Daily Market Update: June 26, 2023

June 26, 2023

BTC is currently trading around $30,400 and ETH around $1,900. Notable gainers in the last 24 hours are NEAR, XRD, and INJ. The global crypto market cap is ~$1.22T, down ~1.1% over the last day. DeFi Total Value Locked is ~$45b and BTC dominance is around 52%.

Notable news includes: the UN proposed a universal digital ID system that would directly connect to users’ bank accounts and payment apps; German software giant SAP is testing cross-border payments using Circle’s USDC stablecoin; the FCA’s head of digital assets departed the regulator less than a year after joining; Binance reversed its plan to delist privacy coins in Europe; Binance also halted services in Belgium at the order of the country’s financial regulator; Bybit gained a license to operate in Cyprus; Coinbase added support for USDC on Stellar; Volatility Shares gained approval to offer the US’s first Bitcoin Futures ETF providing 2x leverage; ProShares’ Bitcoin Futures ETF saw a 12-month record weekly inflow; HSBC’s customers in Hong Kong can now trade ETFs on BTC and ETH; the Japanese government clarified that token issuers will not pay taxes on unrealized gains; the Optimism network changed its name to OP Mainnet in line with its ‘superchain’ vision; DeFi 1.0 tokens like AAVE and COMP rallied more than 30% in a single day over the weekend; the BAYC price floor plummeted to nearly 33 ETH after Machi Big Brother dumped 19 apes in a single transaction on Saturday; Yuga Labs is writing a book on CryptoPunks; and, a team of six engineers are aiming to revive the Terra Classic ecosystem.

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

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