Daily Market Update: May 31, 2024

May 31, 2024

BTC is currently trading around $67,800 and ETH around $3,800.  Notable gainers in the last 24 hours are JASMY, BEAM, and LDO. The global crypto market cap is $2.67T, down 1.1% over the last day.  DeFi Total Value Locked is ~$105b and BTC dominance is around 54%.

Equity markets are mixed and bond yields are lower as inflation came in roughly as expected in April, alleviating some concerns that sticky inflation will push out Fed rate cuts.  Specifically, headline and core US PCE increased 2.7% and 2.8% year-over-year, respectively, both in line with the consensus.  In Europe, year-over-year inflation in May for both the headline and core HICP came in 10 bps higher than expected, though markets continue to price in an ECB rate cut in June given recent policymaker commentary.  Meanwhile, former US President Donald Trump was found guilty on 34 felony charges related to falsifying business records.  Trump is now the first former US president to be convicted of a felony and faces a potential prison sentence of up to 20 years.  Despite this, Trump can still run for president, where he continues to push a pro-crypto message that’s also helped loosen the current Administration’s stance towards the industry.

Notable news includes: Hong Kong officially kicked out all unlicensed crypto exchanges; the US spot Bitcoin ETFs have seen inflows for 13 days straight; Ethereum Classic completed its third halving; and, the EOS community approved a proposal to cap supply at 2.1b.

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Brian Rudick, Senior Strategist | TwitterTelegramLinkedIn

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