Shalini Nagarajan


<p>A pair of firms operating under the <a href="https://blockworks.co/tag/makerdao" target="_blank" rel="noreferrer noopener">Maker</a> ecosystem has moved to settle for $1.16 million with investors who sought compensation for financial losses suffered after the &#8220;Black Thursday&#8221; COVID crash in March 2020.</p>



<p>Plaintiff Peter Johnson lodged the class action lawsuit one month after the collapse. The case was filed for numerous investors who claimed the Maker Foundation and related entities intentionally misrepresented the risks of collateralized debt positions (CDPs) on the platform, leading to losses totaling $8.3 million.&nbsp;</p>



<p>Maker&#8217;s CDPs (or vaults) allow users to take out overcollateralized DAI loans using crypto such as ether (<a href="https://blockworks.co/price/eth" target="_blank" rel="noreferrer noopener">ETH</a>), but those assets can be liquidated if the value of their collateral slips below a certain point.</p>



<p>Johnson said he experienced such losses when ETH tanked up to 45% around Mar. 12, 2020 — a day dubbed “Black Thursday&#8221; — dropping from $200 to $110.</p>



<p>MakerDAO&#8217;s native token MKR sank about 60% at the same time, while the total crypto market lost nearly one-third of its value. </p>



<p>Meanwhile, MakerDAO&#8217;s dollar-pegged stablecoin DAI jumped up to $1.06 on some exchanges during the Black Thursday chaos.</p>



<p>A court filing released Thursday showed that both sides reached a settlement agreement, despite the Maker Foundation denying any wrongdoing or legal violations.</p>



<p>Blockworks has reached out to MakerDAO for comment.</p>



<h2 class="wp-block-heading">Maker liquidation case was first dismissed</h2>



<p>Originally, the defendants in the case were the Maker Ecosystem Growth Foundation, the Dai Foundation and Maker Ecosystem Growth Holdings.</p>



<p>In February this year, Judge Maxine Chesney of the US District Court in California <a href="https://www.skadden.com/about/news-and-rankings/news/2023/02/maker-defendants-win-dismissal-of-black-thursday-class-action" target="_blank" rel="noreferrer noopener">granted</a> the Maker firms’ motion to toss out the lawsuit, but gave the plaintiff about a month to amend the complaint.&nbsp;</p>



<p>As a result, a third amended class action was filed — this time against only Maker Ecosystem Growth Holdings, now known as Metronym. </p>



<p>But on Apr. 20, the parties and their lawyers got together for a mediation session and came to an agreement the same day, per court documents.</p>



<p>Following this, both parties signed a term sheet to put their agreement in writing. The plaintiff agreed to resolve the matter in exchange for a million-dollar payment. Exact details of the settlement are still subject to court approval.</p>



<p>The Maker firm agreed to enter the deal “solely to eliminate the uncertainty, burden and expense of further litigation, and to put the released claims to rest, finally and forever,” Johnson’s counsel said.</p>



<p><em>David Canellis contributed reporting.</em></p>



<p><em>Updated Jun. 23, 2023 at 6:49am: Adjusted headline to reflect just one Maker firm was involved in the settlement agreement</em>.</p>



<hr class="wp-block-separator has-alpha-channel-opacity"/>



<p><strong>Get the news in your inbox. Explore Blockworks newsletters:</strong></p>



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Maker firm settles for $1.16M with users liquidated in Covid crash

<div id="highlights-block_62fb6cf2b6987" class="highlights">
        <ul>
                <li>Alleged fraudsters in France reportedly set up hoax businesses to receive governmental COVID-19 relief</li>
                <li>The funds were then sent to suspected money launders in Israel, who washed them via cryptocurrencies</li>
            </ul>
    
</div>



<p>An undercover operation in Israel has dismantled a crypto-fueled money laundering ring suspected of duping the French government out of millions of euros.</p>



<p>Three alleged fraudsters were arrested in Israel over claims they laundered funds originated from crimes committed abroad, local police and the diamond unit tax authority said in a joint <a href="https://www.gov.il/he/departments/news/sa150822-1" target="_blank" rel="noreferrer noopener">statement</a> on Monday.</p>



<p>A key element in the criminal scheme was the <a href="https://www.france24.com/en/20200903-live-france-unveils-%E2%82%AC100-billion-economy-rescue-plan" target="_blank" rel="noreferrer noopener">stimulus incentives</a> that the French government doled out during the COVID-19 pandemic, The <a href="https://www.timesofisrael.com/3-arrested-in-probe-of-crypto-money-laundering-scheme-targeting-french-government/" target="_blank" rel="noreferrer noopener">Times of Israel</a> reported.</p>



<p>The three allegedly exploited that program by setting up fake businesses to apply for pandemic-related support. They could easily claim assistance as the government shelled out funds swiftly.</p>



<p>They then approached the now-arrested suspects in Israel, who authorities say used the illicit funds to purchase digital assets before converting them into different cryptocurrencies in a bid to hide their tracks.</p>



<p>Finally, the crypto was reportedly converted into fiat cash and sent back to the fraudsters in France.</p>



<p>Investigations into the scheme began last year, with French authorities taking the lead. Police in Israel followed via an undercover operation earlier this year. An unknown number of other suspects have also been held for questioning.&nbsp;</p>



<p>Special crime unit Lahav 433 — Israel’s answer to the FBI — and the Yahalom unit of the tax authority are running the investigation. They’re cooperating with European authorities, including French law enforcement and Europol.</p>



<p>The total amount of funds involved in the scheme isn&#8217;t yet clear, or how much the fraudsters in Israel were paid for allegedly laundering money. The three suspects will remain in custody “as long as is necessary,” authorities said.</p>



<h3 class="wp-block-heading">Money laundering is a tiny fraction of crypto activity, for now</h3>



<p>Laundering illicit funds with cryptocurrency is a hot topic, considering the <a href="https://cms.blockworks.co/decentralized-or-not-officials-say-tornado-cash-responsible-for-illicit-activity/" target="_blank" rel="noreferrer noopener">recent hubbub</a> around crypto mixer <a href="https://cms.blockworks.co/tornado-cash-sanctions-expose-potential-defi-achilles-heel/" target="_blank" rel="noreferrer noopener">Tornado Cash</a>.&nbsp;</p>



