Daily Market Brief

Aug 1, 2024

Daily Market Brief 240801

Peter-Headshot
Peter Chung
RM
Rick Maeda
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  • Crypto markets were broadly down driven by post-Fed price action in the US session: the slight derisking left majors down with $BTC at $64.5k and $ETH at $3.2k.

  • While Fed day on paper went down fairly as expected - with Chair Powell reaffirming the Central Bank’s policy of being data-dependant - odds of Fed cuts this year edged higher.

  • The Grayscale Bitcoin Mini Trust with ticker $BTC, a spin-off from Grayscale’s original $GBTC, began trading. It notably has the lowest fee of all such products, at 0.15%.

  • During the last 24 hours, the top three gainers were $ATH, $KAS, and $BEAM, while the top three losers were $DOG, $AIOZ and $POPCAT.

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Peter-Headshot
Peter ChungHead of Research
RM
Rick MaedaResearch Analyst