Casey Wagner

<div id="highlights-block_60c9fc7f1690b" class="highlights">
        <ul>
                <li>US closed higher Tuesday after Monday&#8217;s turbulent session</li>
                <li>Second quarter earnings season continued with largely better-than-expected results </li>
            </ul>
    
</div>



<p>US stocks closed higher Tuesday as second quarter earnings continued to come in above expectations, mostly overshadowing concerns over the Delta variant and additional restrictions. </p>



<p>The S&amp;P 500 rallied as companies largely beat on earnings estimates. Shares of Under Armour rose 7% after the athletic appeal company beat on second quarter profit expectations. Zillow Group and Moderna are among the companies set to report later this week.</p>



<p>Chinese tech giant Alibaba also reported higher-than-expected second quarter results, but shares lost 1.57% as China&#8217;s regulatory crackdown intensified. Similarly, Marriott International earnings showed a significant rebound from last year, but shares fell 1.82% as Delta variant concerns grow. </p>



<p>Investors and analysts are awaiting Friday&#8217;s jobs data. The non-farm payroll report will reveal when traders may start to see tapering from the Federal Reserve. Chairman Powell has indicated that there will only be a pullback in the easy-money policies when employment numbers start to improve. </p>



<h3 class="wp-block-heading">Equities</h3>



<ul class="wp-block-list"><li>The Dow rose 0.8%.</li><li>S&amp;P 500 rallied 0.82%.</li><li>Nasdaq gained 0.55%.</li></ul>



<h3 class="wp-block-heading">Insight</h3>



<p>Jim Paulsen, chief investment strategist at The Leuthold Group, weighed in on inventory liquidation and what we can expect in markets going forward. </p>



<p>&#8220;Dwindling inventories have held back real-GDP growth, and widespread shortages of numerous products have led to the recent spike in the inflation rate. These undercurrents have, in turn, set off a raging debate at the Federal Reserve and among investors as to whether this inflation is, in fact, transitory or incessant? But, overall, the inability of companies to keep pace with an explosive revival in consumer demand has become the primary economic problem.&#8221; </p>



<h3 class="wp-block-heading">DeFi</h3>



<ul class="wp-block-list"><li>Uniswap is trading at $21.21, down 5.26% in 24 hours at 4:00 pm ET.</li><li>Chainlink is trading at $23.36, gaining 1.65% in 24 hours at 4:00 pm ET.</li></ul>



<h3 class="wp-block-heading">Crypto</h3>



<ul class="wp-block-list" id="block-1209f037-00c3-4876-ad37-a29ab610c717"><li>Bitcoin is trading around $38,052.15, down 2.1% in 24 hours at 4:00 pm ET.</li><li>Ether is trading around $2,474.83, falling 4.69% in 24 hours at 4:00 pm ET.</li><li>VIX is down 8.17% to 17.87 at 4:00 pm ET.</li></ul>



<h3 class="wp-block-heading">Fixed Income</h3>



<ul class="wp-block-list"><li>US 10-year Treasury yields 1.17% as of 4:00 pm ET.</li></ul>



<h3 class="wp-block-heading">Commodities</h3>



<ul class="wp-block-list" id="block-d64d70c9-7052-4f1a-8167-3d370fe08354"><li>Brent crude is at $72.49 per barrel, losing 1.02%.</li><li>Gold fell 0.11% to $1,810.84.</li></ul>



<h3 class="wp-block-heading">Currencies</h3>



<ul class="wp-block-list"><li>The US dollar gained 0.01%, according to the Bloomberg Dollar Spot Index.</li></ul>



<h3 class="wp-block-heading">In other news&#8230;</h3>



<p>Tomorrow the Ethereum blockchain is set to undergo a significant transformation, or <a href="https://cms.blockworks.co/ethereum-hard-fork-means-lower-gas-fees-and-higher-eth-pricing/">“hard fork”</a> as it’s called in the open source world. A hard fork is a split in the underlying base code of the software that takes it a different direction than before. Changes expected include lower gas fees and potentially higher prices for ETH.</p>



<p>That&#8217;s it for today&#8217;s markets wrap. I&#8217;ll see you back here tomorrow.</p>



<p><strong><em>Want more investor-focused content on digital assets?&nbsp;<a target="_blank" href="https://cms.blockworks.co/events/digital-asset-summit-2021-2/" rel="noreferrer noopener">Join us</a>&nbsp;September 13th and 14th for the Digital Asset Summit (DAS) in NYC. Use code ARTICLE for $75 off your ticket.&nbsp;<a target="_blank" href="https://cms.blockworks.co/events/digital-asset-summit-2021-2/" rel="noreferrer noopener">Buy it now</a>.</em></strong></p>


