Trading Desk Market Update: 8/3

August 3, 2022

BTC is currently trading around $23,300 and ETH around $1,650. Notable gainers in the last 24 hours are APE, UNI, and SNX. The global crypto market cap is $1.12T, up 2.7% over the last day. DeFi Total Value Locked is ~$88b and BTC dominance is around 42%.

Equities and crypto are up modestly this morning while bonds are selling off beyond hawkish comments from several Fed officials. Today’s positive performance may be partially attributable to Nancy Pelosi’s smooth trip to Taiwan as the severity of China’s response undershot expectations. On the crypto front, a widespread exploit on Solana has impacted 15,000+ wallets, according to Solscan. While the precise avenue of the exploit is still undetermined, Solana Labs co-founder Anatoly Yakovenko has indicated it’s likely to be a mobile wallet supply-chain attack. 

Notable news includes: Robinhood’s crypto division was fined $30m by the NYDFS for AML, cybersecurity, and consumer protection violations; Robinhood additionally announced more lay offs amounting to ~23% of its workforce; received a regulatory registration in the Cayman Islands; crypto exchange Luno received a regulatory registration in France; Zipmex revealed plans to enable withdrawals for SOL, XRP, and ADA; Fireblocks integrated Tokeny for token minting; Messari acquired crypto fundraising intelligence company Dove Metrics; Microstrategy’s Michael Saylor moved to a new Chairman role while the company’s President and CFO has assumed the CEO position; crypto miner Digihost plans to move rigs from New York to Alabama; CleanSpark sold 426 bitcoin in July; Aave developers proposed freezing Fantom integration citing a lack of traction and the potential vulnerability; bitcoin ATMs returned to Tokyo for the first time since 2018; Oxford City Football Club revealed plans to accept bitcoin for tickets; Gucci became the first major brand to accept ApeCoin payments; OpenSea’s NFT gifting feature raised concerns about mislabeled transactions; Solana NFT marketplace Magic Eden expanded to Ethereum; crypto users spent $2.7b minting NFTs in 1H22; college textbook publisher Pearson revealed its plans to use NFTs to track digital textbook sales; crypto VC firm Hashed confirmed losses north of $3b from Terra exposure; and,  CoinShares reported a ~$22m loss tied to Terra. 

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