Daily Market Wrap
Crypto market cap: 0.97 trillion, up 0.39%
BTC price stands at USD 21,144, up 0.30%
ETH price stands at USD 1,430, up 0.73%
Top gainer: TerraClassicUSD (USTC), up 17.74%
Top loser: Convex Finance (CVX), down 4.67%
News of the Day
Why it matters:
According to a report from the Wall Street Journal, the House Financial Services Committee members will likely delay voting on a stablecoin bill until September, as they were unable to complete a draft in time for their meeting on Wednesday
The Committee is in talks about issuing a discussion draft, which would include the legislative language the members are working on
Treasury Department officials, including Secretary Janet Yellen, have also been involved in discussions with lawmakers; Yellen reportedly wants to coordinate with the Biden administration on her response to the bill
Crypto Daily Spotlight
Brief introduction: Lido Finance, a decentralised autonomous organisation (DAO), allows supporters of Ethereum who pledged ether (ETH) ahead of the blockchain’s merge to proof of stake (PoS) to use the assets they locked up. It is the largest of the Ethereum staking services.
Why it matters:
LidoDAO, the governance body that controls Lido Finance, voted to reject a proposed deal with Dragonfly Capital on Monday
With help from an anonymous whale, a total of 609 votes were cast across three options, but the proposal was ultimately rejected with 43 million total tokens in favour of rejection, nine whales of which comprised the vast majority of the weight of the votes
LDO token price has fallen by more than 11% when the results came out
Daily Sector Tracker
Daily News Roundup
Binance CEO Changpeng Zhao Sues Bloomberg’s Hong Kong Partner for Defamation https://bit.ly/3cJNdRa
Law Firm Bragar Eagel & Squire Class-Action Suit Against TerraForm Labs For Deceiving Investors https://bit.ly/3Bk267m
Aptos Labs Raises $150 Million Co-Led by FTX Ventures & Jump Crypto https://bit.ly/3zz5RVd
SEC Reportedly Kicks Off Investigation Into Coinbase Allegedly Listing Securities https://bit.ly/3vgbODX
Titanium Blockchain CEO Pleads Guilty in $21M ICO Fraud Case https://bit.ly/3b5JBbT
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