Daily Market Update: June 7, 2024

June 7, 2024

BTC is currently trading around $71,000 and ETH around $3,800.  Notable gainers in the last 24 hours are BRETT, JASMY, and W. The global crypto market cap is $2.77T, down 0.6% over the last day.  DeFi Total Value Locked is ~$109b and BTC dominance is around 55%.

Equity markets are down and yields are higher after the US economy added many more jobs than expected in May.  Specifically, nonfarm payrolls grew by 272,000 compared to the consensus at 190,000.  In addition, average hourly earnings increased 4.1% over the last year, above the 3.9% expectation.  The strong employment and wage growth may damper hopes for a near-term Fed rate cut, where the market is currently pricing in a 68% chance for a rate cut in September.

Notable news includes: medical device manufacturer Semler Scientific now holds 828 Bitcoin and revealed plans to buy $150m more; SEC Chair Gensler stated that the launch timing of the spot Ethereum ETFs depends on how quickly issuers can respond to SEC comments; the US spot Bitcoin ETFs achieved a record-breaking 18-day net inflow streak; Tether now owns 25% of Bitcoin miner Bitdeer, per an SEC filing; Bitdeer unveiled a new chip for low-power Bitcoin mining; crypto exchange Kraken is seeking to raise $100m prior to an IPO; web3 infrastructure firm Alchemy launched a tool to help developers create their own rollup; Telegram debuted Stars, a new in-app token used to purchase goods and services on the platform; Axie Infinity developer Sky Mavis revealed an early access program for its blockchain gaming studio; based rollup Taiko enabled permissionless sequencing and proving; SushiSwap launched on Bitcoin side chain Rootstock; and, the GameStop memecoin jumped nearly 100% after RoaringKitty scheduled a livestream.

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Brian Rudick, Senior Strategist | TwitterTelegramLinkedIn

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