Daily Market Wrap | Aug. 12

Hot Topics

• Singapore Exchange plans to launch crypto perpetual futures for institutional investors, pending MAS approval.
• Global crypto market reached an all-time high of $4.1 trillion, driven by surges in Bitcoin and Ethereum.
• RBA Governor Michele Bullock signaled a few more interest rate cuts after the bank unanimously lowered its key rate to 3.6%.

Market Updates

• Bitcoin's market capitalisation surpassed Amazon's at $2.45 trillion, ranking sixth globally behind gold and real estate.
• Bitcoin surpassed $122,000 and Ethereum rose 20% to over $4,300, with $57B in options signalling caution before the US CPI release.
• S&P Global Ratings assigned Sky Protocol a B-credit rating, marking the first time a major agency rated a DeFi protocol.