The Market Roundup: Week of July 24
- This week’s market snapshot
- Nomad loses nearly $200M in bridge attack
- Solana to launch physical store, Solana Spaces
- Voyager lawyers clash with SBF over buyout offer
- California overturns ban on political crypto donations
The market dynamic today is a kind of bizarro-world. Poor consumer sentiment, plummeting savings rates, plummeting PMI, earnings misses by most major companies. This news leads the market to believe that the Fed will soon reverse course and start cutting rates in early 2023.
We’re getting nostalgic for the times when bad economic news and worsening company earnings led to lower valuations. Today it feels like there is no market, there is only the Fed.
All risk assets, including $ETH and $BTC, have seen a rally over the last month. Looking at the crypto markets, we see a lot more BTC downside risk vs. other crypto assets…