Daily Market Update: June 10, 2024

June 10, 2024

BTC is currently trading around $69,400 and ETH around $3,700.  Notable gainers in the last 24 hours are QNT, CHZ, and XMR. The global crypto market cap is $2.67T, down 0.2% over the last day.  DeFi Total Value Locked is ~$106b and BTC dominance is around 55%.

Crypto prices are little changed after Friday’s sell-off that was caused by a strong US employment report and ~$400m of liquidations.  In addition, the European Parliament elections concluded yesterday, where results thus far indicate that parties at the center will remain the largest bloc but the far-right saw major gains.  Looking ahead, market participants will closely watch the US CPI inflation report on Wednesday, particularly after persistent inflation has caused traders to expect just one rate cut this year in September.  We’ll hear from the Fed itself later on Wednesday, and the post-meeting press conference and updated economic projections will be particularly scrutinized for clues regarding the Fed’s future monetary policy path.  Finally, the week rounds out with US wholesale price data on Thursday and a Bank of Japan meeting on Friday.

Notable news includes: South Korea issued guidelines detailing when NFTs should be considered virtual assets; Ripple partnered with the National Bank of Georgia to explore ways to digitize the economy; HSBC China began offering e-CNY services to corporate clients; Donald Trump stated at a fundraising event that he would be the “crypto president”; the Intercontinental Exchange is considering the sale of digital asset marketplace Bakkt; crypto investment products saw $2b of inflows last week, per CoinShares; Binance reached 200m users; Ethereum developers confirmed the inclusion of EIP-7702, PeerDAS, and others in the coming Pectra upgrade; the Solana Foundation removed a group of validator operators from its delegation program due to their involvement in sandwich attacks; social platform friend.tech announced the coming migration to its own Friendchain blockchain; the CEO of Solana-based DePIN project io.net stepped down; GameStop-inspired memecoins fell Friday after Roaring Kitty’s livestream revealed little new information; and, Iggy Azalea’s MOTHER memecoin surged after the rapper announced she will relaunch her telecommunications company and MOTHER token holders will be able to purchase month-to-month cell phone plans.

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Brian Rudick, Senior Strategist | TwitterTelegramLinkedIn

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