Daily Market Update: September 8, 2023

September 8, 2023

BTC is currently trading around $25,900 and ETH around $1,650. Notable gainers in the last 24 hours are XDC, XRD, and CRO. The global crypto market cap is ~$1.08T, up 0.5% over the last day. DeFi Total Value Locked is ~$38b and BTC dominance is around 49%.

It’s an uneventful morning for markets to close out the short week. Equities and rates are largely unchanged while crypto has maintained a very modest gain after this morning’s selloff unwound most of yesterday’s up move.

Notable news includes: The CFTC charged three DeFi protocols (Opyn, 0x, & Deridex) for violating AML rules and operating without licenses; a House committee will reopen discussions on a digital dollar beginning on September 14th; ex-FTX executive Ryan Salame has been ordered to forfeit more than $1.5b after pleading guilty to federal criminal charges tied to FTX; crypto startup LBRY filed its intent to appeal a state court’s decision that it failed to register with the SEC; Kraken’s UK derivatives unit is reportedly looking to expand its services; JPMorgan is reportedly pondering the launch of a new token to facilitate cross-border payments and settlement that’s distinct from its existing JPM Coin; Ant Group launched a new blockchain brand for web3 developers; Chinese social media giant Weibo purged crypto-related content and banned certain users; Pantera led a $16.5m investment into Brine Fi, a zk-powered DEX; Binance said it would reimburse $1m to users over its handling of the CyberConnect token incident; an Ethereum whale lost ~$24m of staked ETH in a phishing attack; and, the founder of the defunct Turkish crypto exchange Thodex was sentenced to more than 11,000 years in jail on Thursday.

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Matt Kunke, Research Analyst | TwitterTelegramLinkedIn
Brian Rudick, Senior Strategist | TwitterTelegramLinkedIn

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