for key economic variables and expected Fed policy. The last SEP came out in June and called for a 100 bps reduction in Fed funds during 2025, with any material change potentially impacting markets.
Notable news includes: The US CTFC warned of potential manipulation in prediction markets in its latest filing against Kalshi; X paid fines for not appointing a local legal representative in Brazil, but remains blocked in the country; the spot Bitcoin ETFs gathered over $400m of inflows last week; Bitcoin miner Bitfarms entered into a hosting agreement with Stronghold Digital to add 2.2 EH/s of hashrate; the Starknet community approved dynamic staking, which aims to control STRK inflation by minting tokens at a rate proportional to network staking levels; Worldcoin expanded its WorldID to Solana via Wormhole; and, Sam Bankman-Fried appealed his fraud conviction.
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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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