SEI Token Launches, Potential Grayscale Decision Friday
On Tuesday, major equity indices saw a decline attributed to global economic concerns, particularly centered around China, and cautionary statements from Fitch regarding further potential downgrades in ratings for U.S. banks. Despite these apprehensions, July’s U.S. retail sales data defied expectations, registering a 0.7% monthly increase, surpassing economists’ expectations of 0.4%. This outcome underscored the enduring strength of the U.S. consumer. Interestingly, the day witnessed relatively stable rates, which could be attributed to the conflicting influences of robust domestic data and sluggish global economic indicators. The crypto market continued to move sideways until alts sold off around 3 pm EST, prompted by long liquidations amounting to over $84 million. Both BTC and ETH faced a minor dip but generally adhered to their established trading ranges of recent weeks. However, other altcoins experienced more noticeable declines, with major Layer 1 tokens trading 2-3% lower. Notably, the day’s standout performer was RUNE, surging by 14% within the last 24 hours and achieving a remarkable 60% increase over the past week. This upswing could be attributed to the introduction of Thorchain’s novel lending protocol, allowing users to borrow against their BTC and ETH holdings.
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MARKET UPDATE Crypto is broadly lower today as geopolitical conflict continues to weigh on risk assets, with BTC -3.57% falling to $60k and ETH -3.09% approaching the low $2,300s. Aptos (APT 0.49% ) is one of the few gainers in the top 100 tokens as they have strengthened their presence in Japan via an acquisition of HashPalette, a Japanese NFT service provider and developer of Palette Chain. AAVE -0.98% is also showing slight gains following...
CRYPTO MARKET UPDATE Crypto prices have rebounded slightly following yesterday's sharp selloff, with BTC -3.57% climbing back above $61,000 and SOL -2.93% moving above $145, while ETH -3.09% is lagging, trading around $2,400. Among today's outperformers is SUI -6.22% , which appears resilient despite a $115 million token unlock yesterday. Oil is partially retracing its early rally, gold is lower on the day, and yields are moving higher, suggesting at least a temporary reversal of...
MARKET UPDATE Markets are selling off in the first day of Q4, fueled by geopolitical fears as tensions rise in the mid-east. The SPY 0.56% and QQQ 0.55% have dropped 1.14% and 1.92%, respectively, while the VIX has surged over 17%. XAU and DXY are gaining as investors move towards safe-havens. Crypto assets have also sold off, with BTC -3.57% briefly dropping below $62k and ETH -3.09% below $2.5k. Among altcoins, SUI -6.22% is showing...
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