BTC is currently trading around $84,500 and ETH around $2,050. Notable gainers in the last 24 hours are EOS, LDO and XRP. The global crypto market cap is $2.89T, up 4.2% over the last day. DeFi Total Value Locked is ~$90b and BTC dominance is around 61%.
Equity markets are mixed with US markets higher ahead of today’s FOMC meeting. Crypto markets, meanwhile, are up after Ripple’s Brad Garlinghouse announced the SEC has dropped its appeal in its case against Ripple. The SEC’s move brings to an end a case that became emblematic of the previous SEC leadership’s antagonism towards crypto, and provides investors with optimism regarding the regulatory status of crypto tokens ahead of Friday’s inaugural SEC Crypto Task Force roundtable.
Notable news includes: Ripple CEO Brad Garlinghouse announced the US SEC will drop its appeal in its case against Ripple, effectively ending the legal battle; UK Chancellor Rachel Reeves met with the chiefs of several fintech firms as the UK pushes ahead on an initiative to tokenize government bonds; Strategy revealed plans to issue 5 million shares of Series A Perpetual Strife Preferred Stock to raise capital for general corporate purposes including further Bitcoin purchases; Ark Invest CEO Cathie Wood shared that her firm intends to tokenize its funds once US regulations permit it; Bakkt announced the loss of two key clients, Bank of America and Webull, the latter of which contributed 74% of the company’s crypto service revenue; Coinbase announced it will launch KYC-verified trading pools on Base using Uniswap v4 and onchain credentials; a survey of 350 institutional investors conducted by Coinbase and EY-Parthenon found that over 75% expect to increase their allocation to digital assets in 2025; Ethereum announced a plan to phase out its Holesky testnet in September as part of a wider testnet lifecycle plan; crypto infrastructure provider Blockdeamon acquired expand.network, which provides API infrastructure for DeFi, to provide DeFi access to financial institutions; blockchain network EOS announced it will rebrand to Vaulta and pivot its focus towards Web3 banking; Cosmos’ Interchain Foundation open-sourced Evmos with the intention of making it the default EVM framework for the ecosystem; Raydium announced it will launch its own token issuance platform called LaunchLab; Untangled Finance and Moody’s ratings tested a proof of concept to bring credit ratings onchain; and, Open Builders, the developer behind TON’s Notcoin, announced it is releasing a game platform called Not Games.
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Author:
Carlos Guzman, Research Analyst | Twitter, Telegram, LinkedIn
Brian Rudick, Head of Research | Twitter, Telegram, LinkedIn
Toe Bautista, Research Analyst | Twitter, Telegram, LinkedIn
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