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Trading Desk Market Update: 6/28

June 28, 2022

BTC is currently trading around $21,000 and ETH around $1,200. Notable gainers in the last 24 hours are APE, 1INCH, and BTT. The global crypto market cap is $0.99T, down 0.9% over the last day. DeFi Total Value Locked is ~$76b and BTC dominance is around 43%.

Notable news includes: SEC Chair Gensler affirmed that BTC is a commodity, but he stopped short of referencing ETH; the Central African Republic announced the government will be backing an initiative to develop the country’s blockchain infrastructure; Uzbekistan issued new mining guidance that spares miners taxation on their activities, but requires them to register and only allows the use solar power; Ripple revealed plans to leave the U.S. if it loses its lawsuit to the SEC; Celsius is resisting a recommendation from its lawyers to file for bankruptcy, seeking support from its users to avoid that path; Celsius also denied allegations that its CEO attempted to flee the U.S.; CoinFLEX announced plans to issue a new token to raise funds after halting customer withdrawals; Compass Mining lost a hosting facility after allegedly failing to pay its power bill; FTX tempered the Robinhood buyout reports stating, “there are no active M&A conversations”; Goldman Sachs research downgraded Coinbase to a ‘sell’; MakerDAO rejected a proposal to create an advisory board; the top five finalists for ETHNewYork were all NFT-focused projects; HTC launched its new metaverse phone preloaded with apps to manage crypto; the brother-developer duo behind Solana’s Saber protocol have launched a crypto VC fund named Protagonist; cryptocurrency exchange Unizen raised $200m; and, the Harmony attacker has now moved over $44m of stolen ETH.

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