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Trading Desk Market Update: 6/6

June 6, 2022

BTC is currently trading around $31,400 and ETH around $1,900. Notable gainers in the last 24 hours are HNT, LRC, and XEC. The global crypto market cap is $1.35T, up 4.9% over the last day. DeFi Total Value Locked is ~$111b and BTC dominance is around 47%.

Risk markets are rallying behind an easing of Covid-19 restrictions in Beijing. Most global equity markets are up 1% to 2% and crypto is up closer to 5% as the largest alternative layer-1s led the move higher. It’s a light week ahead for data releases until investors turn their attention to the May CPI release on Friday morning. 

Other notable news includes: Uganda reversed course and introduced a regulatory sandbox for crypto; Bermuda reiterated their crypto hub ambitions; US lawmakers introduced a bill that would require members of Congress to report their crypto holdings; Kenya invited Bitcoin miners to tap the country’s excess geothermal power; Abu Dhabi offered free crypto domains to all women living in the city aiming to increase web3 diversity; Chainlink price oracles went live on Solana mainnet; the ApeCoin DAO proposal to migrate away from the Ethereum ecosystem has a slight majority but voting will continue until June 9th; BAYC’s Discord server suffered another hack and ~200 ETH worth of NFTs were stolen; retirement service provider, ForUsAll, sued the US Labor Department over crypto guidance; a multimillion dollar property in NYC was listed for sale as an NFT on OpenSea; TRON’s algorithmic stablecoin USDD will transition to becoming overcollateralized; PancakeSwap rallied 9% as Binance Labs invested; Stepn has been hit by a number of DDoS attacks since their most recent upgrade; Jack Ma’s Ant Group launched a digital bank in Singapore; the FTC indicated that crypto-related scammers have generated more than $1b since 2021; and, Vitalik Buterin tweeted his opposition to a proof-of-work mining ban in New York State. 

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