Daily Market Update: June 22, 2023

June 22, 2023

BTC is currently trading around $30,200 and ETH around $1,900. Notable gainers in the last 24 hours are PEPE, CFX, and STX. The global crypto market cap is ~$1.22T, up ~3.3% over the last day. DeFi Total Value Locked is ~$45b and BTC dominance is around 51%.

Crypto continued its idiosyncratic rally yesterday morning but has flatlined since the equity market close. Conversely, equities are lower as the BoE surprised investors and hiked interest rates by 50 bps, deviating from its recent 25 bp trend. The Swiss National Bank hiked by the expected 25 bps but signaled another hike is likely to follow.

Notable news includes: the House Financial Services Committee Chair plans to advance two proposed laws for a vote in July that cover crypto and stablecoin legislation; Fed Chair Powell said that “Bitcoin has staying power” in his congressional testimony; crypto yield firm Haru Invest fired more than 100 employees; Ledger released the white paper behind its controversial Ledger Recover feature; Binance announced zero maker fees on TUSD pairs; Binance also launched a local trading platform in Kazakhstan; NFT creation platform Zora launched a creator-focused layer 2 network built on Optimisms’ tech stack; Optimism unveiled its latest public goods funding round for $40m; a Brooklyn NY spa is heating its pools with Bitcoin mining rigs; and, Russian citizens who sent crypto to the Ukrainian Army are expected to face charges of treason.

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

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