BTC is currently trading around $63,300 and ETH around $2,600. Notable gainers in the last 24 hours are WIF, TIA, and ADA. The global crypto market cap is $2.32T, down 2.0% over the last day. DeFi Total Value Locked is ~$85b and BTC dominance is around 58%.
Global equity markets are higher, led by mainland China’s CSI 300 and Hong Kong’s Hang Seng index, which both increased ~4% after China’s central bank announced plans to lower borrowing costs and inject funds into the economy. In addition, there continues to be debate around the size of the Fed’s policy move at its next meeting in November, with Fed funds futures implying even odds between 50 bps and 25 bps cuts and Fed officials conveying arguments for both. The uncertainty could heighten the importance of incoming economic data as well as any further public comments by Fed officials, including a speech by Fed Chair Powell on Thursday.
Notable news includes: Hong Kong began the second phase of its e-HKD pilot to explore tokenization and offline payments; SEC Chair Gensler will testify before Congress today and tomorrow; over 40 bipartisan US lawmakers sent a letter to SEC Chair Gensler urging the agency to rescind its controversial crypto custody rule SAB 121; Coinbase and the SEC faced off in a federal appeals court yesterday regarding Coinbase’s effort to have the SEC create new digital assets rules; a Coindesk article stated that Kamala Harris is unlikely to provide details around her crypto policy stance prior to the election; Telegram changed its privacy policy to share user data with authorities for criminal investigations; a pilot by US financial infrastructure DTCC found that tokenization provides significant improvements around liquidity and collateral; JPMorgan stated that it is seeing billions in JPM Coin transaction volume after adding programmability to its Onyx network; miners Riot and Bitfarms announced a settlement after Riot’s months-long attempt to acquire Bitfarms; the Ethereum ETFs recorded their largest outflow since July yesterday; crypto exchange Kraken acquired Netherlands crypto broker BCM; Solana Labs partnered with Google Cloud to launch a web3 gaming development API; EigenLayer announced that it expects token transfer restrictions to end on September 30; a Mango Markets governance proposal suggested settling with the CFTC for $500,000 to end an ongoing investigation into the Solana-based DEX; and, gaming-focused Treasure DAO approved a migration to ZKsync.
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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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