Daily Market Update: July 2, 2024

July 2, 2024

BTC is currently trading around $62,200 and ETH around $3,400. Notable gainers in the last 24 hours are BONKBEAM, and FLOKI. The global crypto market cap is $2.42T, down 0.5% over the last day.  DeFi Total Value Locked is ~$97b and BTC dominance is around 55%.

Notable news includes: Singapore’s MAS increased the risk level for digital asset exchanges from medium-low to medium-high in an update to the country’s terrorism financing laws; the Central Bank of The Bahamas set a two year timeline for commercial banks to fully adopt the Sand Dollar CBDC into their systems; the US Marshals Service partnered with Coinbase Prime to provide custody and trading services for forfeited crypto assets; stablecoin issuer Circle was granted licenses for USDC and EURC issuance under Europe’s MiCA framework; German Bitcoin miner and cloud computing company Northern Data AG reportedly contacted advisors regarding a potential IPO of two of its US entities; Bitfinex Securities and Mikro Kapital launched two new tokenized bonds; Robinhood Crypto expanded to all 50 US states; the US spot Bitcoin ETFs have seen five straight days of positive flows; a Polkadot treasury report raised concerns regarding its runway given the current level of spending; The Cardano Foundation partnered with the Crypto Carbon Ratings Institute to release sustainability metrics for Cardano; and, Trump-themed memecoins jumped after the US Supreme Court ruled that Trump cannot be prosecuted for official acts while President.

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Brian Rudick, Senior Strategist | TwitterTelegramLinkedIn

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