Japan Implements Crypto Friendly Tax Policy and HSBC Hong Kong Lets Customers Trade Crypto ETFs

Jun 26, 2023

Crypto markets pulled back today, BTC is down 1.44% and ETH is down 2.81%. Altcoins took a bigger hit, especially those that Robinhood is delisting and expected to sell later this week amid the SEC’s crackdown (Cardano, Solana, and Matic). ADA, SOL 33.61% , and MATIC are down 4.01%, 4,13%, and 3.62%, respectively. Interestingly, many of the “DeFi 1.0” tokens (DeFi protocols launched in 2019 and 2020) saw large gains over the weekend. AAVE, COMP 4.11% , and SNX 1.03%  each rose over 30% over the weekend and have since given back some of their gains. According to on-chain data, these rallies were driven by individuals or funds buying, with one Whale purchasing $17.2M AAVE over the weekend and holding $31.8M total. Traditional markets also pulled back today. SPX and NDQ are down 0.24% and 1.05%. 

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MARKET UPDATE Crypto is broadly lower today as geopolitical conflict continues to weigh on risk assets, with BTC -0.60% falling to $60k and ETH -0.91% approaching the low $2,300s. Aptos (APT 0.58% ) is one of the few gainers in the top 100 tokens as they have strengthened their presence in Japan via an acquisition of HashPalette, a Japanese NFT service provider and developer of Palette Chain. AAVE -0.89% is also showing slight gains following...

CRYPTO MARKET UPDATE Crypto prices have rebounded slightly following yesterday's sharp selloff, with BTC -0.60% climbing back above $61,000 and SOL -3.58% moving above $145, while ETH -0.91% is lagging, trading around $2,400. Among today's outperformers is SUI 0.16% , which appears resilient despite a $115 million token unlock yesterday. Oil is partially retracing its early rally, gold is lower on the day, and yields are moving higher, suggesting at least a temporary reversal of...

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