POKKET: Crypto Market Update (Aug 4)
Bitcoin price is softer again -2.4% to $38.4k, ETH is also down -4.2% to $2500. Movers are YFII +26%, LINA +18%, OAX DEGO +15%, RSR +11%, rest are relatively calm.
The big headline this morning is from SEC Chairman Gary Gensler’s speech at the Aspen Security Forum, saying he believes the vast majority of crypto tokens and ICOs violate US security laws and are all securities. He adds, “I believe we have a crypto market now where many tokens may be unregistered securities, without required disclosures or market oversight”. Gensler briefly hinted at how the SEC might approach a Bitcoin ETF, with emphasis on investor protection and maybe limiting ETFs to just hodling CME-traded BTC futures instead of the real deal.
In a sign the market has already started preparing to shift to DeFi, Ethereum addresses using DeFi rose 65% last quarter.
FTX has signed another sponsorship deal, this time supporting the League of Legends e-sports series in a 7-year deal.
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