Markets Rally As Investors Show Renewed Confidence in Crypto

Cryptocurrency markets are showing signs of recovery with Bitcoin and Ether rallying 4% over the past two days.

Sentiment around Ethereum has been buoyed by a few recent developments. Multiple asset management firms have applied to launch Ether-based exchange-traded funds (ETFs). Additionally, PayPal, the global payments giant with over 400M users, launched its dollar-backed stablecoin, PYUSD, on the Ethereum mainnet.

Meanwhile, investors overwhelmingly expect the Federal Reserve to keep rates unchanged at its upcoming meeting in September. Some even predict a 25bps interest rate cut as early as the December meeting.

BNT Rallies 55%

Bancor Network's BNT has surged 55% in the past week after releasing the primer for its new on-chain trading strategies protocol, Carbon. Coin98's C98 jumped 30% following a significant investment from venture capital firm DWF Labs. DODO rallied 28% after unveiling DODO X, a cross-chain aggregation service.

Frax Finance’s governance token, FXS, rallied 10% after the founder’s proposal to bring Real World Assets (RWAs) to the network.

Solana, Toncoin, and Algorand have also posted gains in the past seven days, spurred by last month's court ruling that XRP is not a security.

Kyber Network, Nest Protocol, and Bounce were the DeFi tokens that lost the most value in the past 7 days, dropping 30%, 24%, and 18%, respectively.

Rocket Pool, a leading liquid staking protocol, saw its RPL token dip by 12% in the past week. RPL hit an all-time high of $62 on April 26 and has dropped 58% since.

Compound's COMP dropped 10% with investors likely booking profits after a stellar run for the token. Former CEO Robert Leshner stepped down to form a new company.