Daily Market Update: June 21, 2024

June 21, 2024

BTC is currently trading around $63,900 and ETH around $3,500. Notable gainers in the last 24 hours are ENSTRX, and LEO. The global crypto market cap is $2.46T, down 2.9% over the last day.  DeFi Total Value Locked is ~$99b and BTC dominance is around 55%.

Crypto markets remain soft, with news reports attributing recent weakness to lowered expectations around Fed interest rate cuts, miner and long-term holder selling, material outflows from the US spot Bitcoin ETFs, Germany reportedly selling some of its $3b seized Bitcoin stash, and“panic selling” in South Korea due to fears of token delistings aheads of new virtual asset listing rules taking effect in July.

Notable news includes: Italy announced plans for more strict crypto regulations including significant fines for market manipulation and insider trading; the German government has reportedly sold $195m of its $3b seized Bitcoin; a judge stated he is “inclined to deny” Kraken’s motion to dismiss the SEC’s case against it; crypto exchange BitFlyer agreed to acquire the Japanese subsidiary of FTX with plans to revamp the exchange into a crypto custody firm; NBCUniversal partnered with Aptos Labs for web3 fan experiences, customer loyalty programs, and gaming; Consensys asked the IRS to delay new crypto reporting rules; 3iq applied to launch a Solana ETP in Canada; Bitwise released a national TV ad talking up Ethereum; NFT brand Azuki hired a former Hollywood exec to expand beyond digital collectibles; BNB Chain activated its Haber hard fork with BEP-336 adding blob-carrying transactions; Polkadot researchers proposed reducing the unbonding time for staked DOT tokens; Fantom committed $120m to help developers in the wake of its Sonic upgrade; LayerZero asked airdrop claimants to pay $0.10 per ZRO to donate to Ethereum’s Protocol Guild; Midas launched a new yield-bearing token mBASIS to compete with Ethena; and, HectorDAO filed for chapter 15 bankruptcy.

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Brian Rudick, Senior Strategist | TwitterTelegramLinkedIn

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