<p>Earlier this year, blockchain analytics unit Chainalysis <a href="https://blog.chainalysis.com/reports/2022-crypto-crime-report-preview-cryptocurrency-money-laundering/" target="_blank" rel="noreferrer noopener">reported</a> that cybercriminals last year laundered $8.6 billion in digital assets, accounting for 0.05% of all crypto transaction volume across the period.&nbsp;</p>



<p>Crypto launderers mostly rely on centralized exchanges with lax policies. Outside of the digital asset ecosystem, the United Nations estimates $800 billion to $2 trillion of fiat currency is laundered every year, which works out to be around 5% of global GDP, noted the firm.</p>



<p>“&#8230; Money laundering is a plague on virtually all forms of economic value transfer,” wrote Chainalysis. “Law enforcement and compliance professionals [should] be aware of just how much money laundering activity could theoretically move to cryptocurrency as adoption of the technology increases.”</p>



<hr class="wp-block-separator has-alpha-channel-opacity"/>



<p><strong>Get the news in your inbox. Explore Blockworks newsletters:</strong></p>



<ul class="wp-block-list">
<li><a href="https://blockworks.co/newsletter/daily"><strong>Blockworks Daily</strong></a>: The newsletter that helps thousands of investors understand crypto and the markets, by Byron Gilliam.</li>



<li><a href="https://blockworks.co/newsletter/empire"><strong>Empire</strong></a>: Start your day with top crypto insights from David Canellis and Katherine Ross.</li>



<li><a href="https://blockworks.co/newsletter/onthemargin"><strong>Forward Guidance</strong></a>: Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin.</li>



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<li><a href="https://blockworks.co/newsletter/thedrop"><strong>The Drop</strong></a>: The newsletter for crypto collectors and traders, covering games, tokens, apps, memes and more.</li>
</ul>


Israel Busts Crypto Laundering Ring Over French Covid Relief Fraud

Sam Martin

BTC, ETH and LUNA Lead Rebound After Friday Omicron Sell-off: Markets Wrap

Morgan Chittum

<div id="highlights-block_60c9fc7f1690b" class="highlights">
        <ul>
                <li>Ethereum surged more than 9% on Wednesday as the crypto sector awaits the Ethereum hard fork</li>
                <li>Private-sector hires were sharply lower last month, falling from 680,000 in June to 330,000 new workers in July. </li>
            </ul>
    
</div>



<p>Following less-than-prime jobs data and Fed Vice Chairman’s market-moving remarks at a virtual appearance, Wall Street indices slumped on Wednesday. Widespread concerns over the Delta variant may have also added on to the markets losses, but cryptos inched higher.</p>



<p>The Fed&#8217;s Richard Clarida said that interest-rate hikes could start as early as the end of next year, adding that the rapid spread of the variant may stunt the country’s economic growth.&nbsp;</p>



<p>Private-sector hires in US firms were sharply lower last month, falling from 680,000 in June to 330,000 new workers in July, according to an <a href="https://cms.blockworks.co/jobs-crypto-rises-equities-fall-on-disappointing-numbers/" target="_blank" rel="noreferrer noopener">ADP employment report</a>.</p>



<p>Following the onslaught of news, the S&amp;P 500 and Dow Jones Industrial Average both fell 1% and 0.5%, respectively. </p>



<p>Small wins were made by the tech-heavy Nasdaq composite. Robinhood Markets Inc. (HOOD) touched $85, hiking around 53% on Wednesday. The popular retail trading platform has jumped 140% since its IPO price of $38 last week. Paycom (PAYC) was up 11% as well, following better-than-expected earnings. The software company&#8217;s revenue for Q2 hiked up 33.3% to $242.15 million. Only the Nasdaq was ahead by market close.</p>



<h3 class="wp-block-heading">Equities</h3>



<ul class="wp-block-list"><li>The Dow was down -0.92% to 34,792.</li><li>S&amp;P 500 declined -0.46% to 4,402.</li><li>Nasdaq had an uptick of 0.13% to 14,770.</li></ul>



<h3 class="wp-block-heading">Insight</h3>



<p>Founding Principal of BKCoin Capital, Kevin Kang, weighed in on Wednesday&#8217;s markets activity.</p>



<p>“I think the market is translating the big miss on jobs reports and the Fed staying its course with accommodative policies. We can see the divergence between the S&amp;P 500 and Nasdaq as low interest rates are good for growth stocks. Also crypto seems to be running on the back of SEC chair Gary Gensler making positive comments regarding crypto regulations as he said the lack of crypto regulation isn&#8217;t a good thing for the advancement of the technology and he was pro-innovation,&#8221; Kang, CFA, told Blockworks. &#8220;The sentiment in the market seems to have flipped completely these past two weeks as the market brushed off the news yesterday that the SEC will regulate cryptocurrency markets to the maximum extent possible.&#8221;</p>



<p>Tesla shares hit an intraday high of $724.90 following the news, while ether and bitcoin continued to hike up 8% and 5%, respectively.</p>



<div class="wp-block-image is-style-default"><figure class="aligncenter size-large is-resized"><img loading="lazy" decoding="async" src="https://blockworks-co.imgix.net/wp-content/uploads/2021/08/72A4EBDD-714F-481F-92DB-89E0A7ED07A2.jpeg" alt="" class="wp-image-6138" width="842" height="441" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2021/08/72A4EBDD-714F-481F-92DB-89E0A7ED07A2.jpeg?w=1014 1014w, https://blockworks-co.imgix.net/wp-content/uploads/2021/08/72A4EBDD-714F-481F-92DB-89E0A7ED07A2.jpeg?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2021/08/72A4EBDD-714F-481F-92DB-89E0A7ED07A2.jpeg?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2021/08/72A4EBDD-714F-481F-92DB-89E0A7ED07A2.jpeg?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2021/08/72A4EBDD-714F-481F-92DB-89E0A7ED07A2.jpeg?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2021/08/72A4EBDD-714F-481F-92DB-89E0A7ED07A2.jpeg?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2021/08/72A4EBDD-714F-481F-92DB-89E0A7ED07A2.jpeg?w=80 80w" sizes="auto, (max-width: 842px) 100vw, 842px" /><figcaption>                                                              As the S&amp;P 500 fell Wednesday morning, Tesla shares and Bitcoin traded higher. Source: TradingView</figcaption></figure></div>



