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Crypto Market Cap Overview
| 2023/08/21 | 2023/08/27 | ||
| Market Overview | Weekly numbers ($M-USD) | Weekly numbers ($M-USD) | WoW %
weekly change |
| S&P | 4,369.71 | 4,405.71 | 0.82% |
| Nasdaq | 13,290.78 | 13,590.65 | 2.26% |
| US 10-year Treasury Rate | 4.26% | 4.25% | -0.01% |
| Crypto Marketcap | $1,093,593 | $1,092,561 | -0.09% |
| BTC dominant | 49.11% | 49.16% | 0.05% |
| ETH dominant | 19.39% | 19.22% | -0.17% |
| Percentage of Staked ETH | 21.60% | 21.93% | 0.33% |
| Lido Dominance in all ETH Staking | 31.88% | 32.18% | 0.30% |
| Lido Dominance in ETH LSD Staking | 86.49% | 86.37% | -0.12% |
| stablecoins | $124,209 | $124,260 | 0.04% |
| Defi | $43,604 | $42,717 | -2.03% |
| Defi: Eth ratio | 21.70% | 21.50% | -0.20% |
| TVL | $38,414 | $37,739 | -1.76% |
| nft | $5,341 | $4,840 | -9.38% |
Speaking at Jackson Hole, the Fed chair doubled down on keeping financial conditions tight, including hiking interest rates further if needed.
Bitcoin (BTC) has slipped below $26,000 on Friday as investors have digested U.S. Federal Reserve Chair Jerome Powell’s continued commitment to containing inflation, including raising interest rates further if needed.
In choppy action following Powell’s remarks at the Kansas City Fed’s annual Jackson Hole Symposium, stock and bond prices also sank into the red before a late-morning turnaround pushed both modestly higher. At one point, the U.S. two-year Treasury yield surged to an almost 17-year high at 5.10% before retreating a handful of basis points. Investors now give a 54.5% probability of a higher fed fund rates by mid-November, according to the CME FedWatch Tool.
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Comma3 Opinion
- Social Application could be next big things. Since its launch on August 10th, Friend.tech has garnered significant attention from the market. Looking at its performance over the past two weeks, the Friend.tech protocol has generated more than 4 million in fees, surpassing Base Chain. Although we also have seen the transactions declined in these 2 days, this indicates that social Application could potentially be the next major and big thing in the coming cycle.
https://dune.com/cryptokoryo/friendtech
- We have seen some changes for #BTC in the past 1 year from Cryptoquant.com, (https://twitter.com/cryptoquant_com/status/1695973437733577113)
- The #bitcoin reserves on non-US exchanges, such as Binance, OKX, and Bitfinex, have increased by more than 10% in the past year.
- The #bitcoin reserves of US-based exchanges, such as Coinbase, Gemini, and Kraken, have declined by at least 30% and up to 50% or more. The outflow amount hints the possibility of institutions’ accumulation.
- Institutions’ accumulation – Considering the amount withdrawn and the deposit and withdrawal records of the wallets, institutions are continuously buying #Bitcoin.
- Futures Market – Market participants have significantly increased their exposure to derivative products, with #Bitcoin Open Interest also recording the highest ATH since November 2022.
- The SEC is expected to make a decision on the Bitwise Bitcoin ETP Trust application on 1st September.
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Fundraising Events by Sectors
Infrastructure
a16z-backed AI video generator Irreverent Labs raises funding from Samsung Next | TechCrunch
Generative artificial intelligence, used to create content from text to images to videos, is still on the rise. Big Tech and startups across the globe are racing to compete and launch their own AI-powered chatbots, text-to-image generators, and video tools.
Among them is a Bellevue, Washington–based startup called Irreverent Labs, whose AI technology enables anyone to create a video, and which, like a lot of its rivals, just closed on a new round of funding. Samsung Next led the round; Irreverent isn’t disclosing how much due to Samsung’s corporate policy.
The round is not the first for Irreverent Labs, which was founded in 2021 and raised $45 million in funding last year, led by Andreessen Horowitz. At the time, Irreverent was described by media outlets as a blockchain company, one that had developed a robot cockfighting game called MechaFightClub that used non-fungible tokens (NFTs). But the company insists now that the game was a way to showcase what is essentially a large machine learning model that, in the case of Irreverant Labs, will allow users to make videos using various inputs, from images to text to audio, later this year.
Raleon, a Web3 engagement platform, has secured a substantial $3.8 million funding round to help brands, games, and dApps convert and retain users with its latest product, Embedded Quests, as exclusively disclosed by cryptonews.
Led by Blockchange, Play Ventures, Alliance DAO, and Portal Ventures, Raleon will be able to expand its team and provide projects and brands to be able to personalize the experience for users with Web2 and Web3 data and understand the actual marketing ROI of those efforts.
“We’re excited with this funding to be partnering with great investors in the space to continue to build out the Raleon platform as we help projects and brands grow,” said Nathan Snell, CEO and Co-Founder of Raleon.
Strategic Funding Round to Boost Cryptoworth’s Digital Asset Solution. ›
The strategic investment round was led by CMT Digital and supported by Kyber Ventures, Saison Capital, ODA Capital, and Polygon Ventures in spite of a market slow down of overall web3 VC funding.
We are thrilled to announce the successful completion of our venture round funding to accelerate market expansion of Cryptoworth’s enterprise digital asset accounting solution.
The strategic investment round was led by CMT Digital and supported by Kyber Ventures, Saison Capital, ODA Capital, and Polygon Ventures in spite of a market slow down of overall web3 VC funding.
