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Trading Desk Market Update: 6/24

June 24, 2022

BTC is currently trading around $21,300 and ETH around $1,200. Notable gainers in the last 24 hours are CEL, 10SET, and MATIC. The global crypto market cap is $1.00T, up 3.8% over the last day. DeFi Total Value Locked is ~$74b and BTC dominance is around 44%.

Risk markets are exhibiting a relief rally behind little new information this morning. Global equities are up about 1-2% and rates are modestly higher across the curve. Crypto markets are moving upwards with quite a bit of dispersion. Scaling solutions and smart contract platforms are leading the charge forward with Polygon (+17%), Avalanche and Solana (+11%), and Ethereum (+9%). Conversely, many other tokens are only up small single digits. 

Notable news includes: Fed Chair Powell noted that a government issued CBDC is “something we really need to explore as a country”; Coinbase introduced KYC rules for its Netherland-based users to comply with local legislation; crypto trading platform Uphold exited from Venezuela citing U.S. sanctions; Solana Labs partnered with Osom to launch a web3 native mobile Android phone for the Solana network; Coinbase announced the launch of its first crypto derivatives product targeting retail traders that will be available on Monday; Binance launched a platform for institutional investors; CoinFLEX suspended customer withdrawals citing harsh market conditions; Harmony’s cross-chain bridge was exploited for $100m; Kyber Network revealed its exposure to 3AC and has threatened legal action; Bitget revealed plans to double its workforce despite challenging conditions; Bitcoin mining difficulty fell by ~2.4%; Bitcoin miner Crusoe acquired electrical manufacturer Easter-Owens; the RUNE token spiked as THORChain moved to mainnet after four years; Avalanche introduced a Bitcoin bridge as a feature in its new browser-based wallet called Core; Convex Finance’s website was hijacked and at least five addresses were impacted by a front-end exploit; Axie Infinity’s Ronin bridge is expected to restart next week for the first time since it suffered a $600m exploit three months prior; Binance revealed an NFT partnership with Cristiano Ronaldo; Gucci bought into SuperRare DAO, eyeing a new virtual art space; digital toy platform Cryptoys raised $23m from a16z and others; and, last year’s AnubisDAO rug pull has begun to move funds for the first time since the event occurred eight months ago. 

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