<p>In decentralized finance (DeFi), Genesis reported continued demand for DeFi tokens and ethereum lending in their Q2 Markets Observation <a href="https://www.businesswire.com/news/home/20210804005657/en/Genesis-Q2-Report-Shows-Decreasing-Bitcoin-Dominance-and-Hedge-Funds-Diving-Into-DeFi" target="_blank" rel="noreferrer noopener">report</a> on Wednesday. While bitcoin trading previously accounted for 80% of overall spot trading, the largest cryptocurrency has fallen to 47% in Q2. However, ether has risen to 25% of overall trading volumes on the desk.</p>



<h3 class="wp-block-heading">DeFi</h3>



<ul class="wp-block-list"><li>Uniswap is trading at $23.29 with a total value locked of $4,497,369,839 up 1.1% in 24 hours at 4:00 pm ET.&nbsp;</li><li>Chainlink is trading at $24.26, advancing 0.8% with trading volume at $1,228,574,228 in 24 hours at 4:00 pm ET.</li><li>DeFi:ETH is 31.1% at 4:00 pm ET.</li></ul>



<h3 class="wp-block-heading">Crypto</h3>



<ul class="wp-block-list" id="block-1209f037-00c3-4876-ad37-a29ab610c717"><li>Bitcoin is trading around $39,731.30, up 3.64% in 24 hours at 4:00 pm ET.</li><li>Ether is trading around $2,711.06, advancing 8.87% in 24 hours at 4:00 pm ET.</li><li>ETH:BTC is at 0.0682, up 3.87% at 4:00 pm ET.</li><li>VIX is down -0.39% to 17.97 at 4:00 pm ET.</li></ul>



<h3 class="wp-block-heading">Insight</h3>



<p>“Trends both in Genesis’s activity and the broader market confirm the changing role of bitcoin as the industry’s gateway asset, and highlight the emerging protagonism of Ethereum and decentralized finance,” said Matt Ballensweig, Head of Institutional Lending at Genesis. “Bitcoin’s dominance in terms of market cap declined from over 70% at the end of 2020 to under 45% at the end of Q2, as Ether and most of the main decentralized finance tokens more than doubled in price from the beginning of the year.”</p>



<h3 class="wp-block-heading">Fixed Income</h3>



<ul class="wp-block-list"><li>US 10-year treasury yields 1.184% as of 4:00 pm ET.</li></ul>



<h3 class="wp-block-heading">Commodities</h3>



<ul class="wp-block-list" id="block-d64d70c9-7052-4f1a-8167-3d370fe08354"><li>Brent crude is down to $70.21 per barrel, declining -3.04%.</li><li>Gold fell -0.01% to $1,814.</li></ul>



<h3 class="wp-block-heading">Currencies</h3>



<ul class="wp-block-list"><li>The US dollar strengethened 0.22%, according to the Bloomberg Dollar Spot Index.</li></ul>



<h3 class="wp-block-heading">In other news&#8230;</h3>



<p>Ethereum Improvement Proposal (EIP) 1559, a form of &#8216;rent control&#8217; on gas fees that comes at the expense of miners, is set to be implemented through Ethereum blockchain’s London hard fork, Blockworks <a href="https://cms.blockworks.co/ethereums-hard-fork-is-bound-to-be-implemented-despite-opposition/" target="_blank" rel="noreferrer noopener">reported</a> on Wednesday.</p>



<h3 class="wp-block-heading">We&#8217;re watching out for&#8230;</h3>



<ul class="wp-block-list"><li>Bank of England’s interest rate decision will be announced on Thursday</li></ul>



<p>That&#8217;s it for today&#8217;s markets wrap. I&#8217;ll see you back here tomorrow.</p>



<p><strong><em>Want more investor-focused content on digital assets?&nbsp;<a target="_blank" href="https://cms.blockworks.co/events/digital-asset-summit-2021-2/" rel="noreferrer noopener">Join us</a>&nbsp;September 13th and 14th for the Digital Asset Summit (DAS) in NYC. Use code ARTICLE for $75 off your ticket.&nbsp;<a target="_blank" href="https://cms.blockworks.co/events/digital-asset-summit-2021-2/" rel="noreferrer noopener">Buy it now</a>.</em></strong></p>


Cryptos Inch Higher, Equities Topple Amid Delta Concerns: Markets Wrap

Casey Wagner

<div id="highlights-block_60c9fc7f1690b" class="highlights">
        <ul>
                <li>US closed higher Tuesday after Monday&#8217;s turbulent session</li>
                <li>Second quarter earnings season continued with largely better-than-expected results </li>
            </ul>
    
</div>



<p>US stocks closed higher Tuesday as second quarter earnings continued to come in above expectations, mostly overshadowing concerns over the Delta variant and additional restrictions. </p>



<p>The S&amp;P 500 rallied as companies largely beat on earnings estimates. Shares of Under Armour rose 7% after the athletic appeal company beat on second quarter profit expectations. Zillow Group and Moderna are among the companies set to report later this week.</p>



<p>Chinese tech giant Alibaba also reported higher-than-expected second quarter results, but shares lost 1.57% as China&#8217;s regulatory crackdown intensified. Similarly, Marriott International earnings showed a significant rebound from last year, but shares fell 1.82% as Delta variant concerns grow. </p>



<p>Investors and analysts are awaiting Friday&#8217;s jobs data. The non-farm payroll report will reveal when traders may start to see tapering from the Federal Reserve. Chairman Powell has indicated that there will only be a pullback in the easy-money policies when employment numbers start to improve. </p>



<h3 class="wp-block-heading">Equities</h3>



<ul class="wp-block-list"><li>The Dow rose 0.8%.</li><li>S&amp;P 500 rallied 0.82%.</li><li>Nasdaq gained 0.55%.</li></ul>



<h3 class="wp-block-heading">Insight</h3>



<p>Jim Paulsen, chief investment strategist at The Leuthold Group, weighed in on inventory liquidation and what we can expect in markets going forward. </p>