Decentralized Open source Tool Anytype Announced our $13.4M Raise
Today, we’re thrilled to announce a $13.4 million round of fresh funding led by Balderton Capital, with participation from Inflection, Square One, Script Capital, Protocol Labs, Connect Ventures, New Forge, and Foreword VC.
Prominent angels from the web3 world also participated in the round, including Trent McConnaghy (Ocean), Jutta Steiner (Polka Dot), Luis Cuendo (Aragon), Adam Wiggins (Heroku, Muse), Peter von Hardenberg (Ink & Switch), Markus Ament (Centrifuge), and the Libermans Siblings (LibermansCo).
Since starting Anytype more than four years ago, we’ve been committed to a singular vision of an Internet where anyone could freely participate and build without sacrificing privacy, data, or ownership.
DeFi
BlockTower co-leads $5 million strategic funding round for DeFi lender Maple Finance
DeFi lending protocol Maple Finance said Tuesday that it raised $5 million in new strategic funding.
BlockTower Capital and Tioga Capital led the fundraise, which saw additional participation from Cherry Ventures, The Spartan Group, GSR Ventures, Veris Ventures, Maven 11 Capital and Framework Ventures, the company wrote on social media.
Maple Finance will use the funds to bolster expansion in Latin America and the Asia-Pacific, as well as to create new partnerships with other protocols, financial services providers and credit experts.
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Market Movement
Fed’s Powell at Jackson Hole: Prepared to Raise Rates Further if Appropriate
Market participants were looking to Friday morning’s speech to gauge the future direction of the U.S. central bank’s monetary policy.
Restrictive monetary policy will continue to be needed until inflation is sustainably slowing, said U.S. Federal Reserve Chairman Jerome Powell in his keynote speech at the Kansas City Fed’s Jackson Hole Symposium.
The central bank, said Powell, is ready to raise rates further if appropriate, though will proceed carefully.
U.S. Crypto Tax Proposal Lets Miners Off the Hook, Snares ‘Some’ Decentralized Exchanges
The IRS is finally proposing rules for crypto tax reporting, giving the industry its own 1099 form and declaring digital asset miners safe from the future requirements.
Crypto exchanges, some hosted wallet providers and payment processors will face new tax rules in as soon as two years.
The proposal, which is opening to a comment period and public hearings, would exempt miners and certain other types of activities.
The U.S. Treasury Department has finally unveiled its definition of a “broker” for the crypto industry, defining how crypto companies and investors will need to meet tax reporting obligations and answering a years-old question over whether decentralized finance platforms and miners will need to gather their users’ personal data.
Visa And Mastercard Distancing Themselves From Binance Unlikely to Hurt the Crypto Exchange: Experts
Payment giants Visa and Mastercard paring back their ties with Binance isn’t surprising as the company grapples with recent legal challenges, but it is unlikely to hurt the crypto exchange’s market share.
Binance, the biggest crypto exchange by trading volume, is facing multiple charges by the U.S. Securities and Exchange Commission (SEC), including allegations that the exchange has been operating an unregistered business and misled investors about the company’s risks. This is in addition to charges brought against the exchange by the U.S. Commodity Futures Trading Commission (CFTC) in May for what it calls a “willful evasion” of U.S. law.
Default of Tokenized Loans on Centrifuge Puts MakerDAO’s Investment at Risk
MakerDAO has lent $1.84 million of DAI stablecoin to the tokenized credit pool under distress.
An impending default of tokenized loans on blockchain-based credit platform Centrifuge has put MakerDAO’s $1.84 million investment at risk of loss, a governance forum post said.
ControlFreight, underwriter of the credit pool under distress, warned Friday that the $2.7 million pool’s largest borrower is facing liquidation due to a legal dispute.
JPMorgan Sees Limited Downside for Crypto Markets in the Near Term
Analysis of open interest in Chicago Mercantile Exchange’s (CME) bitcoin (BTC) futures shows that the unwinding of long positions appears to be in its end phase rather than its beginning, JPMorgan (JPM) said in a research report on Thursday.
Open interest refers to the total number of outstanding derivative contracts, such as options or futures, that have not been settled.
“As a result we see limited downside for crypto markets over the near term,” analysts led by Nikolaos Panigirtzoglou wrote.
Friend.Tech Hype Sees Base Surpass Rival Layer 2 Blockchains in Average Transactions per Second
Base, the layer 2 blockchain backed by Coinbase (COIN), averaged a record high of 15.88 transactions per second (TPS) over the past 24-hours, beating Ethereum and rival layer 2 blockchains Arbitrum and Optimism, according to l2beat.
The 15.88 TPS figure marks a 156% rise over the past weeks as investors flock to Base to gain access to friend.tech, a social market that allows users to buy and sell shares in public figures. Friend.tech has more than 100,000 users just days after its release.
HashKey to start crypto retail trading service in Hong Kong next Monday | The Block
HashKey Exchange, an Asia-based cryptocurrency exchange, is set to start offering crypto trading services to retail clients starting from Aug. 28, its executive said.
In an interview with The Block, Livio Weng, HashKey’s chief operating officer, said the exchange will commence its retail trading services for bitcoin and ether — the two largest cryptocurrencies in circulation — only. Weng said offering trading services for the two tokens can fulfill most retail investors’ needs.
The new operation comes after HashKey, earlier this month, became the first crypto outfit in Hong Kong to obtain a license under the city’s new licensing regime, which permits crypto trading platforms to offer retail services.
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Comma3 Opinions
Comma3 Investment Team