Daily Market Update: June 11, 2024

June 11, 2024

BTC is currently trading around $66,900 and ETH around $3,500.  Notable gainers in the last 24 hours are BONK, LEO, and TRX. The global crypto market cap is $2.57T, down 3.9% over the last day.  DeFi Total Value Locked is ~$102b and BTC dominance is around 55%.

Crypto markets are down due to a number of factors.  First, traditional equity markets are de-risking ahead of tomorrow’s key inflation report and Fed meeting.  In addition, the US spot Bitcoin ETFs broke their 19-day streak of positive inflows after yesterday’s $65m outflow.  Lastly, multiple spot Ethereum ETF issuers have reportedly not yet received comments from the SEC on their S-1s as they had expected, pushing out the timeline for a potential launch.

Notable news includes: Australia banned using crypto and credit cards for online gambling; stablecoin issuer Tether revealed plans to invest up to $1b in technologies like emerging markets, AI, and biotech over the next year; crypto financial services firm Bitcoin Suisse issued a tokenized bond on onchain capital markets platform Obligate; Ripple completed its acquisition of NYDFS-regulated custodian Standard Custody; publicly listed Canadian fintech firm DeFi Technologies revealed plans to stake $100m of BTC on Core Chain; MetaMask added a pooled ETH staking service allowing non-US/UK users to easily stake any amount of ETH; Ethereum L2 ZKsync revealed its airdrop plans; Optimism developer OP Labs released fault proofs on the OP Mainnet, enabling users to withdrawal tokens without a third party or to challenge invalid withdrawals; Polygon created a new grants program offering developers 1b POL tokens over the next ten years; data availability solution Celestia launched Blobsteam on Ethereum mainnet allowing Ethereum L2s to use Celestia DA; Mellow launched its flagship LRT on restaking protocol Symbiotic; Cardano stated it is on track for its Voltaire upgrade later this month; and, MultiverseX introduced blockchain-as-a-service solution Sovereign Chains to allow L2s to increase TPS by up to 100x.

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Brian Rudick, Senior Strategist | TwitterTelegramLinkedIn

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