<p>&#8220;Dwindling inventories have held back real-GDP growth, and widespread shortages of numerous products have led to the recent spike in the inflation rate. These undercurrents have, in turn, set off a raging debate at the Federal Reserve and among investors as to whether this inflation is, in fact, transitory or incessant? But, overall, the inability of companies to keep pace with an explosive revival in consumer demand has become the primary economic problem.&#8221; </p>



<h3 class="wp-block-heading">DeFi</h3>



<ul class="wp-block-list"><li>Uniswap is trading at $21.21, down 5.26% in 24 hours at 4:00 pm ET.</li><li>Chainlink is trading at $23.36, gaining 1.65% in 24 hours at 4:00 pm ET.</li></ul>



<h3 class="wp-block-heading">Crypto</h3>



<ul class="wp-block-list" id="block-1209f037-00c3-4876-ad37-a29ab610c717"><li>Bitcoin is trading around $38,052.15, down 2.1% in 24 hours at 4:00 pm ET.</li><li>Ether is trading around $2,474.83, falling 4.69% in 24 hours at 4:00 pm ET.</li><li>VIX is down 8.17% to 17.87 at 4:00 pm ET.</li></ul>



<h3 class="wp-block-heading">Fixed Income</h3>



<ul class="wp-block-list"><li>US 10-year Treasury yields 1.17% as of 4:00 pm ET.</li></ul>



<h3 class="wp-block-heading">Commodities</h3>



<ul class="wp-block-list" id="block-d64d70c9-7052-4f1a-8167-3d370fe08354"><li>Brent crude is at $72.49 per barrel, losing 1.02%.</li><li>Gold fell 0.11% to $1,810.84.</li></ul>



<h3 class="wp-block-heading">Currencies</h3>



<ul class="wp-block-list"><li>The US dollar gained 0.01%, according to the Bloomberg Dollar Spot Index.</li></ul>



<h3 class="wp-block-heading">In other news&#8230;</h3>



<p>Tomorrow the Ethereum blockchain is set to undergo a significant transformation, or <a href="https://cms.blockworks.co/ethereum-hard-fork-means-lower-gas-fees-and-higher-eth-pricing/">“hard fork”</a> as it’s called in the open source world. A hard fork is a split in the underlying base code of the software that takes it a different direction than before. Changes expected include lower gas fees and potentially higher prices for ETH.</p>



<p>That&#8217;s it for today&#8217;s markets wrap. I&#8217;ll see you back here tomorrow.</p>



<p><strong><em>Want more investor-focused content on digital assets?&nbsp;<a target="_blank" href="https://cms.blockworks.co/events/digital-asset-summit-2021-2/" rel="noreferrer noopener">Join us</a>&nbsp;September 13th and 14th for the Digital Asset Summit (DAS) in NYC. Use code ARTICLE for $75 off your ticket.&nbsp;<a target="_blank" href="https://cms.blockworks.co/events/digital-asset-summit-2021-2/" rel="noreferrer noopener">Buy it now</a>.</em></strong></p>


Earnings Push Equities Higher, Delta Concerns Linger: Markets Wrap

Liz Coyne


<p>In this episode of Blockworks&#8217; podcast &#8220;<a href="https://www.youtube.com/watch?v=A1NAKkLXZ9U" target="_blank" rel="noreferrer noopener">Inflated Expectations</a>,&#8221; Allison Reichel, Economic Strategist, sits down with Anthony Crudele, a 22-year futures veteran, CME member, and host of Futures Radio Show.</p>



<p>They cover the topics of the transition from traditional finance to crypto, the differences between gold and bitcoin, technical analysis as an art, whether or not a true inflation hedge exists, and the current expectations of the Federal Reserve.</p>



<p>Watch the full episode below:</p>



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="Does a Real Inflation Hedge Exist? | Anthony Crudele" width="1024" height="576" src="https://www.youtube.com/embed/A1NAKkLXZ9U?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture" allowfullscreen></iframe>
</div></figure>



<p>Once a week, Reichel interviews industry experts, exploring the macroeconomic drivers of growth and the potential for the crypto-revolutionization of monetary regimes.&nbsp;  </p>



<p>Reichel is a Washington, D.C., based Economic Strategist, focusing on macroeconomic trends and the shifting crypto environment. In addition to her work at Blockworks, she is a PhD student in Economics, and also holds an M.A. and B.S. in Economics from George Mason University.</p>



<p>Subscribe to &#8220;Inflated Expectations&#8221; today on <a href="https://podcasts.apple.com/us/podcast/inflated-expectations/id1573418099" target="_blank" rel="noreferrer noopener">Apple</a> or <a href="https://open.spotify.com/show/3RdI0DKjAbmWS9Cr3Tn7ft?si=iAv_ZaoBThWmpDRtJfmUiQ&amp;dl_branch=1" target="_blank" rel="noreferrer noopener">Spotify</a>, or watch episodes on <a href="https://podcasts.apple.com/us/podcast/inflated-expectations/id1573418099" target="_blank" rel="noreferrer noopener">YouTube</a>.</p>


Podcast: Anthony Crudele on Crypto as an Inflation Hedge


<p>On this episode of Blockworks&#8217; podcast &#8220;<a href="https://www.youtube.com/watch?v=N4j2op6uIo4" target="_blank" rel="noreferrer noopener">On the Margin</a>,&#8221; Michael Ippolito, co-founder, sits down with former presidential advisor and economist Dr. Pippa Malmgren. Dr. Malmgren shares insights on the effects of decentralization, creative destruction, debt restructuring, and how crypto fits into her outlook.</p>



<p>They covered:  </p>



<ul class="wp-block-list"><li>Decentralized Finance (DeFi)</li><li>Centralization vs. Decentralization</li><li>Innovation&#8217;s effect on the Future</li></ul>



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="Globalization, Decentralization &amp; Innovation post COVID | Pippa Malmgren" width="1024" height="576" src="https://www.youtube.com/embed/N4j2op6uIo4?start=182&#038;feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture" allowfullscreen></iframe>
</div></figure>



<p>&#8220;On the Margin&#8221; is a two-part show.&nbsp;Once a week, Mike interviews industry experts, and then at the end of the week he is joined by co-host <a href="https://cms.blockworks.co/newsletter/" target="_blank" rel="noreferrer noopener">Tyler Neville</a> where they break down the top crypto and macro stories. Episodes go live every Wednesday and Saturday morning.</p>



