BTC is currently trading around $26,100 and ETH around $1,550. Notable gainers in the last 24 hours are IMX, FXS, and APT. The global crypto market cap is $1.08T, down 1.2% over the last day. DeFi Total Value Locked is ~$38b and BTC dominance is around 50%.
Traditional markets are little changed while crypto prices are down small as we head into the final week of the quarter. Friday will see key inflation data from both the EU and US, as well as the quarterly options expiry. Traders are also watching whether the US can avoid a government shutdown slated for October 1 that would see all nonessential functions brought to a halt should Congress fail to agree on a new government funding deal.
Notable news includes: Mixin Network was exploited on Sunday for up to $200m after its cloud service provider was attacked; South Korea’s largest crypto exchange Upbit temporarily halted withdrawals after reportedly mistaking scam APT tokens for legitimate ones; a security breach of a third party vendor for NFT marketplace OpenSea potentially exposed API keys for certain OpenSea users; Hong Kong’s securities watchdog announced that it will disclose all crypto license applicants in the wake of the JPEX incident; Australia’s financial regulator filed a civil lawsuit against a subsidiary of crypto exchange Kraken for allegedly failing to comply with regulations related to its margin trading product; trading giant eToro received approval to operate crypto services in Cyprus, allowing it to offer regulated services to the EU once MiCA takes effect in December 2024; Coinbase became a registered crypto exchange in Spain; Coinbase reportedly explored the acquisition of FTX Europe; crypto asset manager CoinShares launched operations in the US; Amazon invested $4b into AI startup Anthropic; MicroStrategy purchased another $147m of bitcoin; the bitcoin mempool is the highest its ever been due to inscriptions; ETH turned inflationary as network revenue fell to a nine month low; Ethereum’s Dencun upgrade will likely be delayed into 2024, per developer comments; the Terra Classic community voted in favor of ceasing all minting activities related to TerraClassicUSD (USTC); ApeCoin DAO revealed plans to launch a sister DAO tasked with acquiring influential NFTs; and, the Arbitrum Foundation sent $56m of unclaimed ARB tokens to Arbitrum’s DAO after its airdrop period ended.
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Authors:
Matt Kunke, Research Analyst | Twitter, Telegram, LinkedIn
Brian Rudick, Senior Strategist | Twitter, Telegram, LinkedIn
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