China

Earnings Push Equities Higher, Delta Concerns Linger: Markets Wrap

<div id="highlights-block_60c9fc7f1690b" class="highlights">
        <ul>
                <li>US stocks erased gains made earlier in the session and closed mostly lower following slower-than-expected manufacturing data</li>
                <li>59% of S&amp;P 500 companies have reported so far and 88% of these have beaten Wall Street earnings estimates</li>
            </ul>
    
</div>



<p>US stocks erased earlier gains late in the trading session Monday and Treasury yields continued to slide following disappointing manufacturing data. </p>



<p>Equities started off strong Monday morning, largely paring losses from the prior session, before closing mostly lower. Monday&#8217;s July manufacturing data showed that there was some growth in July, but pace slowed for a second straight month as supply chain and bottleneck issues persist. </p>



<p>10-year Treasury real yields, which reveals the expected inflation impact over the next decade, continued declines and fell to minus 1.16%. </p>



<p>Second quarter earnings continue this week with better-than-expected data. 59% of S&amp;P 500 companies have reported so far. 88% of these have beaten Wall Street earnings estimates, according to research from DataTrek. Uber and Lyft are scheduled to report earnings this week. </p>



<p>Earnings growth rate for S&amp;P 500 companies is on track to hit an expected 85.1%. If met, this would be the biggest jump since the fourth quarter of 2009, according to data from FactSet. </p>



<h3 class="wp-block-heading">Equities</h3>



<ul class="wp-block-list"><li>The Dow fell -0.28%.</li><li>S&amp;P 500 declined -0.18%.</li><li>Nasdaq gained 0.06%.</li></ul>



<h3 class="wp-block-heading">Insight</h3>



<p>Nicholas Colas, co-founder of DataTrek Research, weighed in on second quarter earnings reports. </p>



<p>&#8220;Back in 2019, the S&amp;P 500 earned $163/share. We’re running 23 percent higher right now ($50/share in Q2, $200/share annualized) which, given everything that happened, is nothing short of astounding.&#8221; </p>



<h3 class="wp-block-heading">DeFi</h3>



<ul class="wp-block-list"><li>Uniswap is trading at $22.40, down -2.21% in 24 hours at 4:00 pm ET.</li><li>Chainlink is trading at $23.18, declining -1.79% in 24 hours at 4:00 pm ET.</li></ul>



<h3 class="wp-block-heading">Crypto</h3>



<ul class="wp-block-list" id="block-1209f037-00c3-4876-ad37-a29ab610c717"><li>Bitcoin is trading around $38,831.15, down -5.48% in 24 hours at 4:00 pm ET.</li><li>Ether is trading around $2,595.83, falling -2.23% in 24 hours at 4:00 pm ET.</li><li>VIX is up 1.22% to 19.46 at 4:00 pm ET.</li></ul>



<h3 class="wp-block-heading">Fixed Income</h3>



<ul class="wp-block-list"><li>US 10-year Treasury yields 1.18% as of 4:00 pm ET.</li></ul>



<h3 class="wp-block-heading">Commodities</h3>



<ul class="wp-block-list" id="block-d64d70c9-7052-4f1a-8167-3d370fe08354"><li>Brent crude is up to $76.39 per barrel, advancing 0.08%.</li><li>Gold fell -0.53% to $1,813.22.</li></ul>



<h3 class="wp-block-heading">Currencies</h3>



<ul class="wp-block-list"><li>The US dollar lost 0.1%, according to the Bloomberg Dollar Spot Index.</li></ul>



<h3 class="wp-block-heading">In other news&#8230;</h3>



<p><a href="https://www.investvoyager.com/" target="_blank" rel="noreferrer noopener">Voyager Digital</a> is set to acquire crypto payment platform <a href="https://www.coinify.com/" target="_blank" rel="noreferrer noopener">Coinify</a> in an <a href="https://cms.blockworks.co/voyager-digital-acquires-crypto-payment-platform-coinify/" target="_blank" rel="noreferrer noopener">attempt to accelerate</a> its international expansion and bolster capabilities in the payment space. The buy will give Voyager’s customer base of about 1.8 million users a way to make payments from their Voyager accounts.</p>



<p>That&#8217;s it for today&#8217;s markets wrap. I&#8217;ll see you back here tomorrow.</p>



<p><strong><em>Want more investor-focused content on digital assets?&nbsp;<a target="_blank" href="https://cms.blockworks.co/events/digital-asset-summit-2021-2/" rel="noreferrer noopener">Join us</a>&nbsp;September 13th and 14th for the Digital Asset Summit (DAS) in NYC. Use code ARTICLE for $75 off your ticket.&nbsp;<a target="_blank" href="https://cms.blockworks.co/events/digital-asset-summit-2021-2/" rel="noreferrer noopener">Buy it now</a>.</em></strong></p>


Bitcoin

Equities Lose Gains, Yields Inch Lower: Markets Wrap

Morgan Chittum

<div id="highlights-block_60c9fc7f1690b" class="highlights">
        <ul>
                <li> Bitcoin is up 253.55% ROI to the dollar in the past year, according to Messari.</li>
                <li>Saber Protocol, a stablecoin exchange, raised $7.7 million in a seeding fund round.</li>
            </ul>
    
