Trading Desk Market Update: 6/7

June 7, 2022

BTC is currently trading around $29,500 and ETH around $1,750. Notable gainers in the last 24 hours are LEO, XTZ, and GALA. The global crypto market cap is $1.27T, down 6.0% over the last day. DeFi Total Value Locked is ~$106b and BTC dominance is around 47%.

Risk markets are reversing yesterday’s gains and resuming the broader downtrend. Over $215m of crypto positions have been liquidated in the past day, exacerbating the move downward. 

Other notable news includes: Senators Gillibrand and Lummis unveiled their new crypto bill seeking to treat most crypto as commodities; Binance’s BNB token is facing a probe by the SEC; Fireblocks revealed a partnership with that will offer merchants instant fiat-to-stablecoin conversion for customer payments to support 24/7 settlement; IOTA partnered with Dell to develop a solution for the real-time tracking of carbon footprints; a report indicated TRON’s claims of USDD overcollateralization may be false; a Twitter user revealed that the BAYC NFT smart contract allows a single, non-multi-sig wallet, to mint an unlimited number of Apes, a concern that was acknowledged by the BAYC team; Lido proposed a $17m ETH sale to prepare for a potential “bear market”; a Reuters report indicated at least $2.4b in crypto has been laundered through Binance; Binance refuted money laundering claims; Blockdaemon launched a permissioned liquid staking protocol catering to institutional investors that want to stake ETH; Argo’s bitcoin production dropped 25% in May due to unplanned downtime at their new Texas facility; the Epic Games Store will host its first web3 game later this year; BlockFi is set to close a down funding round at a valuation of $1b; Illuvium raised $72m from land sales; Indonesian crypto exchange Pintu raised $113m; the English Premier League filed crypto and NFT trademarks; Apple unveiled a new buy now, pay later feature in Apple Pay; and, Elon Musk is seeking to exit his previously proposed acquisition of Twitter. 

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