Daily Market Update: June 13, 2023

June 13, 2023

BTC is currently trading around $26,100 and ETH around $1,750. Notable gainers in the last 24 hours are LUNC, FTM, and SUI. The global crypto market cap is ~$1.10T, up ~0.8% over the last day. DeFi Total Value Locked is ~$43b and BTC dominance is around 49%.

Equities and crypto are both modestly higher while bond yields are falling after a lower-than-expected US inflation reading. Headline inflation cooled to its lowest annual level in more than two years (4.0%), and core inflation fell as well, but its decrease was smaller and in line with expectations. The relatively in-line print all but solidified the market’s expectation for a pause at tomorrow’s FOMC meeting, and the probability of a hike fell from about 20% to only ~1% immediately after the release.

Notable news includes: Congressmen Emmer and Davidson introduced the SEC Stabilization Act that would reform the agency’s operating structure and fire   SEC Chair Gensler; a court determined Galaxy Digital was justified in backing out of its deal to acquire BitGo and the lawsuit was dismissed; a Bank of China subsidiary rolled out digital structured notes tokenized on Ethereum; documents related to former SEC director Hinman have been released in the SEC’s lawsuit against Ripple Labs; Binance.US added a former SEC enforcement official to defend itself against the SEC’s lawsuit; Thailand launched its retail CBDC pilot; crypto earn platform Haru halted withdrawals for its reported ~80k users due to an issue with one of its ‘service partners’; Polygon unveiled plans to build a network of ZK-based layer 2s; Bitcoin dominance jumped to its highest level in more than two years following Friday’s altcoin selloff; Recursive Inscriptions  (Ordinals 2.0) were unveiled on Bitcoin reducing bloat and improving functionality by enabling requests to utilize data from other inscriptions; 21Shares launched a Lido DAO (LDO) ETP; crypto fund outflows reached ~$417m over the last eight weeks; and, DeFi lending protocol Sturdy Finance offered a $100k bounty to the attacker who siphoned ~$800k in ETH from the protocol on Monday.

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

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