Daily Market Update: June 6, 2024

June 6, 2024

BTC is currently trading around $71,300 and ETH around $3,850.  Notable gainers in the last 24 hours are BRETT, FLR, and INJ. The global crypto market cap is $2.79T, up 0.4% over the last day.  DeFi Total Value Locked is ~$110b and BTC dominance is around 55%.

Equity markets are flat to up small after the Bank of Canada became the first G7 nation to cut interest rates yesterday, and the ECB cut rates today for the first time since 2019.  While the ECB cut had been well telegraphed, the central bank did increase its inflation expectations for 2024 and 2025 by 0.2 percentage points each and the markets now expect just one more ECB rate cut this year.  All eyes now turn to the US employment report tomorrow, which will help inform if and when the Fed may follow suit with a rate cut of its own later this year.

Notable news includes: UK authorities began proceedings against six exchanges over the 2019 delisting of Bitcoin SV; SEC Chair Gensler stated in an interview that disclosures by crypto companies are inadequate but did not say that most cryptocurrencies are securities like he has in the past; Gensler also stated that the spot Ethereum ETF launch will “take some time”; Robinhood announced an agreement to buy crypto exchange Bitstamp for $200m; Mastercard re-enabled credit card payments on Binance; crypto exchange Bybit started to allow users in China to use the platform; Coinbase rolled out a smart wallet with no gas fees and easy onboarding; Paxos revealed plans to issue interest-bearing stablecoin USDL backed by US government securities; regulated blockchain-based payments network Zone launched in Africa; Core Scientific rejected CoreWeave’s $1b buyout offer; Bitcoin miner Bitdeer purchased $140m of rigs; VanEck increased its 2030 Ethereum price target to $22,000; EigenLayer’s TVL surpassed $20b; the Cosmos Hub went down for four hours due to a bug in the v17 upgrade; privacy-focused blockchain Mina rolled out its Berkeley upgrade to add programmability; privacy focused protocol Nocturne announced it will shut down operations; and, IOTA launched its EVM layer two chain focusing on real-world assets.

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Brian Rudick, Senior Strategist | TwitterTelegramLinkedIn

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