</div>



<p>A strong quarterly earnings season couldn’t stop US stocks from sliding on Friday. </p>



<p>On the Nasdaq Composite, Robinhood (HOOD) advanced around 3.5% after having a disappointing trading debut on Thursday. Hours after HOOD’s IPO, ARK’s Cathie Wood bought shares of the trading platform’s parent company, Robinhood Markets. </p>



<p>Amazon.com Inc. reported high profits of $30 billion on Thursday night but wary investors questioned if the tech giant can continue its own growth. The company’s shares shed 7.5% on Friday.</p>



<p>Caterpillar Inc., which reported higher earnings on Friday, told investors profits would decline due to rising costs. Following the news, the company fell around 4% intraday on the NYSE. Pinterest plunged 18% following a report, citing significant loss in user engagement. </p>



<p>80% of company earnings in the S&amp;P 500 have surpassed profit estimates, according to<a href="https://www.bloomberg.com/news/articles/2021-07-29/asia-stocks-eye-muted-open-on-china-risk-earnings-markets-wrap?srnd=markets-vp" target="_blank" rel="noreferrer noopener"> Bloomberg.</a> However, at the same time, tech companies like Facebook and Apple fell 0.5% and 0.4%, respectively. </p>



<p>Essentially, investors fears surrounding Covid-19 stunting economic growth and looming interest rate hikes have taken precedence over a mostly strong corporate earnings season.&nbsp;</p>



<p>Wall Street gauges recovered some but pared losses by market close.</p>



<h3 class="wp-block-heading">Equities</h3>



<ul class="wp-block-list"><li>The Dow fell -0.42% to 34,936.</li><li>S&amp;P 500 declined -0.54% to 4,395.</li><li>Nasdaq shed -0.71% to 14,672.</li></ul>



<h3 class="wp-block-heading">Insight</h3>



<p>Oaktree Capital co-founder Howard Marks weighed in on inflation concerns and the macro environment in a recent client <a href="https://www.oaktreecapital.com/docs/default-source/memos/thinkingaboutmacro.pdf" target="_blank" rel="noreferrer noopener">note</a>.</p>



<p>“The low reported U.S. inflation rates may be partially attributable to changes in recent decades in the way the Consumer Price Index is calculated, but the truth is that we know very little about inflation, including its causes and cures,” Marks added. “I describe it as &#8216;mysterious,&#8217; so I believe we should put even less stock in predictions surrounding inflation than in other areas. That makes life tough for investors at the moment, because inflation and its impact on interest rates constitute the most important wildcards.”</p>



<figure class="wp-block-image size-large is-style-default"><img loading="lazy" decoding="async" width="1024" height="583" src="https://blockworks-co.imgix.net/wp-content/uploads/2021/07/3CAA5510-0D02-4584-A6F1-DF124A00C133-1024x583.jpeg" alt="" class="wp-image-6047" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2021/07/3CAA5510-0D02-4584-A6F1-DF124A00C133-1024x583.jpeg?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2021/07/3CAA5510-0D02-4584-A6F1-DF124A00C133-1024x583.jpeg?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2021/07/3CAA5510-0D02-4584-A6F1-DF124A00C133-1024x583.jpeg?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2021/07/3CAA5510-0D02-4584-A6F1-DF124A00C133-1024x583.jpeg?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2021/07/3CAA5510-0D02-4584-A6F1-DF124A00C133-1024x583.jpeg?w=458 458w, https://blockworks-co.imgix.net/wp-content/uploads/2021/07/3CAA5510-0D02-4584-A6F1-DF124A00C133-1024x583.jpeg?w=385 385w, https://blockworks-co.imgix.net/wp-content/uploads/2021/07/3CAA5510-0D02-4584-A6F1-DF124A00C133-1024x583.jpeg?w=80 80w, https://blockworks-co.imgix.net/wp-content/uploads/2021/07/3CAA5510-0D02-4584-A6F1-DF124A00C133-1024x583.jpeg?w=1131 1131w" sizes="auto, (max-width: 1024px) 100vw, 1024px" /><figcaption>                                                                                                                                                                                                       Source: <a href="https://www.datatrekresearch.com/" target="_blank" rel="noreferrer noopener">DataTrek</a></figcaption></figure>



<p>Bitcoin downticks after <a href="https://www.coindesk.com/bitcoin-drops-after-1-6b-monthly-options-expiry" target="_blank" rel="noreferrer noopener">Deribit,</a> the largest crypto options exchange, settled a 1.6 billion options expiry. Despite sell-off pressures, the cryptocurrency maintained a trading rage of $38,000 to $40,000 on Friday.</p>



<p>Bitcoin is up 253.55% returns on investment to the dollar in the past year, according to Messari.&nbsp;On Wednesday, the crypto briefly touched a six-week high, trading at almost $41,000. </p>



