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Trading Desk Market Update: 7/6

July 6, 2022

BTC is currently trading around $20,150 and ETH around $1,150.  Notable gainers in the last 24 hours are EVMOS, XEC, and SAND.  The global crypto market cap is $947B, up 2.9% over the last day.  DeFi Total Value Locked is ~$77b and BTC dominance is around 43%.

In exchange news, crypto platform Voyager Digital has filed for Chapter 11 bankruptcy in the Southern District of New York; Huobi Technologies’ HBIT brokerage subsidy obtained a license to conduct FX and money transfer operations in the US; SIX Digital Exchange entered into a strategic collaboration with crypto custody technology firm Fireblocks; Bitstamp announced it will start charging a monthly fee for low balance, inactive accounts; Bullish has reportedly cut 10% of its workforce; and, online retail brokerage firm eToro’s $10b SPAC merger has been canceled.

In DeFi news, DAI issuer MakerDAO began voting on a proposal to collaborate with a traditional bank; governance for mixing service Tornado Cash rejected a plan to diversify its treasury holdings; DeFi credit service platform Porter Finance announced it will shut down its bond issuance platform due to lack of demand; Curve yield optimizer Convex Finance’s CVX token has rallied over 50% this week after getting past a token unlock; DeFi lending platform Compound Finance published the code for its third iteration named Comet, which will allow for the protocol to be deployed across any EVM-compatible network and includes a redesigned risk management and liquidation engine; and, tech startup Nothing has tapped Ethereum scaling solutions provider Polygon to offer NFTs on its new Nothing Phone smartphone.

Elsewhere, Singapore’s MAS is considering new regulations to protect retail investors in the wake of the crypto market crash; The Federal Reserve published a note on a recent conference that concluded a US CBDC would not drastically change the global currency system; UK tax authorities are seeking public consultation on DeFi tax treatment; troubled crypto hedge fund 3AC has $7.5m of blue chip NFTs; market maker Virtu is hiring a crypto trader for the weekends; miner Hut 8 has added 5,800 rigs to its fleet and revealed plans to continue to HODL production; miner Core Scientific sold ~$165m of bitcoin last month to strengthen the balance sheet and enhance liquidity; miner TeraWulf added $50m in loans to build out data center infrastructure; rig manufacturer Bitmain will start selling its AntMiner E9 ether rig today; the ProShares Short Bitcoin Strategy ETF (BITI) saw $51m of inflows over the past week; RTFKT granted commercial rights to CloneX NFT holders; and, hackers and fraudsters stole $670m from crypto protocols in 2Q, per security services platform Immunifi.

2022.07.06

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