BTC is currently trading around $26,000 and ETH around $1,650. Notable gainers in the last 24 hours are TON, MKR, and RUNE. The global crypto market cap is $1.09T, down 3.8% over the last day. DeFi Total Value Locked is ~$38b and BTC dominance is around 49%.
Digital assets are down after the SEC delayed its decision on seven spot bitcoin ETFs, including BlackRock’s. The delay is for 45 days and was due to the SEC needing more time to examine the applications. Meanwhile, US nonfarm payrolls increased 187,000 in August, slightly more than expected, but the unemployment rate rose 0.3 percentage points from the prior month to 3.8%. Global equity markets are little changed, though US stock futures are up on hopes the higher unemployment rate will tamper future Fed hikes.
Notable crypto news includes: The Travel Rule came into effect in the UK today; a court in China declared that virtual assets are legal property protected by law, despite the country’s ban; IBM penned a blog post with recommendations to make a digital euro successful; researchers released a report detailing how to implement offline Lightning Network payments via community wireless mesh networks; several prominent Ethereum staking providers committed to not owning more than 22% of validators; Coinbase added PayPal’s PYUSD stablecoin to the exchange; PYUSD is seeing minimal activity with less than $10,000 in daily volume three weeks after its launch; the Robinhood Wallet now supports Ethereum and Polygon DeFi; Amazon is giving out free gaming NFTs to its subscribers through its Prime gaming portal; Yuga Labs announced it will launch an open beta for its Otherside: Legends of the Mara game experience in September; and, SBF’s fraud trial may be delayed after his lawyers argued for more time to review the evidence.
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Authors:
Matt Kunke, Research Analyst | Twitter, Telegram, LinkedIn
Brian Rudick, Senior Strategist | Twitter, Telegram, LinkedIn
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