Daily Market Update: June 7, 2023

June 7, 2023

BTC is currently trading around $26,800 and ETH around $1,850. Notable gainers in the last 24 hours are LUNC, STX, and PEPE. The global crypto market cap is ~$1.16T, up ~2.4% over the last day. DeFi Total Value Locked is ~$46b and BTC dominance is around 48%.

Crypto is up meaningfully after a sharp upward move yesterday morning reversed previous losses arising from the SEC’s lawsuit against Binance. Bitcoin led the move higher, likely in part due to its clear regulatory position relative to other crypto assets, but somewhat surprisingly, the upward move rippled through to alts as well. The sharp upward move was at least partially liquidation driven as more than $75m of shorts were liquidated over the last day, perhaps new short positions established after the Binance and Coinbase lawsuit announcements. Gains have been pared back so far this morning, but prices are still meaningfully above yesterday’s lows.

Notable news includes: the SEC is seeking a court order to freeze Binance.US assets on an expedited basis; the US House Committee on Agriculture heard testimony from Coinbase on a new crypto bill recently advanced by Republican lawmakers; a US court gave the SEC one week to respond to Coinbase’s rulemaking petition; Circle obtained a Major Payment Institution license in Singapore; the Philippines delayed publishing its crypto framework; Optimism deployed its Bedrock upgrade optimizing its technology stack for modularity; ENS announced it would support a web domain called .box that can be routed to web browsers; traders withdrew $600m from Coinbase in a day after the SEC lawsuit was revealed; Louis Vuitton announced plans to sell soulbound NFTs for $41k to its top customers providing access to exclusive products, early releases, and bespoke experiences; the public-private partnership in El Salvador to build a $1b Bitcoin mining farm received its first $250m; and, Gensler and SEC-themed memecoins surged amid lawsuits against Binance and Coinbase.

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

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