<p>In decentralized finance (DeFi), Solana-based stablecoin exchange, Saber Protocol, raised <a href="https://cointelegraph.com/news/solana-based-cross-chain-exchange-saber-raises-7-7m-to-expand-team-and-tokens" target="_blank" rel="noreferrer noopener">$7.7 million</a> in a seed funding round this week. DeFi tokens like Chainlink (LINK) leaped over 15% on Friday.</p>



<h3 class="wp-block-heading">Insight</h3>



<p>Co-founder of Saber Protocol, Dylan Macalinao, weighed in on the recent funding and their goal to be the liquidity network for cross-chain DeFi. </p>



<p>“For DeFi to reach millions of users and trillions in value, we need a blockchain that can handle mass scale. Due to its low transaction costs and high performance, we believe Solana is that blockchain,” Macalinao <a href="https://twitter.com/DylanMacalinao/status/1420022271633133569?s=20">said</a>.</p>



<h3 class="wp-block-heading">DeFi</h3>



<ul class="wp-block-list"><li>Uniswap is trading at $20.45 with a total value locked of $4,254,696,078 up 6.1% in 24 hours at 4:00 pm ET.&nbsp;</li><li>Chainlink is trading at $21.7, advancing 15.1% with trading volume at $1,479,268,901 in 24 hours at 4:00 pm ET.</li><li>DeFi:ETH is 32% at 4:00 pm ET.</li></ul>



<h3 class="wp-block-heading">Crypto</h3>



<ul class="wp-block-list" id="block-1209f037-00c3-4876-ad37-a29ab610c717"><li>Bitcoin is trading around $39,113.15, down -1.46% in 24 hours at 4:00 pm ET.</li><li>Ether is trading around $2,347.83, advancing 1.56% in 24 hours at 4:00 pm ET.</li><li>ETH:BTC is at 0.0600, up 0.86% at 4:00 pm ET.</li><li>VIX is up 3.56% to 18.33 at 4:00 pm ET.</li></ul>



<h3 class="wp-block-heading">Fixed Income</h3>



<ul class="wp-block-list"><li>US 10-year treasury yields 1.237% as of 4:00 pm ET.</li></ul>



<h3 class="wp-block-heading">Commodities</h3>



<ul class="wp-block-list" id="block-d64d70c9-7052-4f1a-8167-3d370fe08354"><li>Brent crude is up to $76.33 per barrel, advancing 0.37%.</li><li>Gold fell -1.14% to $1,827.80.</li></ul>



<h3 class="wp-block-heading">Currencies</h3>



<ul class="wp-block-list"><li>The US dollar strengthened 0.33%, according to the Bloomberg Dollar Spot Index.</li></ul>



<h3 class="wp-block-heading">In other news&#8230;</h3>



<p>State Street partnered with crypto asset data provider <a href="https://www.lukka.tech" target="_blank" rel="noreferrer noopener">Lukka</a>, Blockworks <a href="https://cms.blockworks.co/state-street-teams-with-lukka-to-expand-crypto-services/" target="_blank" rel="noreferrer noopener">reported</a> on Friday. The partnership will help the custody bank provide digital asset fund administration capabilities for its private funds clients.</p>



<p>That&#8217;s it for today&#8217;s markets wrap. I&#8217;ll see you back here on Monday.</p>



<p><strong><em>Want more investor-focused content on digital assets?&nbsp;<a target="_blank" href="https://cms.blockworks.co/events/digital-asset-summit-2021-2/" rel="noreferrer noopener">Join us</a>&nbsp;September 13th and 14th for the Digital Asset Summit (DAS) in NYC. Use code ARTICLE for $75 off your ticket.&nbsp;<a target="_blank" href="https://cms.blockworks.co/events/digital-asset-summit-2021-2/" rel="noreferrer noopener">Buy it now</a>.</em></strong></p>


Bitcoin Trades Sideways; Equities Fall: Markets Wrap

<div id="highlights-block_60c9fc7f1690b" class="highlights">
        <ul>
                <li>Peter Theil’s Valar Ventures led a $25 million Series A funding round for lending platform, Vauld.</li>
                <li>PayPal is set to expand its crypto capabilities and DeFi apps, the company&#8217;s CEO said during its earnings call.</li>
            </ul>
    
</div>



<p>Major indices advanced on Thursday. Investors continued to assess economic growth amid rising Covid cases, gross domestic product data and jobless claims.&nbsp;</p>



<p>GDP figures rose to 6.5% from last year, but fell below economists’ predictions of 8.4%. Initial jobless claims were lower last week, but the job market still have a major shortage problem.&nbsp;</p>



