Daily Market Update: June 28, 2023

June 28, 2023

BTC is currently trading around $30,200 and ETH around $1,850. Notable gainers in the last 24 hours are XLM, KAS, and BGB. The global crypto market cap is ~$1.21T, down ~1.7% over the last day. DeFi Total Value Locked is ~$44b and BTC dominance is around 52%.

Notable news includes: Sam Bankman-Fried’s trial will begin on October 2nd after a court rejected every pre-trial motion filed by the disgraced FTX founder; the Nevada financial regulator filed to place Prime Trust in receivership, claiming the custodian has an ~$83m deficit and began purchasing cryptocurrency to finance client withdrawals after losing access to its legacy wallets in 2021; MicroStrategy purchased an additional 12,000 BTC over the last two months; the new Citadel-backed EDX cryptocurrency exchange is reportedly swapping its custody provider from Paxos to Anchorage; crypto trading platform Bitpanda Pro spun out into a separate business dubbed One Trading; Bitfinex launched a p2p trading platform in Venezuela, Argentina, and Colombia; DAI’s reliance on USDC fell below 10% but centralized stablecoins still represent more than 30% of its backing; the Azuki floor price plummeted nearly ~50% in the last few days after collectors blasted its new Elementals collection as being nearly identical to the flagship release; the discount on GBTC shares narrowed to a nearly one-year low after a 2x Levered Bitcoin Futures ETF went live yesterday; Horizen said it would remove support for shielded transactions in an effort to alter its status away from a ‘privacy coin’; TrueUSD’s reserves were attested to by the former FTX.US auditor Armanino; and, more than $200m was reportedly lost in DeFi hacks and scams in Q2.

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

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