Daily Market Update: June 5, 2024

June 5, 2024

BTC is currently trading around $70,800 and ETH around $3,800.  Notable gainers in the last 24 hours are FLOKI, UNI, and ZBK. The global crypto market cap is $2.77T, up 1.7% over the last day.  DeFi Total Value Locked is ~$107b and BTC dominance is around 55%.

Notable news includes: The BIS’s mBridge CBDC initiative invited private firms to join; the UAE’s central bank approved a new system for licensing stablecoins; a US House Appropriations budget bill would prevent the SEC from implementing its controversial crypto custody policy SAB 121; the US SEC announced plans to close one of its eleven regional offices due to significant attrition; the FTX estate reached a proposed settlement to pay $885m to the IRS; the US spot Bitcoin ETFs brought in nearly $900m yesterday; Volatility Shares launched the first leveraged Ether ETF in the US; Tezos’s Paris upgrade went live to make the network faster and more scalable; GnosisDAO voted to spin off DAO treasury services protocol Karpatkey; and, Aave community members began to push for a fee switch proposal.

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Brian Rudick, Senior Strategist | TwitterTelegramLinkedIn

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