It has been a busy day in terms of news, so let us catch you up on the latest and greatest.

Today’s Agenda:

• Market Watch
• Highlights of the Day
  • Crypto is Dumping
  • MicroStrategy Continues to DCA
• Project of the Day
• Crypto Corner
• Market Sentiment & Predictions
• Business & Political Insights 

Market Watch

Top Gainers

• Aave ($AAVE): +8.8%
• MANTRA ($OM):  +7.6%
• Helium ($HNT):  +6.6%

Top Losers

• Beam ($BEAM): -11.8%
• Arweave ($AR): -8.2%
• Sei ($SEI): -7.2%

Trending Crypto Sectors/Categories

• Quest to Earn
• Galaxy Digital Portfolio 
• Delphi Digital Portfolio 

Total Crypto Market Cap – 2.405 Trillion

Fear and Greed Index – 57

Top NFT Sale

• CryptoPunks #5034 Sold for 35.75 ETH 

Highlights of the Day

Crypto is Dumping

Cryptocurrency prices, including Bitcoin and Solana, have experienced a decline today after the Federal Reserve opted to maintain interest rates at 5.5%. Notably, Fed Chair Jerome Powell’s mention of a potential rate cut in September failed to convince investors, who interpreted the Fed’s stance as insufficient, especially in light of easing inflation.

Outlook for Crypto

Despite today’s downturn, the outlook for cryptocurrencies remains positive. The crypto community is hopeful that anticipated rate cuts, stronger regulatory frameworks, and increased political support in the U.S. could drive valuations to new highs by the end of the year.

MicroStrategy Continues to DCA

MicroStrategy (MSTR), led by Bitcoin advocate Michael Saylor, reported a net loss for the second quarter due to an impairment charge on its Bitcoin assets. Nevertheless, the company remains committed to its Bitcoin strategy, recently purchasing an additional 169 Bitcoins for $11.4 million.

Current BTC Holdings

As of July 31, MicroStrategy’s Bitcoin holdings total 226,500 coins, acquired at an average price of $36,821 each. With Bitcoin currently valued around $63,500, the company’s holdings are now worth approximately $14.4 billion.

Project of the Day

StormX

StormX ($STMX), established in 2015, is a pioneer in cryptocurrency-based cashback solutions, offering users crypto rewards for their online purchases through a mobile app and browser extension. 

Currently, $STMX has a market cap exceeding $99 million, trading around $0.008 per token. In recent weeks, $STMX has experienced notable price movements, with a 20% increase over the past week, a 75% gain in the past month, and a 30% rise over the past year. Despite these gains, the price remains significantly below its all-time high of $0.17 from 2018. However, as the cryptocurrency market continues to expand and mainstream adoption grows, StormX holds promising potential, especially with major Web2 platforms integrating its services.

Crazy Day in Crypto

• Bitcoin’s price has fallen 5.2% in the past 24 hours, leading to over $312 million in liquidations and impacting the broader crypto market, amid rising geopolitical tensions in the Middle East.
• Solana is at a critical support level of $165; if it falls below this point, it could face a 25% drop to $122 in the near future, influenced by market trends and internal issues.

Market Sentiment & Predictions

• The CEO of VanEck has projected that Bitcoin will reach a market capitalization equivalent to 50% of gold’s total value and is expected to exceed $350,000.
• MicroStrategy ($MSTR) is preparing to raise $2 billion through an “at-the-market equity offering,” with the intention of using the proceeds to acquire additional Bitcoin and further bolster its cryptocurrency holdings.

Business Talks & Political Insights

• Intel ($INTC) has announced that it will cut 15% of its workforce, leading to over 18,000 job losses, with the reductions slated to be finalized by the end of the year.

Coinbase ($COIN) reported Q2 revenue of $1.45 billion, an 11% decrease from Q1, primarily due to a 29% drop in consumer transaction revenues.