Daily Market Update: June 18, 2024

June 18, 2024

BTC is currently trading around $65,300 and ETH around $3,400.  There are no tokens in the top 100 that are up over the last 24 hours. The global crypto market cap is $2.47T, down 1.7% over the last day.  DeFi Total Value Locked is ~$100b and BTC dominance is around 56%.

Bitcoin fell below $64,500 and ETH below $3,400 over the last day, with media reports attributing recent poor performance to lowered expectations around Fed interest rate cuts, miner and long-term holder selling, material outflows from the US spot Bitcoin ETFs ($550m over the last three trading days), reports of “panic selling” in South Korea due to fears of token delistings aheads of new virtual asset listing rules taking effect in July, and over $400m of liquidations over the last 24 hours.

Notable news includes: a key SEC digital asset enforcement leader stepped down; digital asset investment products saw $600m of outflows last week, the largest since March; Tether launched a gold-backed US dollar stablecoin Alloy; Coinbase International announced support for pre-launch markets, allowing users to trade perps on tokens that haven’t launched yet; and, Twitter’s CEO stated that payment functionality would be coming soon.

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Brian Rudick, Senior Strategist | TwitterTelegramLinkedIn

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