Daily Market Update: June 14, 2023

June 14, 2023

BTC is currently trading around $26,000 and ETH around $1,750. Notable gainers in the last 24 hours are XTZ, LUNC, and INJ. The global crypto market cap is ~$1.10T, down ~0.7% over the last day. DeFi Total Value Locked is ~$43b and BTC dominance is around 49%.

Equities are modestly higher as bond yields are down heading into the Fed interest rate decision this afternoon. A pause is widely expected, but Powell will likely signal a pause is necessary to evaluate the lagged impact of tightening measures, keeping additional hikes on the table should future data indicate that rates are not sufficiently restrictive.

Notable news includes: Bitstamp and Interactive Brokers received regulatory approval from the FCA to operate in the UK; the SEC and Binance.US are negotiating a deal to avoid a total asset freeze; the SEC responded to Coinbase’s petition for rule making stating it has not decided what action to take and it could provided a status update to the court in 120 days; eToro said it would delist several altcoins on its US platform citing the recent SEC lawsuits; Binance CEO CZ denied rumors that his exchange was selling bitcoin to defend BNB’s price; Uniswap Labs is seeking community feedback on its newly released draft white paper for Uniswap v4 that includes more customizable liquidity pools; new Bitcoin mining research indicates that three models of Bitmain mining rigs comprise ~76% of the network’s hashrate (S19, S19 Pro, S19 XP); Blockstream announced its long-awaited Bitcoin mining rig would not be available until Q3 2024; AMD reveled a new AI chip to challenge Nvidia’s dominance; Blur’s circulating supply is set to increase by ~40% with an upcoming ~$60m token unlock; Adidas revealed a collaboration with NFT artist Fewocious where custom-designed physical sneakers will be sold via an NFT redemption pass; SBF is aiming to have six charges dismissed from his upcoming trial, claiming it may take years for The Bahamas to rule on whether he’s allowed to be tried for the offenses that were not initially included in the extradition agreement; and, its believed Lazarus may be behind the Atomic Wallet hack that has grown to more than $100m in user losses.

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

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