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Crypto Daily Report – June 7

Jun 7, 2022
body div center ul, body div center li { font-size: 22px; margin-left: 10px !important; margin-right: 0 !important; Most Important Daily Data and News for Digital Assets Crypto Daily ReportThe Most Important Daily Data for Digital Assets Daily Updates from FSInsightJune 7, 2022The crypto market has fallen 4.65% over the past 24 hours to $1.23 trillion. The declines are broad-based with BTC (-5.63%), ETH (-6.36%), and smart contract platforms like SOL (-10%) and FTM (-6.68%) all experiencing similar mid-single to low-double-digit declines. On the flip side, stocks opened up this morning. As we have highlighted over the past couple of weeks, BTC's correlation to SPY continues to decrease. See the trailing 30-day correlation chart below.This morning, US Senators Lummis (R-Wyo.) and Gillibrand (D-N.Y.) published the first overarching bipartisan crypto legislation. The bill aims to provide a comprehensive set of rules and regulations for the crypto industry that don't stifle innovation. One goal is to simplify tax reporting on crypto transactions. The bill would not require small purchases of goods and services (sub $200) to be subject to tax implications. The legislation would also instill the CFTC as the primary crypto regulatory body - overseeing digital asset exchanges.Bitwise an

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