BTC is currently trading around $29,900 and ETH around $1,850. Notable gainers in the last 24 hours are XEC, BCH, and FLEX. The global crypto market cap is ~$1.20T, down ~1.3% over the last day. DeFi Total Value Locked is ~$45b and BTC dominance is around 52%.
Asset prices started the morning by rising in broad strokes as equities, crypto, and bonds rallied across the board, but crypto reversed the trend in the last hour as the SEC reportedly told the Nasdaq and CBOE that the recent slew of spot Bitcoin ETF filings were inadequate, dampening hopes of a near-term spot ETF approval. On the data front, Core CPI in the Eurozone and Core PCE in the US both came in modestly better than expected, but inflation levels remain stubbornly high. Core PCE has remained range bound so far this year, consistently printing between 0.3% and 0.5% each month.
Notable news includes: a UK law that would subject crypto to the regulatory authority of existing financial regulators is nearing approval as it only awaits King Charles signature; the SEC will present its response to Coinbase’s legal defense on July 13th; The Blockchain Association called on Gary Gensler to recuse himself from all decisions pertaining to digital asset enforcement actions; Fidelity joined the queue and re-filed for a spot Bitcoin ETF; Ledger launched a custodial trading network for institutions dubbed Ledger Enterprise TRADELINK, partnering with exchanges, custodians, and platform providers; CME Group revealed plans to launch ETH/BTC ratio futures next month; the Bank of International Settlements published its interim report for its cross-border CBDC pilot leveraging Curve’s AMM design; OKX’s Liquid Marketplace has realized more than $3b of institutional trade volume since its launch; Revolut delisted ADA, MATIC, and SOL for US users; and, Steam banned CS:GO accounts holding more than $2m worth of in-game items.
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Authors:
Matt Kunke, Research Analyst | Twitter, Telegram, LinkedIn
Brian Rudick, Senior Strategist | Twitter, Telegram, LinkedIn
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