Market Update Report - August 18 2023

Crypto prices tumble as negative news and liquidations hit market: Bitcoin moved sharply lower this week, dipping well below recent ranges, nearly hitting USD on Thursday before somewhat bouncing back. The downward price action followed a build up of negative news, including a report of large sales of BTC by SpaceX, the bankruptcy of Chinese property giant Evergrande, and a subsequent raft of liquidations in the crypto derivatives market totalling $1 billion USD in 24 hours.

EU lists a spot bitcoin ETF, beating US to the punch: A London-based asset manager listed a spot bitcoin ETF on the Amsterdam Euronext stock exchange this week, as US asset managers wait on the SEC for a decision on US-based spot bitcoin ETF applications.

Coinbase secures approval to offer crypto futures to US investors: After applying two years ago to the National Futures Association, Coinbase has received approval for a Futures Commission Merchant, which will allow it to offer futures products to US investors.

The Sandbox completes $100 million USD token unlock: Other projects including Avalanche (AVAX) and Injective (INJ) also have token unlocks coming later in August.

Equities dip as China’s economic woes weigh on markets: Equities dipped along with crypto markets this week, with the economic news coming out of China showing a cloudy outlook for the country as it slips into a deflationary period.

🔗Crypto Topic of the Week: Cross-Chain Interoperability

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