BTC is currently trading around $24,200 and ETH around $1,800. Notable gainers in the last 24 hours are GRT, ROSE, and FLOW. The global crypto market cap is $1.19T, up 3.8% over the last day. DeFi Total Value Locked is ~$70b and BTC dominance is around 41%.
Bitcoin is up ~4% from Friday’s close, while global equity markets are generally up small. Investors will be closely watching Wednesday’s release of the US CPI, where expectations call for an 8.7% year-over-year increase in July prices, down from +9.1% in June. The inflation reading is particularly important for the Fed’s rate hike trajectory, with peaking or declining inflation allowing the Fed to potentially tighten policy less aggressively. Also this week, Voyager Digital will begin allowing cash withdrawals as early as Thursday.
Notable news includes: Two Japanese crypto associations have urged the government to make tax reforms; Vitalik Buterin stated that a potential Ethereum PoW fork is unlikely to succeed; Crypto exchanges Poloniex, MEXC, and BitMEX are letting traders bet on tokens for an anticipated Ethereum PoW fork through IOUs or futures products; BitMEX launched FX perpetual swap contracts; Crypto.com expanded into South Korea through the acquisitions of payment service provider PnLink and virtual asset service provider OK-BIT; Binance restarted off-chain transfers between it and WazirX following a disagreement between their founders; crypto lending platform Hodlnaut suspended services due to a lack of liquidity; beleaguered crypto lender Celsius withdrew its motion to rehire its former CFO as a consultant; luxury jewelry retailer Tiffany sold out of its 250 NFTiffs, a collection of 250 CryptoPunks-themed NFTs, in 20 minutes on Friday; Hetal Majithia, the CFO of crypto miner Mawson Infrastructure, resigned; crypto miner Hut 8 maintained its HODL strategy in July; liquid staking protocol pSTAKE announced liquid staking functionality for BNB; Ethereum-based algorithmic stablecoin project Beanstalk Farms relaunched the protocol four months after suffering an exploit; layer two scaling solution Arbitrum will launch its Nitro upgrade on August 31; Lido DAO approved a revised plan to sell 10m LDO tokens to venture capital firm Dragonfly; over $3.5m was lost to a rug pull by web3 game Dragoma; and, Solana-based Slope Wallet announced a 10% bounty if last week’s attacker returns the stolen funds.
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