- Bitcoin traded steadily as US inflation data for July was in line with estimates at 0.2% month-on-month.
- The financial establishment began a "land grab" in the second quarter, according to Genesis.
Happy data day!
US inflation data for July is here — and it delivered no surprises. Also, Genesis picked up on something we’ve been talking about — the TradFi landgrab.
Let’s dig into the numbers and the details!
US inflation edges higher, in line with estimates
Inflation in the States rose 0.2% month-on-month in July, in line with consensus estimates. Bitcoin was relatively unchanged following the announcement, trading either side of $29,500.
Over the past 12 months inflation was 3.2%, matching estimates of 3.2% and slightly higher than June’s annual increase of 3%.
Core inflation, which excludes volatile food and energy prices, rose 4.7%, which was forecast.
Traders now expect a more than 90% chance of a pause when the Federal Reserve meets in September — revised from an 84% half an hour ahead of the release.
A pause and eventual interest rate cuts could prove beneficial for Bitcoin, Hunting Hill Digital’s Adam Gruen told DL News this week.
Establishment ‘land grab’ has commenced
The financial establishment has “commenced its veritable land grab,” Genesis Trading said in its quarterly report on Tuesday.
However, crypto markets have been relatively muted, Genesis noted, despite landmark announcements of “fresh spot-based ETF applications by some of the world’s largest asset managers, a watershed judicial victory, and the drumbeat of new trading venues and products offered by marquee TradFi and crypto-native shops.”
There was a “tendency toward a sceptical reception from several respected crypto pundits,” the firm noted.
Crypto market movers
- Bitcoin is down 1.4% over the past 24 hours. Ethereum slipped 0.6%.
- Altcoins again experienced the sharper price moves. Ripple’s XRP dropped 2%, Solana’s SOL was down 1.5% and Polkadot’s DOT slid 1.3%.
What we’re reading
- Get ready. These seven bills may decide the future of crypto in the US — DL News
- The Curve hack: The DeFi drama that just keeps on giving — DL News
- SEC to appeal Ripple Labs decision: Trial slated for Q2 2024 — DL News
- Gary Genslers tweets. Specifically, “you are Kenough”... — X (née Twitter)
— Bill Hughes : wchughes.eth 🦊 (@BillHughesDC) August 9, 2023
Adam Morgan McCarthy is a London-based markets correspondent for DL News. To contact him with story tips, reach out at adam@dlnews.com.
