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.