Daily Market Update: June 2, 2023

June 2, 2023

BTC is currently trading around $27,100 and ETH around $1,900.  Notable gainers in the last 24 hours are INJ, LDO, and ARB.  The global crypto market cap is $1.19T, up 1.0% over the last day.  DeFi Total Value Locked is ~$47b and BTC dominance is around 48%.

Equity markets, government bond yields, and crypto prices are higher today on positive news out of the US.  Late last night, the US Senate passed a bill to increase the debt ceiling, putting the monthlong drama to an end and preventing the first-ever US default.  In addition, May jobs data released this morning showed a resilient US labor market.  Specifically, payrolls increased 339,000 versus expectations for +190,000, while average hourly earnings rose 4.3% over the last year, slightly lower than the +4.4% consensus.

Elsewhere, notable news includes: Retail trading via approved VASPs in Hong Kong kicked off yesterday; the Federal Reserve issued a consent order to Silvergate instructing it to wind down operations; crypto exchange Gate.io stated that there are no issues with its operations or withdrawals following rumors emanating from troubles at bridging platform Multichain; crypto exchange Bybit announced that it will exit Canada; Binance Australia stopped AUD bank transfers; OKX proposed a new BRC-30 token standard enabling staking-related features; Circle announced that it will soon launch USDC on Arbitrum; smart contract blockchain Avalanche hit 1m monthly active users for the first time; a nonbinding preliminary vote by UNI holders narrowly shot down routing a portion of transaction fees to the protocol; MakerDAO voters approved opening a new real-world asset vault to invest up to $1.3b in short-dated US Treasuries; Nike’s NFT platform .Swoosh will soon integrate with EA Sports games, potentially allowing Nike’s virtual footwear and apparel to appear in games; Japanese airline group ANA launched an NFT marketplace; the H.R. Giger ‘Alien’ sculpture is set to be fractionalized as NFTs; Bitcoin miner CleanSpark purchased another 12,500 mining rigs for $40.5m; and, a group of investors accused Elon Musk of insider trading by manipulating the price of DOGE.

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

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