BTC is currently trading around $30,700 and ETH around $1,850. Notable gainers in the last 24 hours are SNX, SOL, and AAVE. The global crypto market cap is ~$1.22T, up ~1.1% over the last day. DeFi Total Value Locked is ~$45b and BTC dominance is around 52%.
Equity and crypto markets are inching higher, and interest rates are rising across the yield curve as US GDP saw a sharp upward revision from 1.4% to 2.0% in Q1, indicating a much stronger than anticipated consumer. Additionally, Powell delivered relatively hawkish comments during a speech yesterday, doubling down on two more hikes this year while noting that consecutive hikes are not “off the table” at the meetings ahead. Fed Funds futures are now pricing in a nearly ~90% chance of a hike at July’s FOMC meeting. Elsewhere, Eurozone CPI and Core PCE in the US will be released tomorrow.
Notable news includes: Coinbase filed a motion to dismiss the SEC’s lawsuit, calling it “an extraordinary abuse of process”; Binance’s banking partner for euro-denominated deposits and withdrawals, Paysafe, is ending support for the exchange in September; the ECB revealed it would begin wholesale CBDC settlement trials in 2024; Worldcoin debuted in Germany and integrated with Okta’s Auth0 platform; dYdX revealed a public testnet for its Cosmos-based appchain would come on July 5th; a crypto tax cut bill passed through Slovakian parliament; Compound’s founder Robert Leshner unveiled his new company, Superstate, aiming to bridge traditional markets and blockchains with regulated financial products, simultaneously announcing its SEC-registered Superstate Short-Term Government Bond fund; Sotheby’s launched its onchain generative art program powered by Art Blocks’ white-label generative minting infrastructure; and, the Ark 21Shares Bitcoin ETF filing was amended taking allegedly key verbiage from the BlackRock filing.
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Authors:
Matt Kunke, Research Analyst | Twitter, Telegram, LinkedIn
Brian Rudick, Senior Strategist | Twitter, Telegram, LinkedIn
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