Trading Desk Market Update: 6/27

June 27, 2022

BTC is currently trading around $20,700 and ETH around $1,200. Notable gainers in the last 24 hours are STX, CHZ, and TRX. The global crypto market cap is $0.97T, down 3.2% over the last day. DeFi Total Value Locked is ~$77b and BTC dominance is around 43%.

Notable news includes: a Financial Times report indicated SEC Chair Gensler proposed a single rule book for all cryptoasset trading regulation; Louisiana passed a bill allowing financial institutions and trust companies to provide crypto custody services; a report indicated Albania plans to begin taxing crypto-derived income next year; Celsius hired advisors to help prepare for a potential bankruptcy; Goldman Sachs is rumored to be raising investor funds to purchase Celsius’ assets; Voyager issued a default notice to 3AC and drew down $75m of its revolver from Alameda; Nexo issued a cease and desist letter to an anonymous Twitter account that alleged the firm’s co-founders had stolen funds from a charity; FTX is allegedly interested in acquiring a stake in BlockFi; BlockFi raised interest rates just three days after FTX extended the company a $250m revolver; Morgan Creek Digital is attempting to raise $250m to purchase a majority stake in BlockFi, noting that the FTX credit proposal would wipeout BlockFi’s existing equity holders; announced that the users of its U.S. app can now use Apple Pay; crypto firms Bitpanda and Banxa announced layoffs; Bitget bucked the trend and revealed plans to double its workforce over the next six months; Bitcoin power usage has fallen nearly ~35% from its peak; almost $4b of Bitcoin miner loans are coming under stress according to Bloomberg; miners have begun selling GPUs as token prices have fallen; Lido DAO began voting on whether to limit its Ethereum staking dominance; Yuga Labs sued Ryder Ripps over claims of Nazi origins; Flowdesk raised $30m to expand market making services; and, Anonymous vowed to bring Do Kwon’s “crimes” to light. 

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