Daily Market Update: June 23, 2023

June 23, 2023

BTC is currently trading around $30,100 and ETH around $1,900. Notable gainers in the last 24 hours are VET, BSV, and LEO. The global crypto market cap is ~$1.21T, down ~0.1% over the last day. DeFi Total Value Locked is ~$44b and BTC dominance is around 52%.

Notable news includes: BitGo terminated its deal to acquire Prime Trust, and the Nevada state regulator ordered Prime Trust to cease activities citing a “shortfall in customer funds” inhibiting withdrawal requests; TrueUSD claimed its not affected by the Prime Trust issues and maintains multiple other avenues to mint/redeem TUSD, but the crypto community remains skeptical and has yet to find the purported avenues; Stablecoin and trading firm Stably halted USDS withdrawals as it attempts to replace Prime Trust as its custody partner; JPMorgan’s JPMCoin went live with euro payments for institutional clients; Valkyrie resubmitted its spot Bitcoin ETF filing, joining a growing list of filers that includes BlackRock, Ark/21Shares, Bitwise, Invesco, and WisdomTree; Algorand cut block times after its latest network upgrade; Alameda is seeking to clawback $700m that SBF paid to so-called “super networkers” for connections with politicians and celebrities; and, memecoin exuberance returned led by a ~79% one week gain from PEPE.

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

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