Daily Market Wrap
Crypto market cap: 976.21 billion, up 4.64%
BTC price stands at USD 19,237, up 2.93%
ETH price stands at USD 1,627, up 7.98%
Top gainer: Helium (HNT), up 46.29%
Top loser: Neutrino USD (USDN), down 0.12%
News of the Day
Why it matters:
GameStop and FTX.US will jointly promote e-commerce and marketing initiatives, such as GameStop retail stores carrying FTX gift cards
GameStop released an NFT marketplace in mid to late July, which was better received than Coinbase’s
After the news release, GameStop stock price rose by almost 10%
Crypto Daily Spotlight
Brief introduction: Avalanche is Layer 1 blockchain with the fastest time to finality, or time to confirm transactions. It uses the proof-of-stake protocol and thrives on its high speed, low cost, and sustainability. The blockchain has smart contract capabilities and its native token is AVAX.
Why it matters:
Unknown attacker borrowed uncollateralised funds, drove up the price of the asset and sold back the borrowed capital, allowing them to pocket the arbitrage difference
While the attack took place on the Avalanche blockchain, three other protocols: Curve Finance, Trader Joe and Nereus Finance were also affected
Attack was picked up by CertiK’s on-chain security software Skynet
Daily Sector Tracker
Daily News Roundup
Coinbase Looking To Acquire $1.6B of MakerDAO’s USDC https://bit.ly/3d1BmhX
Hawkish Fed Chatter Has Wall Street Betting on Big Rate Hike, Crypto Traders Shorting Bitcoin https://bit.ly/3D7tMNI
Vermont's Financial Regulator Alleges Celsius and its CEO Made 'False and Misleading claims' https://bit.ly/3AUmN81
US Fed Vice Chair Michael Barr Favors Hard Line on Crypto, OCC Acting Head No Friendlier https://bit.ly/3BpeJ0A
Algorand Upgrade Could Increase Speed and Cross-Chain Transaction Capability https://bit.ly/3D7e7O9
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