<p>Subscribe to &#8220;On the Margin&#8221; today on <a href="https://podcasts.apple.com/us/podcast/lyn-alden-explains-connection-between-inflation-bitcoin/id1558223079?i=1000513411286" target="_blank" rel="noreferrer noopener">Apple</a> or <a href="https://spoti.fi/3bTa9uw" target="_blank" rel="noreferrer noopener">Spotify</a>, or watch episodes on <a href="https://youtube.com/playlist?list=PLvER9nHSRN3xVs_p-dl7L7K_ZgL6lSudu" target="_blank" rel="noreferrer noopener">YouTube</a>.</p>


Podcast: The Next Big Economic Disruption


<p>In this episode of Blockworks&#8217; podcast &#8220;<a href="https://www.youtube.com/watch?v=HM64XN3Zkns" target="_blank" rel="noreferrer noopener">Inflated Expectations</a>,&#8221; Allison Reichel, Economic Strategist, sits down with  Russell LaCour, CEO and CTO of Tantra Labs, to talk about causes of the bitcoin crash, re-surging Covid-19 cases, wealth inequality and Austrian economics.</p>



<p>They also cover:  </p>



<ul class="wp-block-list"><li>algorithmic trading</li><li>why bitcoin could be worth the price of gold</li></ul>



<p>Watch the full episode below:</p>



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="Russell LaCour and the long-term case for BTC bullishness" width="1024" height="576" src="https://www.youtube.com/embed/hdnLSWBkIIE?list=PLvER9nHSRN3zPBLB2-z4qfi0AgmLBMwhe" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture" allowfullscreen></iframe>
</div></figure>



<p>Once a week, Reichel interviews industry experts, exploring the macroeconomic drivers of growth and the potential for the crypto-revolutionization of monetary regimes.&nbsp;  </p>



<p>Reichel is a Washington, D.C., based Economic Strategist, focusing on macroeconomic trends and the shifting crypto environment. In addition to her work at Blockworks, she is a PhD student in Economics, and also holds an M.A. and B.S. in Economics from George Mason University.</p>



<p>Subscribe to &#8220;Inflated Expectations&#8221; today on <a href="https://podcasts.apple.com/us/podcast/inflated-expectations/id1573418099" target="_blank" rel="noreferrer noopener">Apple</a> or <a href="https://open.spotify.com/show/3RdI0DKjAbmWS9Cr3Tn7ft?si=iAv_ZaoBThWmpDRtJfmUiQ&amp;dl_branch=1" target="_blank" rel="noreferrer noopener">Spotify</a>, or watch episodes on <a href="https://podcasts.apple.com/us/podcast/inflated-expectations/id1573418099" target="_blank" rel="noreferrer noopener">YouTube</a>.</p>


Podcast: Russell LaCour and the Long-term Case For BTC Bullishness

<div id="highlights-block_60c9fc7f1690b" class="highlights">
        <ul>
                <li>BNY Mellon has joined State Street and four other banks in offering custody support to a new crypto trading platform, Pure Digital. </li>
                <li>Virtually Human Studio raised $20 million in Series A funding, led by TCG Capital Management. </li>
            </ul>
    
</div>



<p>Bitcoin rebounded on Wednesday, climbing upwards of $32,000, after falling below $30,000 the day before.</p>



<p>Institutional adoption could have triggered crypto’s early morning rally, when bitcoin jumped over 10%. Ethereum broke past $2,000 for the first time in a week.</p>



<p>BNY Mellon, which has $45 trillion AUC, <a href="https://cms.blockworks.co/bny-mellon-to-collaborate-with-interbank-marketplace-pure-digital/" target="_blank" rel="noreferrer noopener">joined</a> State Street and four other banks in offering custody support to a new crypto trading platform, Pure Digital. </p>



<p>Later in the day, Tesla’s Elon Musk said that he owned ethereum, bitcoin and dogecoin. He added that he “would like to see bitcoin succeed.” Musk also said that Telsa would likely <a href="https://cms.blockworks.co/musk-tesla-likely-to-resume-bitcoin-payment-system/" target="_blank" rel="noreferrer noopener">resume</a> accepting bitcoin as payment in the future. During his bullish remarks at “<a href="https://www.thebword.org/c/track-2-Bitcoin-As-A-Tool-For-Economic-Empowerment" target="_blank" rel="noreferrer noopener">The B-Word”</a> conference, ethereum hiked 13% while dogecoin surged almost 20%. The panel also featured Ark Invest’s Cathie Wood and Twitter CEO Jack Dorsey.</p>



<p>Bitcoin now faces resistance around $34,000.</p>



<h3 class="wp-block-heading">Crypto</h3>



<ul class="wp-block-list" id="block-1209f037-00c3-4876-ad37-a29ab610c717"><li>Bitcoin is trading around $31,730.57, up 6.24% in 24 hours at 4:00 pm ET.</li><li>Ether is trading around $1,945.31, advancing 8.38% in 24 hours at 4:00 pm ET.</li><li>ETH:BTC is at 0.061, advancing 1.4% at 4:00 pm ET.</li><li>VIX fell -8.57% to 18.03 at 4:00 pm ET.</li></ul>



<h3 class="wp-block-heading"><strong>Insight</strong></h3>



<p>&#8220;We see that volumes of trading have increased at the lower price levels, presumably because people are buying the dip. At least whales definitely are,&#8221; TabTrader CEO, Kirill Suslov, said in a note. &#8220;However, such an important round number price level may be both difficult to pierce through and if pierced successfully, the negative pressure can prevail.&#8221;</p>



<div class="wp-block-image is-style-default"><figure class="aligncenter size-large is-resized"><img loading="lazy" decoding="async" src="https://blockworks-co.imgix.net/wp-content/uploads/2021/07/A6ACE888-CE65-4693-AA1E-911EC26F3A65.jpeg" alt="" class="wp-image-5745" width="753" height="497"/><figcaption>                                                                                                                                                                                 Graph: TradingView</figcaption></figure></div>



<p>US stocks made gains for a second trading session in a row after rebounding from Monday&#8217;s big hit to equities. </p>