<p>On the Nasdaq, Robinhood made its trading debut today on the public markets with an underwhelming performance for prospective retail investors to come. Shares were listed around $38, the <a href="https://www.wsj.com/amp/articles/robinhood-ipo-prices-at-38-a-share-11627515866?mod=article_inline" target="_blank" rel="noreferrer noopener">low-end</a> of underwriters’ estimates.&nbsp;The IPO valued the trading platform at approximately $31.8 billion. However, after the opening bell, the company’s shares shed more than 10% intraday, Blockworks <a href="https://cms.blockworks.co/robinhood-stock-slips-on-first-day-of-trading/" target="_blank" rel="noreferrer noopener">reported.</a> Amazon and Facebook both fell after earnings.&nbsp;</p>



<p>Despite disappointing data and looming Covid restrictions, all Wall Street gauges closed ahead.</p>



<h3 class="wp-block-heading">Equities</h3>



<ul class="wp-block-list"><li>The Dow was up 0.44% to 35,084.</li><li>S&amp;P 500 advanced 0.42% to 4,419.</li><li>Nasdaq had an uptick of 0.11% to 14,778.</li></ul>



<h3 class="wp-block-heading">Insight</h3>



<p>“What is going on with the US labor market that we have as many job openings as unemployed workers? While Chair Powell has never explicitly said it, the Fed clearly thought that pre- and post-pandemic labor markets would be roughly mirror images of each other. Workers who lost their jobs would be recalled once the economy recovered, plus or minus a small percent,” according to a note from <a href="https://www.datatrekresearch.com/" target="_blank" rel="noreferrer noopener">DataTrek</a>. “Instead, we have a very hot labor market AND still-high unemployment.”</p>



<div class="wp-block-image is-style-default"><figure class="aligncenter size-large"><img loading="lazy" decoding="async" width="1024" height="429" src="https://blockworks-co.imgix.net/wp-content/uploads/2021/07/E295BC32-21CA-40CB-8393-E1369808B5C4-1-1024x429.jpeg" alt="" class="wp-image-6020" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2021/07/E295BC32-21CA-40CB-8393-E1369808B5C4-1-1024x429.jpeg?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2021/07/E295BC32-21CA-40CB-8393-E1369808B5C4-1-1024x429.jpeg?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2021/07/E295BC32-21CA-40CB-8393-E1369808B5C4-1-1024x429.jpeg?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2021/07/E295BC32-21CA-40CB-8393-E1369808B5C4-1-1024x429.jpeg?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2021/07/E295BC32-21CA-40CB-8393-E1369808B5C4-1-1024x429.jpeg?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2021/07/E295BC32-21CA-40CB-8393-E1369808B5C4-1-1024x429.jpeg?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2021/07/E295BC32-21CA-40CB-8393-E1369808B5C4-1-1024x429.jpeg?w=80 80w, https://blockworks-co.imgix.net/wp-content/uploads/2021/07/E295BC32-21CA-40CB-8393-E1369808B5C4-1-1024x429.jpeg?w=1328 1328w" sizes="auto, (max-width: 1024px) 100vw, 1024px" /><figcaption>                                                                                                                                                                                                       Source: <a href="https://www.datatrekresearch.com/" target="_blank" rel="noreferrer noopener">DataTrek</a></figcaption></figure></div>



<p>Bitcoin continues to trade near $40,000, a multi-day bullish streak for the decentralized currency. On Wednesday, the crypto briefly touched a six-week high, trading at almost $41,000.&nbsp;</p>



<p>In regulatory <a href="https://finance.yahoo.com/news/senators-push-bill-surprise-crypto-115026952.html">news</a>, a last-minute amendment was made to collect taxes on cryptocurrencies through a US infrastructure deal. Following the news, bitcoin remained at $39,000.</p>



<p>Bitcoin is up 10.58% returns on investment to the dollar in the past month, according to Messari. Bitcoin has maintained support around $36,000 to $40,000 for the past several days.</p>



<p>In decentralized finance (DeFi), PayPal is set to expand its crypto capabilities, which the company’s CEO said could include smart contracts and central bank digital currencies, Blockworks <a href="https://cms.blockworks.co/paypal-ceo-smart-contracts-defi-apps-part-of-companys-crypto-plans/" target="_blank" rel="noreferrer noopener">reported</a>. <a href="https://ascensiveassets.com/" target="_blank" rel="noreferrer noopener">Ascensive Assets</a>, a digital asset investment firm run by ex-pro poker players, scored $130 million in funding, CoinDesk first <a href="https://www.coindesk.com/ex-poker-pros-raise-130m-fund-for-defi-bets" target="_blank" rel="noreferrer noopener">reported</a>. The crypto VC firm will use funds to focus on DeFi markets.</p>



<h3 class="wp-block-heading">DeFi</h3>



<ul class="wp-block-list"><li>Uniswap is trading at $19.32 with a total value locked of $4,219,765,552 up 0.4% in 24 hours at 4:00 pm ET.&nbsp;</li><li>Chainlink is trading at $18.87, declining -2.3% with trading volume at $578,993,985 in 24 hours at 4:00 pm ET.</li><li>DeFi:ETH is 31.4% at 4:00 pm ET.</li></ul>



