Daily Market Wrap | Aug. 22

Hot Topics

• State Street joined JPMorgan’s blockchain platform, anchoring a $100M tokenized debt transaction for OCBC.
• Brazilian lawmakers are debating Bill 4501/2024 to allocate 5% of the nation’s treasury to a Strategic Bitcoin Reserve.
• SBI Holdings and Startale partnered to build a blockchain platform for tokenized stock trading with 24/7 global access.

Market Updates

• Bitcoin traders sold off, driving a 10% price drop from $124,290, bracing for a potentially hawkish Powell speech at Jackson Hole.
• Bitcoin faces slightly above-average volatility, with a ±2.0% price move expected, as traders brace for Powell’s Jackson Hole speech.
• Hyperliquid dominates DeFi derivatives with over 80% market share, processing $30B daily, driven by its on-chain order book and dual-chain design.
• Stripe's Bridge and M0 Protocol teamed up to issue MetaMask's mUSD stablecoin, using Bridge’s regulatory expertise and M0’s blockchain tech.