Daily Market Update: June 5, 2023

June 5, 2023

BTC is currently trading around $26,800 and ETH around $1,850. Notable gainers in the last 24 hours are MANA, KAVA, and SAND. The global crypto market cap is ~$1.18T, down ~1.5% over the last day. DeFi Total Value Locked is ~$47b and BTC dominance is around 47%.

Notable news includes: Russia’s Rosbank is reportedly launching a new cross-border payments system using crypto assets; MUFG revealed its stablecoin issuance platform “Progmat Coin” would be used by Japanese banks to launch yen-pegged stablecoins in the near future; Microsoft signed a deal with former Ethereum miner CoreWeave to use its compute resources to bolster its AI efforts; Rocket Pool’s rETH launched on zkSync Era; Kakarot zkEVM secured funding from StarkWare and Vitalik Buterin in a pre-seed round; an Ordinals upgrade was rolled out to help enable trading of ‘cursed’ or invalid inscriptions; Brazil’s largest crypto exchange, Mercado Bitcoin, was licensed as a payment institution by Brazil’s central bank; crypto analytics firm Elliptic integrated ChatGPT to ramp up its efficiency in detecting crypto threats; Google searches for ‘crypto’ fell to 2020 levels; bitcoin ATMs increased globally after a four-month decline; Ethereum transaction fees converged toward a two-month low following the memecoin-induced fee spike; a hacker drained ~$35m from Atomic Wallet users; and, Do Kwon is out on bail once again after a court dismissed the prosecution’s appeal.

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

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