• Bitcoin and cryptoassets moved higher after the release of July’s consumer price index, which was lower than predicted. Bitcoin remained in its $23,000 to $25,000 trading channel after peaking at a weekly high of $24,929.
  • BlackRock partnered with Coinbase to make it easier for institutional investors to manage and trade Bitcoin on its Aladdin platform.
  • Bitcoin’s correlation to the Nasdaq Composite Index has dropped to 0.37 for the first time since January 2022. This suggests that crypto has a relatively weak correlation to risk assets.
  • The U.S. Senate Agriculture Committee introduced a new bill which would grant the Commodity Futures Trading Commissions jurisdiction over Bitcoin and Ethereum, as well as any other crypto products that are deemed as commodities.
  • Crypto lender Hodlnaut halted withdrawals, token swaps, and deposits on August 8 in light of underlying market conditions. The firm stated that it needs to “focus on stabilising our liquidity and preserving assets.”
  • The US stablecoin bill has been delayed until after the summer recess by the House Financial Services Committee. The bill could establish US regulation for stablecoins which could play a prudent role in accelerating digital asset adoption.