Daily Market Update: June 12, 2024

June 12, 2024

BTC is currently trading around $69,400 and ETH around $3,600.  Notable gainers in the last 24 hours are INJ, NOT, and PEPE. The global crypto market cap is $2.66T, up 3.4% over the last day.  DeFi Total Value Locked is ~$106b and BTC dominance is around 55%.

Equity markets and crypto prices are rallying after US inflation came in lower than expected and ahead of this afternoon’s Fed meeting.  Specifically, headline and core CPI increased 3.3% and 3.4% over the prior 12 months in May, respectively, both 0.1 percentage points below expectations and down slightly from the prior month’s pace.  The lower than expected inflation may help enable the Fed to cut rates later this year, and markets currently place the odds of a September rate cut at 70%.  Attention now turns to the Fed itself, which will release its economic projections and hold a press conference starting at 2pm EST today.

Notable news includes: Various EU agencies released a report expressing concern over the ability to track and recover illicit digital assets moved via privacy coins, L2s, and mixers; Zimbabwe requested industry input into its forthcoming digital asset regulations; Donald Trump met with Bitcoin mining executives yesterday; Brazilian bank Itau Unibanco expanded Bitcoin and Ethereum trading to all customers; MoonPay extended PayPal payment options to customers in the UK and EU; Solana Labs launched a technology solution for companies looking to launch blockchain-based customer loyalty programs; Ripple unveiled the name of its upcoming stablecoin as RLUSD; Asymmetry and Ampleforth launched the afUSD stablecoin; SushiSwap replaced its DAO with a council structure rebranded as Sushi Labs; Aethir launched its decentralized cloud network on Ethereum mainnet; and, PleasrDAO sued Martin Shkreli for distributing copies of a Wu Tang Clan album to which he had forfeited rights.

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Brian Rudick, Senior Strategist | TwitterTelegramLinkedIn

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