Welcome, Crypto enthusiasts!

The crypto market is ignoring the odds of the Fed Rate cuts while Solana becomes increasingly correlated to Bitcoin.

In Today’s Blockstreet Journal:

• Bitcoin Ignores Fed Rate Cuts

• Solana Correlates To Bitcoin

• Market Rundown

• Top Gainers & Losers

• Airdrops More News

Latest News

BITCOIN
🥴 Bitcoin Ignores Fed Rate Cuts  

Word On The Street: Bitcoin remained subdued at the start of the Wall Street session on August 1, as the market showed little reaction to interest rate cuts.

The details:

• Data from TradingView indicated a lack of momentum for BTC, following a 2.4% decline the previous day.

• This decline continued despite a dovish outlook from the United States Federal Reserve, which hinted at a potential rate cut in September.

• QCP Capital suggested that inflows into newly launched U.S. spot Ether ETFs could influence short-term crypto market sentiment.

Why it matters: While U.S. equities responded positively to the Fed's tone, the crypto market remained indifferent. BTC/USD fell to local lows of $63,400, its lowest level since July 19.

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ALT COINS
☀️ Solana Correlates To Bitcoin 

Word On The Street: Solana (SOL) is currently testing critical support at $165, having formed equal lows earlier in the week.

The details:

• If SOL closes below this range on the daily chart, it could potentially lead to a further 25% drop, reaching around $122 in the coming weeks.

• Solana's recent 8% decline is linked to a broader market downturn, following the Federal Open Market Committee (FOMC) meeting.

• Solana is currently re-testing its recent equal lows and has completed a liquidity sweep.

Why it matters: Despite these concerns, Solana's double bottom pattern remains intact, confirmed earlier in the week.

Market Rundown

Fear & Greed Index

The global crypto market cap is $2.26T, a 5.15% decrease over the last day.

The total crypto market volume over the last 24 hours is $80.68B, which makes a 29.16% increase. The total volume in DeFi is currently $4.14B, 5.13% of the total crypto market 24-hour volume. The volume of all stable coins is now $74.56B, which is 92.41% of the total crypto market 24-hour volume.

Bitcoin’s dominance is currently 54.91%, a decrease of 0.01% over the day.

Global Market Metrics

As of today, the global cryptocurrency market is in the following state:

- Total Market Cap: Approximately $2.26 trillion USD

- Total Market Volume: Around $80.68 billion USD

- Bitcoin Dominance: 54.91%

- Ethereum Dominance: 16.58%

- DeFi Market Cap: Approximately $67.11 billion USD

- Stablecoin Market Cap: Approximately $157.21 billion USD

- DeFi Volume: Around $4.14 billion USD

- Stablecoin Volume: Approximately $74.56 billion USD

Top Gainers & Losers

🚀 Top Gainers

💩 Top Losers 

Airdrops & More News

DAILY AIRDROP
📦️ dTRINITY Airdrop

dTRINITY is hosting an incentivised testnet where users can earn non-transferable dT points, which will be later redeemable for the TRIN governance token. The TRIN TGE and TRIN staking is expected sometime in 2025 according to the project’s roadmap.

Step-by-Step Guide:

1. Complete the Galxe tasks here.

2. Visit the testnet and lend, borrow, swap, or LP on dTRINITY with testnet funds to earn dT points. Each action has a multiplier: for LP it is 4x multiplier, for lending it is 3x, for borrows it is 2x while for swaps it is 1x.

3. Potentially earn dT points by actively providing feedback and reporting any issues via Discord.

4. For more information about the testnet campaign, please refer to the official announcement and docs.

5. Follow dTRINITY on X for further updates.

Other News

'Golden Boys' Move on CompoundDAO Wasn't a Governance Attack: Tally Protocol CEO. Sitting on the sidelines during the democratic process means you can't complain about the result, the CEO and co-founder of a DAO vote-counting protocol said.

Coinbase L2 Base hosts 80% of active Uniswap traders. Coinbase’s layer-2 blockchain hosts approximately 80% of Uniswap’s monthly active traders.

Ripple to Allocate $10M to Tokenized U.S. Treasury Bills on XRP Ledger. This is part of a larger fund that Ripple will allocate to tokenized T-bills provided by OpenEden and other issuers.

Tether reports record-breaking $5.2B profit in first half of 2024. Tether said its US Treasury reserve surpasses the size of all but 17 of the world’s governments.

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