This episode of Markets Daily is sponsored by Cracken.

It's Tuesday, August 1st, 2023, and this is Markets Daily from CoinDisk.

George Kaluke is here again for your Daily News Roundup.

On today's show, we're talking Bitcoin, the latest headlines, and more.

And just a reminder, CoinDisc is a news source and does not provide financial advice.

Bitcoin started August on a bad foot, adding to July's 4% loss.

BTC has dropped to as low as $28,800, its weakest level since mid-June. Altcoins took a larger hit today, with Solana falling 5%

and optimism falling 8%. The broader CoinDesk Market Index, the CMI, is down 1.9%. Meanwhile, Ether's six-month call-put skew, which

gauges the spread between implied volatility for call-in-put options expiring in 180 days,

slip to negative 0.91, the lowest level since June 15th. This bearish skew puts numbers to what we're all feeling in the market,

that things don't feel great.

Elsewhere, Justin Sun, the founder of Tron Blockchain,

stepped in to support the Kerr Finance, CRV, token price,

in a move that could protect a massive loan tied to the decentralized exchanges founder from being liquidated.

Blockchain data from Tuesday shows Sun purchased about 5 million CRV tokens from a wallet tag Curve.fI Founder

at an average price of 40 cents in an over-the-counter transaction.

While Sun paid well below CRV's 59-cent trading price, it is more than the 37 cent price

level at which the founder's loan could be liquided.

As we discussed yesterday, Curb Finance suffered an exploit Sunday that drove down the price

of the CRV token.

Today's crypto market coverage comes courtesy of CoinDest Markets' Analyst Loa Ledesma and

I'm Gorgbole.

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