Key Takeaway: Markets Still Holding $1 Trillion
There’s been increased volatility in the markets for the past five days, and now we’re consolidating around the $1 trillion market cap level. Key analysts are stating that if this level doesn’t hold the market could fall to $800 billion over the coming weeks and months. The next key macroeconomic event will begin on August 25th when Fed officials meet to discuss monetary policy and the economy at the Kansas City Fed’s Jackson Hole symposium. Jay Powell may give some hints as to what their next moves will be in September.
However, the key themes playing out right now are with regards to regulation, with key individuals such as Kevin O’Leary, Mark Cuban, and others from the SEC and former CFPB director Kathy Kraninger, giving competing views on how they think regulatory clarity will impact cryptos. Some think crypto regulation is necessary and will help the industry develop, while others such as Kathy say it could be detrimental. In the end, it’s a mixed bag. Regulation is more than likely to create FUD and disrupt the markets rather than be a positive factor. When it comes to financial regulation, you should always expect the strictest laws to reach the finish line.
Key Stories: Brands Increasingly Looking To NFTs For Marketing
Popular brands like Nike and Gucci have just reported that they’ve made over $250 million in NFT sales. However, it’s not just limited to these two companies, others such as Adidas, Tiffany, and Dolce & Gabbana have also used NFTs as part of their business model. It’s no surprise that retail businesses are starting to look at NFTs, after all the NFT market has skyrocketed and the number of people buying NFTs has increased exponentially in the past five years.
2021 was the year NFTs took off, 2022-2024 will likely see another wave of adoption as more and more applications seek to integrate them onto their platforms such as Instagram, Facebook, and Twitter.
These moves by Nike and other top multinationals will give their companies another revenue stream in the 100s of millions of dollars every year. The takeaway is it’s only the beginning. NFTs are one of the most straightforward and already popular use cases of cryptocurrencies and blockchain.
Today’s Top Gainers
The top five performing coins on Phemex d-o-d are StepWatch (SWP/USDT), Chiliz (CHZ/USDT), Tribe (TRIBE/USDT), Terra Luna Classic (LUNC/USDT), and Ooki (OOKI/USDT).