BTC is currently trading around $59,100 and ETH around $2,600. Notable gainers in the last 24 hours are AAVE, XRP, and TRX. The global crypto market cap is $2.18T, down 1.4% over the last day. DeFi Total Value Locked is ~$84b and BTC dominance is around 57%.
Equity markets are higher while crypto is lagging with no clear reason for the underperformance. Notably, the Democrats officially released their 2024 party platform today, with no mention of crypto. There had been hopes that the platform would include crypto, particularly as the Republicans included it in theirs, though the Democratic party platform now appears to have been written and approved before Biden dropped out of the race. Regardless, the absence of crypto in the Democrat’s party platform will cause continued uncertainty around the Harris campaign’s policy views towards crypto. Lastly, it’s a big week for US monetary policy, with the FOMC meeting minutes set to be released on Wednesday and the Fed’s Jackson Hole symposium starting on Thursday.
Notable news includes: The Fed and FinCEN revealed plans to revise the definition of “money” used in the Bank Secrecy Act to include crypto; the head of the SEC’s Crypto Assets and Cyber Unit left; crypto think tank Coin Center received court permission to sue the Treasury and IRS; Trump named the CEO of Cantor Fitzgerald, an investment bank that has been active in Bitcoin, to co-lead his transition team; crypto asset manager Bitwise acquired the London-based crypto ETP issuer ETC Group; Cardano fell out of the top 10 tokens by market cap; Bitcoin staking platform Babylon revealed plans to launch its phased mainnet this week; and, Optimism discontinued its permissionless fraud proof system to fix potential vulnerabilities.
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Author:
Brian Rudick, Senior Strategist | Twitter, Telegram, LinkedIn
Toe Bautista, Research Analyst | Twitter, Telegram, LinkedIn
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