Daily Market Update: June 17, 2024

June 17, 2024

BTC is currently trading around $65,900 and ETH around $3,550.  Notable gainers in the last 24 hours are CORE, LDO, and JASMY. The global crypto market cap is $2.52T, down 1.4% over the last day.  DeFi Total Value Locked is ~$103b and BTC dominance is around 56%.

Bitcoin and Ethereum are ~flat from Friday’s close despite two notable items that occurred over the weekend.  First, Bloomberg ETF analyst Eric Balchunas stated that SEC staff sent light comments to issuers regarding their spot Ethereum ETF S-1 forms, and approval could come by July 2nd.  Second, news emerged that members of the Biden administration, US House and Senate, and key digital asset industry leaders will meet in July to discuss ways to promote Bitcoin and blockchain innovation in the US. Looking ahead, its a fairly light week for macroeconomic data, though market participants will be watching US retail sales on Tuesday, the Bank of England interest rate decision on Thursday, and Europe and US PMIs on Friday.

Notable news includes: The Financial Stability Board revealed plans to undertake work around stablecoin risks; El Salvador President Bukele proposed to create a bank offering Bitcoin-based services; Trump pledged to end Biden’s “war on crypto”; the SEC reduced its proposed $2b settlement with Ripple to $103m; the NYAG completed its settlement with Gemini over its Earn program and recovered $50m for impacted users; Europe’s largest telecommunications provider Deutsche Telekom announced that it will mine Bitcoin; Chinese telecom provider CoolPad announced it will spend $14m on Bitcoin mining rigs in North America; three Bitcoin miners launched a nonprofit to educate voters about Bitcoin; the Australian Stock Exchange approved its first spot Bitcoin ETF, which will start trading on June 20; Binance announced it will airdrop 10.5m ZK tokens to users who were not eligible for the zkSync airdrop; a Forbes report found that Binance founder CZ owns 64% of BNB; Ethereum and its L2s and L3s reached a record combined 218 TPS yesterday; and, Curve founder Egorov fully repaid $10m of bad debt on Curve created by the soft liquidation of his loans.

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Brian Rudick, Senior Strategist | TwitterTelegramLinkedIn

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