The major market focus is still on US macro and Fed monetary policy
Prior to a recovery after the US closing bell on Monday, panic selling had driven the overall cryptocurrency market value to a day low of $969.2 billion. Prior to a busy week for the international financial markets, dip buyers were able to enter the market due to a lack of US economic indications and FOMC member talk.
The tone is set today by the PMIs for the US private sector, with the Services PMI dominating the market. Support for cryptocurrencies came from a greater decline in the services sector, with the data pointing to the need for a potential stop in rate increases.
Core durable goods orders, unemployment claims, Q2 GDP, personal expenditure, and inflation data will all be released this week.
The figures, however, will be obscured by doubt. Investors must take into account the factors that provide the Fed additional leeway and those that might shorten the aggressive interest rate path that is envisaged beyond normalization.
The two market factors are still the Fed interest rate course trajectory and the economic outlook. The perfect crypto combo would be a less hawkish approach on interest rates and an upbeat assessment of the US economy. The two are unlikely to occur simultaneously, however, given how hotly US inflation is rising.
Other economies, including those of the US, China, the Eurozone, and the UK, are in trouble.
Early in the US session, Ethereum (ETH) was up 0.53% and bitcoin (BTC) was up 0.21%. However, XRP was the first to decline, dropping by 1.16%.
XRP Falls Short While Investors Wait Crucial judicial decision in the SEC v. Ripple case
Investor apprehension about the SEC v. Ripple case continues to be a barrier for XRP. Court decisions on the materials relating to the Hinman speech have been coming in slowly. Late in July, the SEC submitted its most recent challenge to the court's decision rejecting its request for the Hinman documents to be protected by the attorney-client privilege.
It has been four weeks since the SEC objected. There haven't been any new developments about the materials relating to the Hinman speech other from an SEC reply brief.
Investors may find it concerning that the Court has heard more than six motions to challenge an initial judgement in Ripple's favor. These came before the July decision that prompted the SEC objection.
Winter Crypto thaws In Singapore, early
Rising bitcoin (BTC) trade volumes at DBS Digital, a cryptocurrency exchange, were reported by Bloomberg today.
While other platforms cut jobs and go out of business, DBS seems to have found the right clientele. Increased volumes and BTC purchases indicate the existence of whales in the Republic.
In December 2020, DBS introduced DBS Digital Exchange at the same time that Ripple Labs was being sued by the SEC.
Nike revitalizes the NFT market
According to reports, Nike now has the highest NFT earnings brand. While NFT trading volumes have plummeted, NIKE generated $185.32 million in NFT income on 67,490 trades. With $25.65 million in total NFT income, Dolce & Gabbana came in second, followed by Tiffany ($12.62m), according to Dune Analytics.
Tiffany finished in third, but only had 74 sales that generated $12.62 million in revenue.
The combined NFT income for Web3 and NFT pioneer Gucci was $11.56 million.
Coinbase (COIN) and PayPal (PYPL) Collaborate to Help with Banking Compliance
PayPal (PYPL) has been added to the Travel Rule Universal Solution Technology (TRUST) network, according to a recent announcement by Coinbase.
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