- Markets are rallying across the board following a better-than-expected CPI report this morning. Headline inflation came in softer than expected at 8.5% actual versus 8.7% expected. Investors are now betting on peak inflation being in the rearview mirror and hoping for less aggressive rate hikes. Markets quickly priced in the hopeful thinking, with the S&P 500 and Nasdaq up 1.96% and 2.56%, respectively. Crypto markets are sharing strong gains with $BTC and $ETH up 3.60% ($24k) and 8.02% (1.85k). Ethereum continues to outperform Bitcoin leading into The Merge with $ETH / $BTC up 6.72% in August. Arbitrum ecosystem tokens are seeing outsized gains as investors speculate the L2 network will be the dominant Ethereum scaling solution. $GMX, $DPX, and $MAGIC are up 9.9%, 53.15%, and 38.39%, respectively, in just the last 24 hours.
- Yesterday evening, Curve Finance, one of the largest decentralized exchanges in crypto, suffered an attack as someone had compromised their DNS. With the compromised DNS, Curve users were redirected to a clone website where they were prompted to accept malicious transactions without realizing anything was wrong. When the malicious transaction was accepted, the user’s funds were drained into a pool controlled by the hackers. The DNS issue was identified quickly, and the crypto community swiftly alerted others not to interact with Curve. Despite the quick alert, the hackers still managed to steal over $600k. The hackers wanted to avoid the recently sanctioned Tornado Cash and sent most of the money to Fixed Float exchange. Luckily, Fixed Float was aware of the issue and froze roughly $200k before the hackers withdrew it. Curve’s DNS has since been reclaimed and is operating normally.
- Coinbase, one of the largest cryptocurrency exchanges, released its Q2 earnings yesterday. Coinbase recorded a loss of over $1 billion in a quarter where cryptocurrency prices dropped dramatically. Coinbase reported 9 million monthly transacting users (MTUs) in Q2, a slight decrease compared to Q1 but a 2% increase year-over-year. The decline in quarterly MTUs is primarily attributed to harsh market conditions dissuading Coinbase’s core retail users from actively trading. This is confirmed by the $217 billion decrease in total trading volume compared to Q1, with retail volume only comprising 21% of the total. In Q4 of 2021, towards the bull market's peak, retail accounted for almost a third of all Coinbase’s trading volume. Coinbase is predicting the quarterly trends will continue, guiding for lower MTUs and revenues in Q3.
Crypto Daily Report – August 10
Aug 10, 2022
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