Daily Market Update: July 30, 2024

July 30, 2024

BTC is currently trading around $66,300 and ETH around $3,300. Notable gainers in the last 24 hours are BOME, XRP, and OM. The global crypto market cap is $2.50T, down 1.4% over the last day.  DeFi Total Value Locked is ~$99b and BTC dominance is around 56%.

Crypto prices are down after the US government transferred $2b of seized Bitcoin associated with Silk Road to an unknown address.  While the US’s intentions are unclear, the move spooked the market, given the potential to sell and the US’s $14b BTC stockpile. All eyes now turn to tomorrow’s FOMC meeting, where the Fed is expected to maintain rates, but may tee up a September cut.

Notable news includes: The Russian government is voting on key crypto and mining bills that could become effective as early as September if passed; the Bank of England announced forthcoming CBDC experiments; the US SEC may amend its lawsuit against Binance to remove third-party tokens such as SOL, ADA, and MATIC to focus on BNB, BUSD, and Binance’s staking offerings; two artists sued the SEC over the unclear security status of NFTs; web3 restaurant reservations app Blackbird launched a new payments platform called Blackbird Pay; Telegram-based game Hamster Kombat surpassed 300m players; and, Compound Finance reached an agreement with whale Humpy to settle yesterday’s governance attack and withdraw Humpy’s COMP allocation proposal.

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Author:
Brian Rudick, Senior Strategist | TwitterTelegramLinkedIn

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