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Good morning, Coin Discoverers!

CRYPTO

• BTC: $55,818.80(+3.29%)YTD (+26.37%)

• ETH: $2,510.17(+3.73%)YTD (+6.69%)

• BNB: $594.16 (+3.70%)YTD (+54.25%)

*Crypto numbers as of 5:00 am EST on August 6th

Solana memecoin market cap experiences significant decline

Amid macroeconomic turmoil and major cryptocurrency sell-offs, the market cap of Solana-based memecoins has seen a significant decline. Transaction activity on the Solana network has dropped by nearly 10% since the end of last week.

During the same period, the total value locked in DeFi applications on the Solana network has fallen by over 27%, dropping from $5.46 billion last Thursday to $3.97 billion currently.

Zircuit launches its initial mainnet phase and initiates ZRC token airdrop claims

Zircuit’s mainnet Phase 1 is now live, allowing users to bridge funds to the ZK rollup and test dapps in its ecosystem. The project has also initiated the first stage of its ZRC token airdrop claims to reward early participants in its staking program.

Phase 1 sets a cap on the amount each wallet can bridge, with these limits set to increase over time. Initially, users can only bridge Ether, but the project plans to support other assets in the future. According to the team, this approach ensures a secure launch and a broader distribution of rewards to smaller wallets.

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MicroStrategy Drops 29% Pre-Market as Crypto Stocks Hit by Bitcoin Losses

Crypto exchange Coinbase (COIN) fell by 19%, while Marathon Digital (MARA) and Riot Platforms (RIOT) saw declines of 18% and 13.5%, respectively.

Publicly traded Bitcoin miners also faced significant declines. Marathon Digital (MARA) dropped 18%, and Riot Platforms (RIOT) fell 13.5%. Smaller Bitcoin miners Iris Energy (IREN) and Hut 8 (HUT) were similarly affected, with pre-market share prices down 27% and 19.3%, respectively.

Bitcoin Price Falls 10% to $52,000 Amid Global Market Turmoil

On August 5, Bitcoin experienced a notable decline, plunging to $52,300 from $58,350 after nearly two hours of trading at that level. As of the time of this article, it has partially recovered to a trading price of $53,000, according to CoinMarketCap data.

Similarly, Ether’s price saw a major drop, falling 19.91% from $2,695 to a low of $2,111 during the same period. It has since rebounded to $2,331, indicating some recovery.

STOCKS

• DOW: 38,703.27(-2.60%)

• S&P: 5,186.33 (-3.00%) 

• NASDAQ: 16,200.08 (-3.43%)

*Stock numbers as of market close on August 5th

Experts urge the Fed to implement an emergency interest rate cut

Wharton's Jeremy Siegel has urged the Fed to implement an emergency 75 basis-point cut to the federal funds rate. In contrast, Bitwise CIO Matt Hougan advocates for a more measured approach, suggesting that an emergency cut is unlikely.

Nigel Green of the deVere Group has urged the Fed to implement an immediate 25-basis point cut to prevent a recession. In a statement, he warned that the Fed 'needs to take action now...or there could be significant and far-reaching risks of a hard landing.'

Wall Street tumbles as US recession fears dampen risk appetite

Apple's stock has fallen after Berkshire Hathaway reduced its stake by 50%. Meanwhile, Wall Street's "fear gauge" has surged, reaching 72.94, reflecting heightened investor anxiety.

Despite the market turmoil, Fed's Goolsbee indicated that the U.S. does not appear to be in recession. Major indexes have all declined, with the Dow down 2.17%, the S&P 2.42%, and the Nasdaq falling 2.77%.

REAL ESTATE

• 15-year: 5.88%

• 30-year: 6.34%

*Mortage rates via Mortgage News Daily

Global Shift in 'Repricing' Trends

In the overnight session, global markets echoed the concerns that had troubled investors on Friday regarding the Fed's delay in rate cuts. Japan's Nikkei plummeted 12.4%, while European indices fell between 2% and 4%. S&P futures mirrored these declines, and cryptocurrency markets also suffered, with Bitcoin dropping nearly 20% since Friday.

As a result, significant capital shifted into the bond market, which absorbed much of the outflow. The yield on 10-year bonds dipped to as low as 3.666%, and Fed Funds Futures indicated a potential 50 basis point cut in September.

TECH

Five US states urge Musk to address election misinformation issues with AI chatbot

On Monday, secretaries of state from five U.S. states called on billionaire Elon Musk to address issues with X's AI chatbot, citing its spread of misinformation about the Nov. 5 election.

Musk, who endorsed Republican presidential candidate Donald Trump last month, has faced accusations of spreading misinformation himself. For instance, he has claimed, without evidence, that Democrats are allowing migrants to cross the southern border to vote in federal elections, despite their ineligibility.

QUICK RECAP

#1. Apple (AAPL) and Nvidia (NVDA) led a tech stock sell-off on Monday, with shares of Alphabet (GOOGL), Amazon (AMZN), Meta (META), Microsoft (MSFT), and Tesla (TSLA) dropping up to 6.5%.

#2. Kellanova (K.N) shares surged 18% in early Monday trading after Reuters reported Mars is considering a potential buyout.

#3. Hargreaves Lansdown (HRGV) gave a CVC Advisers and Abu Dhabi consortium until August 9 for a $6.9 billion offer.

#4. Private equity firm Quantum Capital Group will acquire U.S. power producer Cogentrix Energy for approximately $3 billion from Carlyle Group (CG).

#5. L'Oreal (OREP.PA) announced on Monday it has acquired a 10% stake in dermatology provider Galderma Group (GALD.S).