Trading Desk Market Update: 7/8

July 8, 2022

BTC is currently trading around $21,300 and ETH around $1,200.  Notable gainers in the last 24 hours are AAVE, MATIC, and XCN.  The global crypto market cap is $981B, up 2.0% over the last day.  DeFi Total Value Locked is ~$78b and BTC dominance is around 44%.

Global equity markets are mixed, with little movement in either direction.  US payrolls surprised to the upside in June, easing recession fears but likely keeping the Fed on its current path of rate hikes.  Interest rates increased and US equities dipped modestly in response.  

Notable news includes: The US Treasury has developed a framework for a path towards international crypto regulations; The FDIC is investigating Voyager Digital’s insurance claims; India’s Directorate of Enforcement is investigating crypto exchanges for forex violations; Russia is reportedly considering launching a crypto trading platform; staking and investment firm KeyFi has sued Celsius, accusing the centralized lender of fraud and calling it a Ponzi scheme; the trustee for defunct crypto exchange Mt. Gox has asked creditors how they would like to get paid, indicating it is moving closer to a pay out; Binance received a Virtual Asset Services Provider license from the Spanish central bank; crypto exchange Bit2Me revealed plans to double headcount and make acquisitions; DeFi lending protocol Aave proposed a decentralized, yield-generating stablecoin GHO; DeFi lender Teller launched a buy now pay later feature for NFTs; Reddit announced new blockchain-based collectible avatars; DAI issuer MakerDAO voted to allow a $100m DAI loan to traditional bank Huntingdon Valley; DeFi mixer Tornado Cash made its user interface open source; institutional global credit network Hidden Road raised a $50m Series A round led by Castle Island Ventures; The TON Foundation set up a $90m ecosystem fund; Bitcoin mining difficulty fell by 1.4%; Bitcoin miner Marathon’s 2Q production fell 44% from 1Q as its Hardin facility remains crippled by a storm; Bitcoin miner Iris Energy reported a 27% decline in revenue in June from May; and, Bitcoin mining company Compass cut its staff by 15%.

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