- Crypto markets fell lower today, erasing much of the short-lived bounce seen last week. $BTC broke $20k and dropped as low as $18.7k, and $ETH briefly broke $1k, falling as low as $998. At the time of writing, Bitcoin is down 4.64%, trading at $19.3k, and Ethereum is down 5.89%, trading at $1.04k. Higher beta altcoins such as $SOL and $AVAX have dropped more, falling 5.49% and 7.42%, respectively. Interestingly, Binance Coin ($BNB) has held up relatively well and is down 3.3%. BNB has appreciated nearly 65% relative to Ethereum since April, which is notable due to other alternative smart contract platforms such as Avalanche being down significantly relative to Ethereum in that same time frame. The market remains cautious due to contagion risks surrounding the insolvency of Three Arrows Capital. A British Virgin Islands Court officially ordered the crypto hedge fund to liquidate yesterday.
- The Securities and Exchange Commission (SEC) has denied Grayscale's proposal to convert its flagship product into a spot-bitcoin ETF. Grayscale is one of the largest digital asset managers and has been the frontrunner for getting an ETF approved. The SEC stated that Grayscale's proposal to list the ETF did not meet the standard designed to prevent fraudulent practices and protect investors. Grayscale pushed back against the decision, filing a lawsuit against the SEC and stating, "if regulators are comfortable with ETFs that hold derivatives of a given asset, they should logically be comfortable with ETFs that hold the same asset."
- Cryptocurrency exchange FTX, which has been involved in several deals recently with companies such as BlockFi, has passed on a deal to purchase crypto lender Celsius after examining the company's poor state of finances. FTX said they walked away from the purchase due to a "$2 billion hole" in Celsius's balance sheet. The Celsius token dropped more than 20% on the news. Celsius was one of the many crypto lenders who lent to now insolvent Three Arrows Capital. Celsius is also thought to be insolvent after the crypto lender paused withdrawals from their platform two weeks ago.
Crypto Daily Report – June 30
Jun 30, 2022
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