USDC Issuer Restructures, Crypto ETPS See Weekly Outflows
Bitcoin is extending its slide lower, down 1.0% today and 11.9% weekly to trade at $25.8k. Ethereum is underperforming, losing 2.5% over the last day to trade near $1.6k. Investors expecting a decision on the Grayscale vs. SEC case today were disappointed yet again as no opinions were released. The next possible decision day is this Friday. Nearly 70% of the top 100 tokens are in double digit losses over the past week, with every token in the red except KAS (+2.1%) and RUNE (+9.6%). THORChainâs RUNE has benefited from the release of a lending product that allows users to lend L1 assets to ThorChain and borrow USD denominated debt with no liquidations, interest, or expiration. Kaspaâs KAS has been one of the stronger performing tokens this year, rising 691% so far. The project claims its GHOSTDAG protocol allows it to be the fastest, most decentralized, and fully scalable L1 on the market. Risk-on markets continue to face headwinds from a strong dollar, which is on track to gain for the 6th straight week, up 4% in the same period. Short term rates continue to press higher, with the US 2-year at 5.04%. Longer term rates also remain elevated, with the 10-year and 30-year bonds currently trade at 4.33% and 4.4% respectively.
Reports you may have missed
AI Miners Continue Outperformance, CB Premium Remains Muted Despite Flows Increasing
CRYPTO MARKET UPDATE The crypto market has been consolidating over the past 12 hours following Bitcoin’s first daily close above its 200-day moving average since last August. BTC 2.07% is hovering just below $64K, while ETH 0.26% is holding above $2,600, and SOL 1.43% remains strong above $150. SEI -1.41% , one of the high-performance L1s that rallied significantly in Q1, is leading the market today, following a similar path to SUI 2.29% . Other notable outperformers...
The crypto market declined overnight, with BTC 2.07% dropping from $63k to $61k, SOL 1.43% from $150 to $145, and ETH 0.26% dipping below the $3k mark once again. The likely cause of the drawdown was upward pressure on the DXY N/A% and a lack of follow-through in flows. Among the few outperformers of the day were RUNE 7.16% , the native token of the cross-chain swapping protocol Thorchain, and Ethereum Classic (ETC 2.28% ), possibly driven by...
Risk assets are starting the week on a strong note after a week marked by dovish data and the US Treasury's accommodating refunding schedule. Despite today's bounce in interest rates, the DXY remains relatively flat. Major equity indexes are showing slight gains, with healthcare and technology stocks leading the way. In the crypto market, assets are generally on the rise, with the recent rally broadening to other areas of the...
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...
Articles Read 1/2
Enjoyed the read? Subscribe now for unlimited access!
Get invaluable analysis of the market and stocks. Cancel at any time.
Already have an account? Sign In 476eef-235a37-9fd6dd-68e1e4-24246d
Already have an account? Sign In 476eef-235a37-9fd6dd-68e1e4-24246d