Daily Market Update: July 3, 2023

July 3, 2023

BTC is currently trading around $30,600 and ETH around $1,950. Notable gainers in the last 24 hours are GRT, FIL, and PEPE. The global crypto market cap is ~$1.25T, up ~1.1% over the last day. DeFi Total Value Locked is ~$46b and BTC dominance is around 51%.

Notable news includes: Fidelity, WisdomTree, VanEck, and Invesco refiled their spot Bitcoin ETFs while Ark amended theirs in response to the SEC’s statements that the existing filings were inadequate, BlackRock seemingly hasn’t refiled yet; Kraken was ordered by a judge to submit user transaction data to the IRS for an investigation into tax evasion; Bittrex imitated Coinbase’s legal defense, submitting a motion to dismiss the SEC’s lawsuit claiming the agency lacks authority to regulate cryptocurrencies without explicit congressional approval; the SEC dismissed rumors that Chair Gensler would resign; OKX inked a 3-year $70m sponsorship deal with the Manchester City football club; the contact details of nearly 5,000 Huobi users were leaked in a data breach; Belarus aims to ban p2p crypto transactions; Bitwise CIO called the Bitcoin ETF market a ‘winner take most’ industry; a new PeckShield report indicates that half of all stolen NFTs are sold within three hours; and, Poly Network, the cross-chain bridge protocol that was exploited for more than $600m, was exploited once again as a hacker was able to mint billions of tokens for at least $5m in profit thus far.

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Matt Kunke, Research Analyst | TwitterTelegramLinkedIn
Brian Rudick, Senior Strategist | TwitterTelegramLinkedIn

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