BTC is currently trading around $53,700 and ETH around $2,250. Notable gainers in the last 24 hours are HNT, SUI, and LEO. The global crypto market cap is $1.98T, down 5.7% over the last day. DeFi Total Value Locked is ~$81b and BTC dominance is around 57%.
Equity and crypto markets are down globally after a weaker-than-expected US jobs report stoked fears of a slowing economy. Specifically, August payrolls grew by 142,000, below the 161,000 consensus, though the unemployment rate fell to 4.2%, in line with expectations. Tech stocks were hit particularly hard, while Bitcoin and Ethereum are now down 9% and 10% on the week, respectively. Meanwhile, the Crypto Fear & Greed Index hit Extreme Fear, and 24h liquidations were elevated but manageable at $190m.
Notable news includes: The Central Bank of Brazil outlined 13 themes for the second phase of its CBDC pilot; Trump reiterated his pledge to make the US the “crypto capital” of the world if re-elected; a New York judge ordered the SEC to provide select documents in its Coinbase case, but excluded requested testimony from Gensler; Japan’s three megabanks launched a pilot project aimed at speeding up international settlements using stablecoins; the Telegram CEO refuted claims that it enables harmful posts and channels while also vowing to “significantly improve things”; Bitcoin miner Marathon Digital appointed two AI experts to its board, prompting speculation of a pivot to HPC and AI hyperscaler services; Binance launched a fixed rate loan product; Binance stated its founder CZ is banned for life from managing or operating the centralized crypto exchange; Bitcoin financial services firm River forecasted that US companies will buy $10b of Bitcoin over the next 18 months; open interest for predictions platform Polymarket surpassed $100m; Cosmos’s Interchain Foundation was the subject of a no confidence vote for governance failures and neglect of purpose and duty; NFT platform Magic Eden unveiled plans to launch a separate domain for US users; and, data availability solution Celestia unveiled its roadmap to one gigabyte blocks.
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Author:
Brian Rudick, Senior Strategist | Twitter, Telegram, LinkedIn
Carlos Guzman, Research Analyst | Twitter, Telegram, LinkedIn
Toe Bautista, Research Analyst | Twitter, Telegram, LinkedIn
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