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Ethereum Leads Crypto Market Surge as July’s CPI Report Shows U.S. Inflation Cooling

Daily Market Wrap

  • Crypto market cap: 1.41 trillion, down 1.08%

  • BTC price stands at USD 23,929, down 1.56%

  • ETH price stands at USD 1,885, up 0.85%

  • Top gainer: Ankr (ANKR), up 48.43%

  • Top loser: Synthetix (SNX), down 5.44%

News of the Day

Why it matters:

  • The Cryptocurrency market surged on Wednesday after a softer-than-expected inflation report, with Ethereum leading the pack with an over 7% gain

  • July’s Consumer Price Index (CPI) data has come in lower with a year-over-year increase of 8.5%

  • Ethereum outperformed Bitcoin by 40% due to the hype surrounding its upcoming Merge upgrade in September

Crypto Daily Spotlight

Brief introduction: dYdX is a decentralised exchange built on the Ethereum network delivering key financial instruments to users such as perpetuals, margin, and spot trading, as well as lending and borrowing. To significantly scale trading, dYdX and StarkWare have built a Layer 2 protocol for cross-margined perpetuals, based on StarkWare’s StarkEx scalability engine and dYdX’s perpetual smart contracts.

Why it matters:

  • dYdX has confirmed that it blocked some accounts in line with the U.S. Treasury Department’s sanctions against Tornado Cash

  • “Many accounts were blocked because a certain position of the wallet’s funds (in many cases, even immaterial amounts) were associated at some time with Tornado Cash,” dYdX said in a blog post

  • This is not the first time dYdX users have been impacted by U.S. regulations. Last summer, dYdX airdropped its $DYDX token to early users, but those based in the U.S. were excluded due to regulatory reasons

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