<h3 class="wp-block-heading">Equities</h3>



<ul class="wp-block-list"><li>The Dow made gains to 34,794, up 0.84%.</li><li>S&amp;P 500 advanced 0.80% to 4,357.</li><li>Nasdaq was up 0.90% to 14,629.</li></ul>



<div class="wp-block-image is-style-default"><figure class="aligncenter size-large"><img loading="lazy" decoding="async" width="566" height="317" src="https://blockworks-co.imgix.net/wp-content/uploads/2021/07/243C9F54-CFF1-4E9F-BD79-3B6AABD9D56A_4_5005_c.jpeg" alt="" class="wp-image-5746" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2021/07/243C9F54-CFF1-4E9F-BD79-3B6AABD9D56A_4_5005_c.jpeg?w=566 566w, https://blockworks-co.imgix.net/wp-content/uploads/2021/07/243C9F54-CFF1-4E9F-BD79-3B6AABD9D56A_4_5005_c.jpeg?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2021/07/243C9F54-CFF1-4E9F-BD79-3B6AABD9D56A_4_5005_c.jpeg?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2021/07/243C9F54-CFF1-4E9F-BD79-3B6AABD9D56A_4_5005_c.jpeg?w=466 466w, https://blockworks-co.imgix.net/wp-content/uploads/2021/07/243C9F54-CFF1-4E9F-BD79-3B6AABD9D56A_4_5005_c.jpeg?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2021/07/243C9F54-CFF1-4E9F-BD79-3B6AABD9D56A_4_5005_c.jpeg?w=80 80w" sizes="auto, (max-width: 566px) 100vw, 566px" /></figure></div>



<h3 class="wp-block-heading">Fixed Income</h3>



<ul class="wp-block-list"><li>US 10-year treasury yields 1.292% as of 4:00 pm ET.</li></ul>



<h3 class="wp-block-heading">Commodities</h3>



<ul class="wp-block-list" id="block-d64d70c9-7052-4f1a-8167-3d370fe08354"><li>Brent crude shot up to $72.74 a barrel, advancing 4.17%.</li><li>Gold was little changed, down -0.40% to $1,803.80.</li></ul>



<h3 class="wp-block-heading">Currencies</h3>



<ul class="wp-block-list"><li>The US dollar fell -0.21%, according to the Bloomberg Dollar Spot Index.</li></ul>



<h3 class="wp-block-heading">In other news&#8230;</h3>



<p>Virtually Human Studio <a href="https://cms.blockworks.co/tcg-a16z-back-virtual-horse-racing-startup/" target="_blank" rel="noreferrer noopener">raised $20 million</a> in Series A funding, led by TCG Capital Management. </p>



<h3 class="wp-block-heading">We&#8217;re watching out for&#8230;</h3>



<ul class="wp-block-list"><li>US existing home sales will be on Thursday.</li><li>European Central Bank rate decision will be on Thursday.</li><li>The Tokyo Summer Olympics begin on Friday.</li></ul>



<p>That&#8217;s it for today&#8217;s markets wrap. I&#8217;ll see you back here tomorrow.</p>


Bitcoin Surges After Shallow Dip Below $30K: Markets Wrap

<div id="highlights-block_60c9fc7f1690b" class="highlights">
        <ul>
                <li>OpenSea, the NFT marketplace, raised $100 million in a Series B funding round</li>
                <li>FTX closed a massive $900 million funding round, bringing the crypto trading platform to a $18 billion valuation</li>
            </ul>
    
</div>



<p>Bitcoin fell below $30,000 on Tuesday, trading lower than the cryptocurrency has in a month. The digital asset had maintained a semi-steady $31,000 to $35,000 trading range weeks leading up to the hit.</p>



<p>After news broke that BlockFi received a cease-and-desist order from New Jersey’s Attorney General, bitcoin declined around 3%. The order indicated that the crypto-lending firm would no longer be allowed to accept interest rate accounts in the garden state. </p>



<p>This was one of many regulatory clampdowns for the cryptocurrency this summer. Last month, the Financial Conduct Authority <a href="https://cms.blockworks.co/uk-fca-binance-ban-not-prohibiting-british-traders/" target="_blank" rel="noreferrer noopener">said</a> they would ban all in-country exchanges on Binance Markets Limited and China’s central bank forced the country’s key financial institutions to block all crypto transactions.</p>



<p>Other crypto currencies also dropped. Ether tumbled to a three-week low of $1,709.93.</p>



<p>In less bearish news, FTX closed a $900 million funding round. This brings the crypto trading platform to a $18 billion valuation, Blockworks<a href="https://cms.blockworks.co/ftx-closes-900m-series-b-round-valuing-exchange-at-18b/" target="_blank" rel="noreferrer noopener"> reported</a> on Tuesday.</p>



<p>Fintech firm Titan said it also raised $58 million in a funding round led by VC giant Andreessen Horowitz. At the same time, Rothschild Investment Corp. tripled their bitcoin exposure since April, increasing their holdings of Grayscale Bitcoin Trust, <a href="https://www.sec.gov/Archives/edgar/data/0001020918/000102091821000006/0001020918-21-000006-index.htm" target="_blank" rel="noreferrer noopener">SEC records</a> revealed.</p>



<p>Despite signals of further mainstream adoption, crypto markets couldn&#8217;t get their footing, most falling at press time.</p>



<p>However, USD coin and tether were up 1%, respectively.</p>



<h3 class="wp-block-heading">Crypto</h3>



<ul class="wp-block-list" id="block-1209f037-00c3-4876-ad37-a29ab610c717"><li>Bitcoin is trading around $29,845.96, shedding -3.05% in 24 hours at 4:00 pm ET.</li><li>Ether is trading around $1,794.80, down -1.41% in 24 hours at 4:00 pm ET.</li><li>ETH:BTC is at 0.060, advancing 1.99% at 4:00 pm ET.</li><li>VIX fell -12.36% to 19.72 at 4:00 pm ET.</li></ul>



<h3 class="wp-block-heading"><strong>Insight</strong></h3>



<p>According to founding principal of BKCoin Capital, Kevin Kang, miners could have put large numbers of bitcoin on exchanges overnight, ensuing selling pressures on the market.</p>



