Daily Market Update: June 27, 2024

June 27, 2024

BTC is currently trading around $61,400 and ETH around $3,450. Notable gainers in the last 24 hours are MSOLJUP, and DOT. The global crypto market cap is $2.41T, up 1.5% over the last day.  DeFi Total Value Locked is ~$97b and BTC dominance is around 54%.

Crypto is catching a bid after the US spot Bitcoin ETFs saw two consecutive positive inflow days, anticipation mounts for a potential near-term launch of the spot Ethereum ETFs, and as VanEck filed for the first US Solana ETF.  All eyes now turn to tonight’s US presidential debate, where many are hopeful crypto is brought up, as well as tomorrow’s influential US PCE inflation report.

In regulatory/country news: the US Supreme Court ruled that securities fraud defendants should be granted a trial by jury in a federal court rather than using the SEC’s internal judicial process in a blow to the SEC’s enforcement powers; Coinbase contracted a research firm to sue the SEC for allegedly failing to produce documents under the Freedom of Information Act; centralized crypto borrow/lend Abra settled with 25 US state regulators for operating without appropriate licenses; the US government sent $240m of seized Bitcoin to Coinbase; and, the European Banking Authority revealed plans to finalize its monitoring framework for stablecoin issuers by month end.

In mining news: Bitcoin miner CleanSpark agreed to acquire GRIID Infrastructure; Marathon Digital revealed it expanded into altcoin mining starting with Kaspa to diversify revenues; and, Hut 8 is set to join the Russell 3000 Index.

Elsewhere: web3 gaming and venture capital company Animoca Brands announced intentions to go public; blockchain tech company Unicoin announced intentions to go public; The TON Foundation introduced a new advertising platform for developers to generate revenue from mini-apps; Unstoppable Domains launched a marketplace for tokenized ‘.com’ domains; Paradigm released its Rust-developed, production-ready Ethereum execution client Reth 1.0; Tezos revealed a new roadmap calling for execution to be pushed to a canonical rollup that supports multiple programming languages; Cardano developers are set to release an upgrade following a failed DDoS attack; and, human-verificaiton project Worldcoin partnered with web3 infrastructure platform Alchemy to build the World Chain blockchain.

Sign up to conveniently receive GSR crypto content in your inbox.

Brian Rudick, Senior Strategist | TwitterTelegramLinkedIn

This material is provided by GSR (the “Firm”) solely for informational purposes, is intended only for sophisticated, institutional investors and does not constitute an offer or commitment, a solicitation of an offer or commitment, or any advice or recommendation, to enter into or conclude any transaction (whether on the terms shown or otherwise), or to provide investment services in any state or country where such an offer or solicitation or provision would be illegal. The Firm is not and does not act as an advisor or fiduciary in providing this material.  GSR is not authorised or regulated in the UK by the Financial Conduct Authority.  The protections provided by the UK regulatory system will not be available to you. Specifically, information provided herein is intended for institutional persons only and is not suitable for retail persons in the United Kingdom, and no solicitation or recommendation is being made to you in regards to any products or services. 

This material is not a research report, and not subject to any of the independence and disclosure standards applicable to research reports prepared pursuant to FINRA or CFTC research rules. This material is not independent of the Firm’s proprietary interests, which may conflict with the interests of any counterparty of the Firm. The Firm trades instruments discussed in this material for its own account, may trade contrary to the views expressed in this material, and may have positions in other related instruments.

Information contained herein is based on sources considered to be reliable, but is not guaranteed to be accurate or complete. Any opinions or estimates expressed herein reflect a judgment made by the author(s) as of the date of publication, and are subject to change without notice. Trading and investing in digital assets involves significant risks including price volatility and illiquidity and may not be suitable for all investors. The Firm is not liable whatsoever for any direct or consequential loss arising from the use of this material. Copyright of this material belongs to GSR. Neither this material nor any copy thereof may be taken, reproduced or redistributed, directly or indirectly, without prior written permission of GSR.