<h3 class="wp-block-heading">Crypto</h3>



<ul class="wp-block-list" id="block-1209f037-00c3-4876-ad37-a29ab610c717"><li>Bitcoin is trading around $39,660.93, down -0.89% in 24 hours at 4:00 pm ET.</li><li>Ether is trading around $2,312.83, advancing 0.62% in 24 hours at 4:00 pm ET.</li><li>ETH:BTC is at 0.0582, up 1.33% at 4:00 pm ET.</li><li>VIX is down -5.08% to 17.38 at 4:00 pm ET.</li></ul>



<h3 class="wp-block-heading">Insight</h3>



<p>“Regarding ETHBTC, we are more bullish ETH over BTC and look for this cross to trade higher over the medium-term. We are looking at the 0.055 level as support for the Wave 4 triangle to end &#8211; and Wave 5 higher to begin&#8230;For ETH itself, 2.4k is the range resistance that would need to break to see a move higher,” QCP Capital Broadcast said in a Wednesday note over Telegram.</p>



<h3 class="wp-block-heading">Fixed Income</h3>



<ul class="wp-block-list"><li>US 10-year treasury yields 1.271% as of 4:00 pm ET.</li></ul>



<h3 class="wp-block-heading">Commodities</h3>



<ul class="wp-block-list" id="block-d64d70c9-7052-4f1a-8167-3d370fe08354"><li>Brent crude is up to $75.85 per barrel, advancing 1.53%.</li><li>Gold rose 1.56% to $1,827.80.</li></ul>



<h3 class="wp-block-heading">Currencies</h3>



<ul class="wp-block-list"><li>The US dollar fell -0.45%, according to the Bloomberg Dollar Spot Index.</li></ul>



<h3 class="wp-block-heading">In other news&#8230;</h3>



<p>Peter Theil’s Valar Ventures led a $25 million Series A funding round for lending platform, Vauld, Blockworks <a href="https://cms.blockworks.co/vauld-raises-25m-to-help-global-users-build-crypto-wealth/" target="_blank" rel="noreferrer noopener">reported</a> on Thursday.&nbsp;The company said it has raised a cumulative $27 million in capital to date. Vauld’s AUM and user base has also grown more than 200 times in the past year, according to the company&#8217;s CEO and co-founder. </p>



<h3 class="wp-block-heading">Insight</h3>



<p>“Cryptocurrencies offer individuals a unique opportunity to not only invest in the future but also a new way to build wealth,” co-founder Darshan Bathija said in an <a href="https://cms.blockworks.co/vauld-raises-25m-to-help-global-users-build-crypto-wealth/" target="_blank" rel="noreferrer noopener">interview</a> with Blockworks.</p>



<h3 class="wp-block-heading">We&#8217;re watching out for&#8230;</h3>



<ul class="wp-block-list"><li>ExxonMobil Corp. will release their earnings on Friday.</li></ul>



<p>That&#8217;s it for today&#8217;s markets wrap. I&#8217;ll see you back here tomorrow.</p>



<p><strong><em>Want more investor-focused content on digital assets?&nbsp;<a target="_blank" href="https://cms.blockworks.co/events/digital-asset-summit-2021-2/" rel="noreferrer noopener">Join us</a>&nbsp;September 13th and 14th for the Digital Asset Summit (DAS) in NYC. Use code ARTICLE for $75 off your ticket.&nbsp;<a target="_blank" href="https://cms.blockworks.co/events/digital-asset-summit-2021-2/" rel="noreferrer noopener">Buy it now</a>.</em></strong></p>


Stocks Rise After GDP Data; Cryptos Stay Steady: Markets Wrap

<div id="highlights-block_60c9fc7f1690b" class="highlights">
        <ul>
                <li>ProFunds will launch a bitcoin futures strategy, the mutual fund management company announced.</li>
                <li>Bitcoin rewards site, Lolli, finished a $10 million Series A funding round led by Acrew Capital. </li>
            </ul>
    
</div>



<p>US stocks were mixed on Wednesday as the FOMC meeting wrapped up and large corporations continued to report strong earnings. Federal Reserve officials expressed familiar sentiments, maintaining that inflation is transitory and that rates would hold close to zero. A <a href="https://www.federalreserve.gov/monetarypolicy/files/monetary20210728a1.pdf" target="_blank" rel="noreferrer noopener">statement</a>, released by the Fed after the closed-door meeting, said that asset purchases would stay at $120 billion per month for the time being.</p>



<p>The Dow Jones Industrial Average was in the red by market close, falling around 0.5% throughout the day. Market movers for the Wall Street index include Boeing Co. Boeing&#8217;s shares were up 5% after the company posted higher-than-expected earnings on Tuesday. The company’s revenue has increased more than 40% from last year, surpassing analysts estimates of $16.5 billion. Laggards in the Dow include fast-food chain, McDonalds. Shares&nbsp;fell around 3% intraday, despite solid earnings and announcing a promotion with K-pop group, BTS. </p>