<p>“Yesterday, we saw investors getting out of risky assets due to the concerns over the Delta variant and rising Covid-19 cases across the world, where equities sold off and US 10-year yields sunk almost 9%,” Kang told Blockworks. “(The) crypto market wasn’t immune from the global risk-off sentiment across macro assets &#8211; bitcoin was down 3% yesterday, struggling to get above $31,000.”</p>



<div class="wp-block-image is-style-default"><figure class="aligncenter size-full is-resized"><img loading="lazy" decoding="async" src="https://blockworks-co.imgix.net/wp-content/uploads/2021/07/980C6AA6-8877-4E27-BE5B-0B17615DDD58.jpeg" alt="" class="wp-image-5706" width="846" height="418" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2021/07/980C6AA6-8877-4E27-BE5B-0B17615DDD58.jpeg?w=1026 1026w, https://blockworks-co.imgix.net/wp-content/uploads/2021/07/980C6AA6-8877-4E27-BE5B-0B17615DDD58.jpeg?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2021/07/980C6AA6-8877-4E27-BE5B-0B17615DDD58.jpeg?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2021/07/980C6AA6-8877-4E27-BE5B-0B17615DDD58.jpeg?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2021/07/980C6AA6-8877-4E27-BE5B-0B17615DDD58.jpeg?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2021/07/980C6AA6-8877-4E27-BE5B-0B17615DDD58.jpeg?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2021/07/980C6AA6-8877-4E27-BE5B-0B17615DDD58.jpeg?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2021/07/980C6AA6-8877-4E27-BE5B-0B17615DDD58.jpeg?w=80 80w" sizes="auto, (max-width: 846px) 100vw, 846px" /></figure></div>



<p>Stocks rebounded after kicking off the week with a steep sell-off caused by Covid panic and inflationary concerns. The Dow Jones Industrial Average had its most prominent decline since October then jumped 2% intraday. The S&amp;P 500 made gains in all its major groups.</p>



<p>IBM earnings results led to big gains for the technology giant on Tuesday, whose shares surged 5% intraday, on the New York Stock Exchange. </p>



<p>In the tech-heavy Nasdaq Composite, Peloton Interactive Inc. (PTON), shot up 7%, after UnitedHealth Group Inc. (UNH) announced plans to provide free classes from the home fitness company to their members. UNH advanced 1% following the news. All major equities made continued gains by market close.</p>



<h3 class="wp-block-heading">Equities</h3>



<ul class="wp-block-list"><li>The Dow rallied 1.70% to to 34,538</li><li>S&amp;P 500 advanced 1.68% to 4,329</li><li>Nasdaq was up 1.76% to 14,526</li></ul>



<div class="wp-block-image is-style-default"><figure class="aligncenter size-large"><img loading="lazy" decoding="async" width="562" height="513" src="https://blockworks-co.imgix.net/wp-content/uploads/2021/07/A33645BD-957E-47A8-B88B-DC640CDECB65.jpeg" alt="" class="wp-image-5699" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2021/07/A33645BD-957E-47A8-B88B-DC640CDECB65.jpeg?w=562 562w, https://blockworks-co.imgix.net/wp-content/uploads/2021/07/A33645BD-957E-47A8-B88B-DC640CDECB65.jpeg?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2021/07/A33645BD-957E-47A8-B88B-DC640CDECB65.jpeg?w=282 282w, https://blockworks-co.imgix.net/wp-content/uploads/2021/07/A33645BD-957E-47A8-B88B-DC640CDECB65.jpeg?w=286 286w, https://blockworks-co.imgix.net/wp-content/uploads/2021/07/A33645BD-957E-47A8-B88B-DC640CDECB65.jpeg?w=240 240w, https://blockworks-co.imgix.net/wp-content/uploads/2021/07/A33645BD-957E-47A8-B88B-DC640CDECB65.jpeg?w=80 80w" sizes="auto, (max-width: 562px) 100vw, 562px" /></figure></div>



<p>The 10-year rose after deflating on Tuesday morning. Investors are still accessing economic growth and looming rate hikes as the Federal Reserve chair insists that inflation is transitory.</p>



<h3 class="wp-block-heading">Fixed Income</h3>



<ul class="wp-block-list"><li>U.S. 10-year treasury yields 1.214% as of 4:00 pm ET</li></ul>



<h3 class="wp-block-heading">Commodities</h3>



<ul class="wp-block-list" id="block-d64d70c9-7052-4f1a-8167-3d370fe08354"><li>Brent crude shot up to $69.65 a barrel, advancing 1.46%.</li><li>Gold was little changed with an uptick of 0.01% to $1,809.30.</li></ul>



<h3 class="wp-block-heading">Currencies</h3>



<ul class="wp-block-list"><li>The US dollar strengthened 0.09%, according to the Bloomberg Dollar Spot Index.</li></ul>



<h3 class="wp-block-heading">In other news&#8230;</h3>



<p>OpenSea, the first non-fungible token (NFT) marketplace, raised $100 million in a Series B funding, bringing them to an implied valuation of $1.5 billion. The round was led by venture capital firm Andreessen Horowitz, Blockworks <a href="https://cms.blockworks.co/a16z-leads-100m-round-for-nft-unicorn-opensea/" target="_blank" rel="noreferrer noopener">reported</a> on Tuesday.&nbsp;</p>



<h3 class="wp-block-heading">We&#8217;re watching out for&#8230;</h3>



<ul class="wp-block-list"><li>US existing home sales will be on Thursday.</li><li>European Central Bank rate decision will be on Thursday.</li><li>The Tokyo Summer Olympics begin on Friday.</li></ul>



<p>That&#8217;s it for today&#8217;s markets wrap. I&#8217;ll see you back here tomorrow.</p>


Bitcoin Dips Below $30,000 While US Stocks Rally: Markets Wrap

<div id="highlights-block_60c9fc7f1690b" class="highlights">
        <ul>
                <li>Robinhood said bitcoin was its most traded cryptocurrency in 2020.</li>
                <li>American Airlines Group and Occidental Petroleum both fell around 5%, respectively.</li>
            </ul>
    
</div>



<p>Wall Street indices slumped on Monday as wary investors accessed looming inflationary pressures and fears over rising Covid cases.</p>



