Daily Market Update: June 27, 2023

June 27, 2023

BTC is currently trading around $30,600 and ETH around $1,900. Notable gainers in the last 24 hours are FLEX, XRD, and BCH. The global crypto market cap is ~$1.23T, up ~0.7% over the last day. DeFi Total Value Locked is ~$45b and BTC dominance is around 52%.

Notable news includes: Democratic Congresswomen Maxine Waters wrote to Treasury Secretary Yellen and SEC Chair Gensler seeking comment on the GOP-led digital assets bill; The Reserve Bank of India anticipates reaching 1M CBDC users by end of month; The Swiss National Bank unveiled a “real money” CBDC pilot; FTX has recovered ~$7b in assets so far, with another ~$2b remaining to cover the misappropriations; Robinhood axed ~7% of full-time staff in its last round of layoffs; zkSync launched its customizable tech stack – the ZK Stack – for creating ZK-powered L2 and L3 networks on Ethereum to compete with Optimisms’s OP Stack; Tezos’s Nairobi upgrade is expected to increase the chain’s speed by ~8x; the Volatility Shares 2x Bitcoin Strategy ETF is launching today; Riot purchased 33,000 mining rigs from MicroBT for ~$162m and secured an option to purchase an additional 66,000 rigs; Bitcoin miner Hut 8 secured a $50m credit facility from Coinbase; Damus was booted from Apple’s App Store despite arguing that Bitcoin tips were not used to “unlock services”; staked ETH balances surpassed the liquid ETH balances sitting on centralized exchanges; Azuki unveiled its new Elementals collection; the BAYC NFT collection’s floor price hit an 18-month low; Bitcoin Cash rallied more than 100% in the last week after EDX Markets listed the coin; and, Eric Wall’s unique Orb / consulting NFT was relinquished amidst a 300% tax burden placed on its owner due to its use of a Harberger tax.

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

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