🐳 Daily Edition: ETH Adds $30B in Market Cap in 24 Hours, Are We Back?

Huge day for Ethereum bulls (and the Beluga Trading Wallet) as ETH breached $3,400 adding $30B in market cap, leading Ethereum-based DeFi protocols like Curve to soar as well. While $3,400 feels great to those of us who weathered the 60% drop earlier this year, it probably doesn’t feel as great to those who bought the ETH ETFs when they launched last year at $3,400. Admittedly the inflows back then were so low that there probably aren’t many in that boat, and the billions in purchases over the last few weeks make up the majority of the holder base. Speaking of base, Coinbase has finally risen above its IPO price of $380 as it releases its biggest update yet for their Layer 2 network Base: The Base App (TBA). Their vision is to create an all-in-one app for normies and natives alike, allowing anyone to trade, collect, earn and more through the same portal.

While you might think the Ethereum ecosystem doing so well would be negative for Solana, the market has done the opposite as SOL rose to $175 today. It seems the $600M PUMP raise was not quite the liquidity suck everyone thought it would be; once again, we see there is much more capital onchain than is immediately apparent. When things start moving, it’ll move fast — many were left sidelined by the price action earlier in the year, and they’ll have to FOMO back in at some point. The big question in my mind remains whether or not the rise of crypto Treasury Companies can be sustained. These investment vehicles probably don’t have a long shelf-life but the market’s appetite for them can’t be understated; billions in passive bids on our favorite coins will continue as long as those stocks keep going up.

XRP retiring Uber drivers everywhere

The Beluga intern has been hard at work gathering all the most important crypto news stories so you have them in one place!

The Majors

• Ethereum shorts rekt as ETH price keeps climbing

Alt Coins and Stocks

• Strategy closes with all-time high market cap of $128.4 billion

• Peter Thiel’s Founders Fund holds 9.1% stake in Ether treasury company BitMine

Regulatory

• US House votes to move forward with stablecoin GENIUS, crypto market structure bills following tumultuous procedural vote

New Token Launches

• Eclipse $ES

• Pump.fun $PUMP

• Blackhole $BLACK

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