Daily Market Update: June 20, 2024

June 20, 2024

BTC is currently trading around $65,900 and ETH around $3,600. Notable gainers in the last 24 hours are FET, AGIX, and CORE. The global crypto market cap is $2.53T, up 2.0% over the last day.  DeFi Total Value Locked is ~$102b and BTC dominance is around 55%.

ETH is higher over the last two days as Ethereum development company Consensys revealed Tuesday evening that the SEC closed its investigation into Ethereum 2.0 and will not bring charges against Consensys alleging that sales of ETH are securities transactions. While a positive step for Ethereum and the industry, the SEC did not explicitly state that Ethereum is a non-security commodity, despite a Consensys letter asking about ETH’s status and citing the recent spot Ethereum ETF 19b-4 approvals as commodity-based trust shares. As such, Consensus plans to continue its litigation against the SEC in pursuit of greater digital asset regulatory clarity.

Notable news includes: Argentina President Javier Milei reiterated his support for Bitcoin, stating that Argentina will allow for the competition of various currencies including Bitcoin; Singapore highlighted digital payment token service providers as high money laundering risk; a German government agency moved $425m of seized Bitcoin; a Nigerian court dismissed the human rights suit filed against Nigerian authorities by a detained Binance executive; National Australia Bank invested in institutional digital asset custodian Zodia Custody; media corporations Fox and Time partnered for immutable content licensing and verification; London’s Tooting Market began accepting Bitcoin as payment; VanEck’s spot Bitcoin ETF went live on Australia’s biggest stock exchange; Bitwise’s revised spot Ethereum ETF S-1 revealed that Pantera plans to invest $100m in the ETF; The Vatican Library is giving donors soulbound NFTs; Japanese gaming giant Konami revealed plans to use Avalanche for its Resella NFT platform; Ethereum gaming network Ronin launched layer 2 chains; layer 2 network Blast will airdrop tokens next week; Marinade launched its Stake Auction Marketplace where Solana validators bid on stakers’ delegated SOL; Shutter launched an anti-front running solution on Gnosis; and, ZachXBT pointed to “pharma bro” Martin Shkreli as the creator of the DJT meme coin after rumors of Trump’s son Barron creating it caused the token to hit a $400m market cap.

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Brian Rudick, Senior Strategist | TwitterTelegramLinkedIn

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