BTC is currently trading around $25,700 and ETH around $1,650. Notable gainers in the last 24 hours are RNDR, TON, and XLM. The global crypto market cap is ~$1.08T, down 0.2% over the last day. DeFi Total Value Locked is ~$38b and BTC dominance is around 49%.
Crypto markets remain in their sideways trend while equities continue to slide as a perception of higher rates comes back into focus. Markets continue to expect the Fed to pause later in September, but expectations for year-end interest rates have risen meaningfully over the last week and month. Apple stock is also weighing on markets after China banned government officials from using iPhones for work purposes. Crypto volatility jumped yesterday afternoon as Ark 21 Shares filed for the first currently open spot Ethereum ETF application, but the upward move reverted in minutes and the sideways trend quickly resumed.
Notable news includes: The US Senate confirmed Philip Jefferson to become the Fed’s next Vice Chair; Vitalik Buterin and other peer researchers authored a paper diving into privacy pools as a tool to increase transaction privacy while leveraging zero-knowledge proofs to dissociate from illicit funds; The IMF and FSB argued that stablecoins should have a global governing body due to financial stability risks; The US Treasury and the IRS proposed a set of crypto regulations detailing broker reporting requirements; The FASB approved new accounting rules requiring companies to report their balance sheet crypto holdings at fair value, removing the previous requirement to report impairment losses; Base’s ‘Onchain Summer’ marketing campaign saw more than 700k NFTs minted across ~268k users in August; Arkham released a long list of addresses it believes to be custodying GBTC and ETHE’s assets; Van Eck filed for a spot Ethereum ETF minutes after the Ark 21 Shares filing; South Korea’s largest asset manager, Mirae, partnered with Polygon Labs to create infrastructure to issue, exchange, and distribute tokenized securities; an AI-generated Drake song is up for a Grammy nomination; Riot Platforms reaped ~$32m from Texas energy credits in August; Google updated its crypto ad policy and clarified its rules for blockchain-based games; and, the TON Foundation found a new home registering as a Swiss non-profit.
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Authors:
Matt Kunke, Research Analyst | Twitter, Telegram, LinkedIn
Brian Rudick, Senior Strategist | Twitter, Telegram, LinkedIn
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