Crypto Market Reaction to PPI Data
-The US Producer Price Index (PPI) rose 0.9% in July (vs. 0.2% expected), sparking macroeconomic fears.
- $950M in leveraged crypto positions were liquidated.
- Bitcoin hit a new ATH of $124.1K but dropped 5% to $117.9K before recovering to $119.2K.
- Ethereum (ETH) fell 6.5% from $4,780 to $4,470, then rebounded to $4,660.
- Altcoins & DeFi tokens (AERO, HYPE, PENDLE) remained strong, gaining 5-10%.
Tokenized Stock Network (Dinari Financial Network)
- Dinari is launching a blockchain on Avalanche to unify tokenized stocks across chains (Arbitrum, Solana, etc.).
- Gemini, BitGo, and VanEck will govern/validate the network.
- Testnet is live; mainnet expected soon.
MetaMask’s Potential Stablecoin (mmUSD)
- Leaked reports suggest MetaMask may launch a stablecoin (mmUSD) with Bridge, M⁰, and Blackstone (managing reserves).
- Timing aligns with Coinbase reducing USDC fees for MetaMask users on Base L2. Odin.fun Exploit ($7M Loss)
- A Bitcoin-based memecoin launchpad was hacked via liquidity manipulation, losing 52.8 BTC (~$7M).
- The team admits insufficient treasury funds but is working on a compensation plan.
