Daily Market Update: June 8, 2023

June 8, 2023

BTC is currently trading around $26,400 and ETH around $1,850. Notable gainers in the last 24 hours are STX, TWT, and XDC. The global crypto market cap is ~$1.15T, down ~1.4% over the last day. DeFi Total Value Locked is ~$46b and BTC dominance is around 48%.

Notable news includes: The Bank of Canada defied expectations and hiked interest rates by 25 bps instead of pausing; the SEC alleged Binance sent Paxos nearly $20b in commingled funds via CZ-controlled Merit Peak in 2021; BinanceUS halted OTC trading and delisted 10 crypto pairs; Janet Yellen wants Congress to pass additional crypto regulation stating there are “holes” in the system currently; former CFTC chairman Heath Tarbert joined Circle as its new Chief Legal Officer; Australia’s Commonwealth Bank implemented new measures to halt payments to selected crypto exchanges; new FCA advertising rules will force first-time crypto investors in the UK to wait 24 hours between requesting and purchasing crypto; Coinbase reiterated it would not be shutting down its staking service; a bug in Arbitrum’s sequencer caused a brief delay in the network’s ability to batch transactions on Ethereum mainnet; a bitcoin whale transferred nearly $40m in BTC after a decade of dormancy; NFT protocol Enjin announced its transition to a new mainnet called Enjin Blockchain; Taiko raised $22m across two rounds for its zkEVM; and, the lawsuit against DeFi platform PoolTogether was dismissed in US federal court.

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

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