BTC is currently trading around $56,700 and ETH around $2,400. Notable gainers in the last 24 hours are HNT, BSV, and FTN. The global crypto market cap is $2.07T, down 5.4% over the last day. DeFi Total Value Locked is ~$79b and BTC dominance is around 57%.
Crypto prices continue to fall due to poor equities performance after worries around slowing US economic growth are again rising with yesterday’s poor US manufacturing data. Moreover, tech stocks were hit particularly hard yesterday, with Nvidia falling ~10%, and the chipmaker is down again in premarket trading after news broke that it was subpoenaed by the US Department of Justice over potential antitrust violations. In addition, the Bank of Japan reiterated that it will continue to raise rates if its outlook is realized, causing continued concern around further carry trade unwind. So while equity markets have mostly recovered from their early-August plunge, it appears we’re not yet out of the woods on key macroeconomic fears.
Notable news includes: Japan proposed a reform that could lower the tax rate on crypto profits from 55% to 20%; pro-crypto lawyer John Deaton won the Massachusetts Republican Senate primary race and will face off against crypto antagonist Senator Elizabeth Warren in the November elections; the spot Bitcoin ETFs realized $770m of outflows over the last five trading days, while the spot Ethereum ETFs saw $47m of outflows; Terraform Labs moved $63m of Bitcoin to a new address in what aligns with its plan to wind down operations following its settlement with the US SEC; the Bitcoin network hashrate reached an all-time high; Polygon announced it will start the migration of its MATIC token to POL today; and, the Ethervista memecoin launchpad went live on Ethereum.
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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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