Daily Market Update: June 24, 2024

June 24, 2024

BTC is currently trading around $61,400 and ETH around $3,300. Notable gainers in the last 24 hours are FTMINJ, and AR. The global crypto market cap is $2.37T, down 4.0% over the last day.  DeFi Total Value Locked is ~$95b and BTC dominance is around 55%.

Crypto prices are down materially from Friday’s close, with BTC and ETH falling 4% and 6% respectively.  The main driver is an announcement from the Mt Gox trustee stating that creditors will start to receive repayment beginning in July, spooking the market that the disbursements could lead to widespread selling.  As a reminder, Mt Gox is set to distribute 142,000 BTC and 143,000 BCH by the end of October.  In addition, the German government sold $325m of seized Bitcoin last week, and worries persist that it could sell more of its nearly $3b stash.  Further, some fear the Fed may delay interest rate cuts in the wake of persistent inflation, and this is said to be the main reason for the nearly $1b in outflows from the US spot Bitcoin ETFs in the six trading days following the recent Fed meeting.  The above culminated in the Crypto Fear & Greed Index falling from Greed last week to Neutral currently, and has caused over $300m in liquidations over the last 24 hours.  Looking ahead, it’s a light week for economic data, with the US PCE report on Friday the main event.

Notable news includes: Nigeria unveiled a new crypto regulatory framework; Hong Kong’s Legislative Council set up a subcommittee to handle issues related to crypto and web3; The Blockchain Association wrote a letter objecting to the IRS’s proposed broker-dealer rules; Taiwan’s BitoGroup partnered with digital bank Bankee to launch a crypto-friendly bank account; some hot wallets of Turkish crypto exchange BtcTurk were compromised, though user assets will not be impacted by the losses; investment manager Coatue invested $150m in Bitcoin miner Hut 8 to build an AI infrastructure platform; cryptic tweets from Michael Dell have some believing Dell Technologies might invest in Bitcoin; a tweet claiming that Solana may be under investigation is making the rounds on Twitter; Tether announced it will stop minting USDT on EOS and Algorand; Ethereum’s median gas price fell below 3 gwei for the first time since 2020; and, Pudgy Penguins and OverpassIP established a parent company named Igloo aimed at promoting mass adoption of crypto.

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Brian Rudick, Senior Strategist | TwitterTelegramLinkedIn

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