Daily Market Update: July 5, 2023

July 5, 2023

BTC is currently trading around $30,300 and ETH around $1,900. Notable gainers in the last 24 hours are XDC, GT, and FIL. The global crypto market cap is ~$1.23T, down ~2.4% over the last day. DeFi Total Value Locked is ~$45b and BTC dominance is around 51%.

It’s a risk-off day across the board as equities and crypto inch lower despite interest rates primarily holding flat. Saudi Arabia and Russia increased cuts to their oil production on Monday, but prices have been shaky as investors are concerned that weakening demand could offset the reduction in output. Investor attention will turn to the Fed Meeting Minutes at 2pm to evaluate the discussion behind the Fed’s ‘hawkish pause’, but it’s a light day for data releases beyond this.

Notable news includes: every spot bitcoin ETF filer refiled after the SEC’s feedback; the Winklevoss twins demanded a ~$1.5b payment from DCG in their ‘final offer’; Thailand joined Singapore in banning exchanges from providing lending services; South Africa revealed plans to mandate crypto exchange licenses by year-end; Coinbase’s Chief Legal Officer argued that the SEC’s interpretation of an investment contract is contradicted by the Supreme Court’s recent Major Questions Doctrine opinion; crypto custodian Cobo’s Argus captured more than $100m in assets one week after its v2 launch built on Safe; crypto ATM operator Bitcoin Depot (GSRM) was listed on the Nasdaq; the Bitcoin network hashrate suffered its largest dip of 2023 behind a heat wave in Texas; the BRC-69 token standard is expected to reduce Ordinal fees by 90%; and, Twitter rival Mastodon’s active user base increased by 100k, and Meta’s unveiling its own Twitter rival later this week called Threads.

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

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