<p>In the tech-heavy Nasdaq Composite, Apple tumbled around 1.5% intraday after the company posted its largest spring-quarter profit since 1976. </p>



<p>Facebook’s earnings and GDP are later this week.</p>



<h3 class="wp-block-heading">Equities</h3>



<ul class="wp-block-list"><li>The Dow was down -0.36% to 34,930.</li><li>S&amp;P 500 declined -0.02% to 4,400.</li><li>Nasdaq had an uptick of 0.70% to 14,762.</li></ul>



<h3 class="wp-block-heading">Insight</h3>



<p>Tantra Labs CTO, Russell LaCour, weighed in on concerns over rising Delta variant cases and its impact on financial markets.</p>



<p>“Looking at what happened in March of last year when everything seized up and we weren’t prepared, there was a lot of initial panic in the markets. We saw everything crash&#8230;Overall liquidity just dried up [but] now&#8230;we have significant liquidity in the market from the Fed,” LaCour said in a recent <a href="https://www.youtube.com/watch?v=hdnLSWBkIIE&amp;t=689s" target="_blank" rel="noreferrer noopener">interview</a> with Blockworks. “Regardless of the Delta variant, the Federal Reserve backstopping this economy keeps us from ever experiencing what happened in March of 2020.&nbsp;Now, if the Delta variant comes out, the Fed cuts [and] everyone&#8217;s earnings drop then we are in a whole other paradigm.”</p>



<div class="wp-block-image is-style-default"><figure class="aligncenter size-large"><img loading="lazy" decoding="async" width="556" height="477" src="https://blockworks-co.imgix.net/wp-content/uploads/2021/07/98CF9E9B-3A96-456C-9266-16FBC695AF1E.jpeg" alt="" class="wp-image-5970" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2021/07/98CF9E9B-3A96-456C-9266-16FBC695AF1E.jpeg?w=556 556w, https://blockworks-co.imgix.net/wp-content/uploads/2021/07/98CF9E9B-3A96-456C-9266-16FBC695AF1E.jpeg?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2021/07/98CF9E9B-3A96-456C-9266-16FBC695AF1E.jpeg?w=304 304w, https://blockworks-co.imgix.net/wp-content/uploads/2021/07/98CF9E9B-3A96-456C-9266-16FBC695AF1E.jpeg?w=255 255w, https://blockworks-co.imgix.net/wp-content/uploads/2021/07/98CF9E9B-3A96-456C-9266-16FBC695AF1E.jpeg?w=80 80w" sizes="auto, (max-width: 556px) 100vw, 556px" /><figcaption>                                                                                                       FactSet via <a href="https://www.wsj.com/articles/global-stock-markets-dow-update-07-28-2021-11627458040?mod=hp_lead_pos2" target="_blank" rel="noreferrer noopener">Wall Street Journal</a></figcaption></figure></div>



<p>Bitcoin briefly touched a six-week high on Wednesday morning, trading at almost $41,000. This is the second time the decentralized currency has reached above $40,000 in the past week. Originally, rumors that Amazon would accept the crypto as payment may have led to the rush, but the unconfirmed rumors were dismissed by the technology giant. </p>



<p>Signals institutional adoption could have also resulted in the continued gains for bitcoin and ethereum. Goldman Sachs filed to create a “DeFi” and “Blockchain Equity ETF” with the US Security Exchange Commission on Monday, Blockworks <a href="https://cms.blockworks.co/goldman-files-for-defi-and-blockchain-equity-etf/" target="_blank" rel="noreferrer noopener">reported.</a> </p>



<p>Bitcoin is up 21.78% returns on investment to the dollar in the past week, according to Messari.&nbsp;Bitcoin has maintained support around $36,000 to $40,000 for the past few days.&nbsp;Meanwhile, ether hasn&#8217;t traded below $2,000 in almost week. All major cryptos were up by press time, including altcoins.</p>



<p>In decentralized finance (DeFi), billionaire crypto investor Mike Novagratz went to Twitter to address Elizabeth Warren’s criticism of cryptocurrency. Warren said the digital asset was a risk to retail investors in a <a href="https://www.warren.senate.gov/imo/media/doc/FSOC%20Crypto%20Letter%2007.26.2021.pdf" target="_blank" rel="noreferrer noopener">letter</a> to Treasury Secretary Janet Yellen on Tuesday. In response, Novagratz described DeFi as being even more transparent than banks.&nbsp;</p>



<p>“If banks had the transparency of defi protocols, we would [not] have had the mortgage crisis. Defi will win because it’s better,” Novagratz <a href="https://twitter.com/novogratz/status/1420192611793580035?s=20" target="_blank" rel="noreferrer noopener">said.</a></p>



