BTC is currently trading around $23,000 and ETH around $1,650. Notable gainers in the last 24 hours are LDO, CEL, and SNX. The global crypto market cap is $1.10T, up 7.5% over the last day. DeFi Total Value Locked is ~$87b and BTC dominance is around 43%.
Risk markets exhibited a strong rally yesterday afternoon behind the Fed’s interest rate decision and policy comments. The Fed issued its second consecutive 75-basis-point hike, indicating its continued focus on inflation while noting the pace of future rate hikes could slow moving forward. The market viewed the comments dovishly as riskier assets led the move forward while short-term interest rates fell, but many strategists have expressed a view that the comments were less dovish than the market interpreted. Risk markets are pointing to a small negative reversal this morning, but levels are still much higher than before the Fed decision. Investors will continue to focus on any economic look-throughs from corporate earnings releases, as well as the Q2 GDP release at 8:30am EST.
Notable news includes: $200m of Ethereum shorts were liquidated in the past day; the U.S. stablecoin bill has been officially pushed to after the August recess; the FTC filed a lawsuit against Meta over its attempted monopolization of the metaverse; The Law Commission for England and Wales proposed a number of digital asset reforms; Japan’s leading crypto lobbying group called for the end of taxation on unrealized crypto gains; Cato Institute indicated that two-thirds of public commenters oppose a U.S. CBDC; Standard Chartered’s institutional crypto exchange, Zodia Markets, gained FCA approval; Zipmex filed for protection against creditors in Singapore; FTX.US launched stock trading for all U.S. users; Ethereum deployed its tenth mainnet shadow fork; Lido DAO issued a new proposal with “better terms” to sell LDO tokens directly to Dragonfly Capital; Solana-based stablecoin Nirvana fell ~90% after a ~$3.5m flash loan exploit; Algorand’s CEO stepped down to “pursue other interests”; SushiSwap proposed hiring a new ‘Head Chef’; Avalanche-based Pangolin DEX is set to debut on the Flare blockchain; cybersecurity protocol Naoris raised ~$12m; NFT indexing company Center raised $11m; crypto lending platform CLST raised ~$5m; and, Meta’s metaverse division lost ~$2.8b in Q2.
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