<p>The Dow Jones Industrial Average dropped nearly 900 points intraday, its biggest hit since October. The broad string of sell-offs also hit the tech-heavy Nasdaq Composite which fell more than 1% in the morning.&nbsp;Travel and energy stocks took the biggest hits. American Airlines Group and Occidental Petroleum both fell around 5%, respectively. All major gauges closed in the red.</p>



<p>However, stocks that are less impacted by lockdown restrictions made small gains, including Etsy and supermarkets like Kroger. The online craft marketplace was up around 7% intraday.&nbsp;</p>



<h3 class="wp-block-heading">Equities</h3>



<ul class="wp-block-list"><li>The Dow was down to 34,687, shedding -0.86%</li><li>S&amp;P 500 fell -1.59% to 4,258</li><li>Nasdaq declined -1.06% to 14,274</li></ul>



<p>Bitcoin and ethereum followed suit. Despite many coining bitcoin as a hedge against inflation, the cryptocurrency continued to fall with US stocks on Monday. Many suspect pandemic restrictions or inflation to be spooking investors. The slide in crypto comes a week after Federal Reserve Chair Jerome Powell said a centralized digital currency would be more viable than several cryptocurrencies.</p>



<h3 class="wp-block-heading">Crypto</h3>



<ul class="wp-block-list" id="block-1209f037-00c3-4876-ad37-a29ab610c717"><li>Bitcoin is trading around $30,742.33, shedding -3.42% in 24 hours at 4:00 pm E</li><li>Ether is trading around $1,820.36, down -4.90% in 24 hours at 4:00 pm E</li><li>ETH:BTC is at 0.059, down -0.55% at 4:00 pm E</li><li>VIX jumped 21.95% to 22.50 at 4:00 pm E</li></ul>



<h3 class="wp-block-heading"><strong>Insight</strong></h3>



<p>Junaid Ghauri, CIO of Pareto Technologies, weighed in on the history of correlation between major equities and bitcoin.</p>



<p>“If you track the history of bitcoin’s correlation, you’ll find as the market capitalization grows, it also increases correlation with traditional assets as well at times. That’s happening because of institutional participation, particularly speculative institutional participation,” Ghauri told Blockworks.<strong> “</strong>A lot of these guys have mandates that are very similar across the board. They’ll deploy a similar type of arbitrage or marketing strategy with US equities as they will with bitcoin. Once you have these guys who are already making markets and traditional markets get involved in crypto markets, that ends up driving up correlation. They end up treating bitcoin like risk-on and risk-off metrics very similar in terms of their engagement with bitcoin relative to US equities.”</p>



<figure class="wp-block-image size-large is-style-default"><img loading="lazy" decoding="async" width="1024" height="580" src="https://blockworks-co.imgix.net/wp-content/uploads/2021/07/B10ED3C4-D0DF-4CBD-AE24-91AA590DD5D9-1024x580.jpeg" alt="" class="wp-image-5619" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2021/07/B10ED3C4-D0DF-4CBD-AE24-91AA590DD5D9-1024x580.jpeg?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2021/07/B10ED3C4-D0DF-4CBD-AE24-91AA590DD5D9-1024x580.jpeg?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2021/07/B10ED3C4-D0DF-4CBD-AE24-91AA590DD5D9-1024x580.jpeg?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2021/07/B10ED3C4-D0DF-4CBD-AE24-91AA590DD5D9-1024x580.jpeg?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2021/07/B10ED3C4-D0DF-4CBD-AE24-91AA590DD5D9-1024x580.jpeg?w=461 461w, https://blockworks-co.imgix.net/wp-content/uploads/2021/07/B10ED3C4-D0DF-4CBD-AE24-91AA590DD5D9-1024x580.jpeg?w=387 387w, https://blockworks-co.imgix.net/wp-content/uploads/2021/07/B10ED3C4-D0DF-4CBD-AE24-91AA590DD5D9-1024x580.jpeg?w=80 80w, https://blockworks-co.imgix.net/wp-content/uploads/2021/07/B10ED3C4-D0DF-4CBD-AE24-91AA590DD5D9-1024x580.jpeg?w=1046 1046w" sizes="auto, (max-width: 1024px) 100vw, 1024px" /></figure>



<p>OPEC+ drama subsided as the alliance agreed to raise production following infighting between Saudia Arabia and the United Arab Emirates. Oil prices fell on the news.&nbsp;However, lumber shot up 6%. </p>



<h3 class="wp-block-heading">Commodities</h3>



<ul class="wp-block-list" id="block-d64d70c9-7052-4f1a-8167-3d370fe08354"><li>Brent crude is down to $68.67 a barrel, falling -6.69%</li><li>Gold was little changed, down -0.10% to $1,813.10</li></ul>



<h3 class="wp-block-heading">Fixed Income</h3>



<ul class="wp-block-list"><li>U.S. 10-year treasury yields 1.197% as of 4:00 pm ET</li></ul>



<h3 class="wp-block-heading">Currencies</h3>



<ul class="wp-block-list"><li>The US dollar strengthened 0.15%, according to the Bloomberg Dollar Spot Index</li></ul>



<h3 class="wp-block-heading">In other news&#8230;</h3>



<p>Robinhood said <a href="https://cms.blockworks.co/robinhood-says-bitcoin-is-its-most-traded-cryptocurrency-ahead-of-ipo/" target="_blank" rel="noreferrer noopener">bitcoin was its most traded cryptocurrency</a> in 2020, according to an amended <a href="https://www.sec.gov/Archives/edgar/data/0001783879/000162828021013986/robinhoods-1a1.htm" target="_blank" rel="noreferrer noopener">S-1 form</a> on Monday. Bitcoin scored over $54 billion in daily average market volume in Q1 of this year. Although crypto accounts for 17% of Robinhood’s revenue, the company warns investors that the trading frenzy may soon slow down.</p>



<h3 class="wp-block-heading">We&#8217;re watching out for&#8230;</h3>



<ul class="wp-block-list"><li>US existing home sales will be on Thursday.</li><li>European Central Bank rate decision will be on Thursday.</li><li>The Tokyo Summer Olympics begin on Friday.</li></ul>



<p>That&#8217;s it for today&#8217;s markets wrap. I&#8217;ll see you back here tomorrow.</p>