<h3 class="wp-block-heading">DeFi</h3>



<ul class="wp-block-list"><li>Uniswap is trading at $19.24 with a total value locked of $4,153,310,675 up 5.2% in 24 hours at 4:00 pm ET.&nbsp;</li><li>Chainlink is trading at $19.38, advancing 3% with trading volume at $1,00,230,973 in 24 hours at 4:00 pm ET.</li><li>DeFi:ETH is 31% at 4:00 pm ET.</li></ul>



<h3 class="wp-block-heading">Crypto</h3>



<ul class="wp-block-list" id="block-1209f037-00c3-4876-ad37-a29ab610c717"><li>Bitcoin is trading around $40.091.16, up 5.25% in 24 hours at 4:00 pm ET.</li><li>Ether is trading around $2,301.10, advancing 2.62% in 24 hours at 4:00 pm ET.</li><li>ETH:BTC is at 0.057, declining -1.38% at 4:00 pm ET.</li><li>VIX is down -8.47% to 17.72 at 4:00 pm ET.</li></ul>



<h3 class="wp-block-heading">Insight</h3>



<p>&#8220;Technical analysis aside, our sense is that the market will keep looking to trade within this 30-40k range in the near-term. Into Friday’s month-end expiry, we expect 40-42k to hold as the OI peaks here with 11k BTC notional&#8230;We expect this level to act as a magnet into Friday&#8217;s expiry with the long gamma in the market pinning it to this price region,&#8221; QCP Capital Broadcast, said in a note on Telegram.</p>



<div class="wp-block-image is-style-default"><figure class="aligncenter size-large is-resized"><img loading="lazy" decoding="async" src="https://blockworks-co.imgix.net/wp-content/uploads/2021/07/9CFFFFC8-9970-4FDA-8C65-0BEA1858428C.jpeg" alt="" class="wp-image-5972" width="614" height="345" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2021/07/9CFFFFC8-9970-4FDA-8C65-0BEA1858428C.jpeg?w=1008 1008w, https://blockworks-co.imgix.net/wp-content/uploads/2021/07/9CFFFFC8-9970-4FDA-8C65-0BEA1858428C.jpeg?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2021/07/9CFFFFC8-9970-4FDA-8C65-0BEA1858428C.jpeg?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2021/07/9CFFFFC8-9970-4FDA-8C65-0BEA1858428C.jpeg?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2021/07/9CFFFFC8-9970-4FDA-8C65-0BEA1858428C.jpeg?w=464 464w, https://blockworks-co.imgix.net/wp-content/uploads/2021/07/9CFFFFC8-9970-4FDA-8C65-0BEA1858428C.jpeg?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2021/07/9CFFFFC8-9970-4FDA-8C65-0BEA1858428C.jpeg?w=80 80w" sizes="auto, (max-width: 614px) 100vw, 614px" /><figcaption>                                                                                                                                               </figcaption></figure></div>



<p>After Fed remarks, the benchmark 10-year note hiked up from 1.229% to a day high of 1.278%.</p>



<h3 class="wp-block-heading">Fixed Income</h3>



<ul class="wp-block-list"><li>US 10-year treasury yields 1.229% as of 4:00 pm ET.</li></ul>



<h3 class="wp-block-heading">Commodities</h3>



<ul class="wp-block-list" id="block-d64d70c9-7052-4f1a-8167-3d370fe08354"><li>Brent crude is little changed at $74.55 per barrel, up 0.09%.</li><li>Gold rose 0.34% to $1,806.10.</li></ul>



<h3 class="wp-block-heading">Currencies</h3>



<ul class="wp-block-list"><li>The US dollar fell -0.15%, according to the Bloomberg Dollar Spot Index.</li></ul>



<h3 class="wp-block-heading">In other news&#8230;</h3>



<p>ProFunds has announced the first bitcoin mutual fund in the US, Blockworks <a href="https://cms.blockworks.co/profunds-launches-bitcoin-futures-strategy/" target="_blank" rel="noreferrer noopener">reported</a>. However, the fund will mostly invest in bitcoin futures contracts, and not invest directly in bitcoin. ProFunds currently has around $60 billion in AUM.</p>



<h3 class="wp-block-heading">We&#8217;re watching out for&#8230;</h3>



<ul class="wp-block-list"><li>US Gross Domestic Product (GDP) data is due on Thursday.</li></ul>



<p>That&#8217;s it for today&#8217;s markets wrap. I&#8217;ll see you back here tomorrow.</p>



<p><strong><em>Want more investor-focused content on digital assets? <a target="_blank" href="https://cms.blockworks.co/events/digital-asset-summit-2021-2/" rel="noreferrer noopener">Join us</a> September 13th and 14th for the Digital Asset Summit (DAS) in NYC. Use code ARTICLE for $75 off your ticket. <a target="_blank" href="https://cms.blockworks.co/events/digital-asset-summit-2021-2/" rel="noreferrer noopener">Buy it now</a>.</em></strong></p>


Money