Crypto Market Update – June 2023

July 18, 2023

Exciting things are happening in the #crypto world:

  • EDX Markets Crypto Exchange has officially launched, backed by industry giants like Fidelity, Schwab, and Citadel.
  • Spot Bitcoin ETFs are gaining traction, with major players applying to the SEC:
    • BlackRock, the largest asset manager with $9 trillion AUM
    • WisdomTree, managing $96 million in assets
    • Invesco and Galaxy Digital, the fourth-largest ETF provider in the US
    • Valkyrie Investments and Ark Invest
  • Fidelity Investments has also stepped up by introducing “Fidelity Crypto,” a new crypto service for individual investors.

All these developments are helping Bitcoin (BTC) establish a strong support level around 30k, which was previously a resistance level.

ACROSS THE HEADLINES 

RippleLabs notches landmark win in SEC case over XRP cryptocurrency
“Ripple Labs Inc did not violate federal securities law by selling itsXRP token on public exchanges, a U.S. judge ruled on Thursday, a landmark legal victory for the cryptocurrency industry that sent the value of XRP soaring.”

We Already Have ‘Regulatory Clarity’ For Crypto
“There is no shortage of dynamism and entrepreneurship in the Bitcoin ecosystem. It reflects the best of American innovation, and it does not rely on changing any of the standards by which securities or commodities are defined.”

‘A Big Deal’—Crypto Braced ForA $30 Trillion Earthquake After Bitcoin, Ethereum, BNB, XRP, Cardano, Dogecoin, Litecoin, Solana, Tron And Polygon Price Boom
“The bitcoin price has topped $30,000 per bitcoin, double its late 2022 price.”

Fidelity Joins Spot-Bitcoin ETF Race With Fresh SEC Filing
“Fidelity Investments is the latest financial services heavyweight to throw its name into the race to offer the first US exchange-traded fund investing directly in Bitcoin.”

”That’s Our Two Satoshis” - For Real, Institutions are Actually Coming to Crypto
“Today, the majority of the world’s largest mutual fund groups have launched crypto products, and top bulge bracket financial firms are writing in-depth reports on the industry.”

Wall Street Spots Blockchain Opportunities as Crypto Stumbles
“Traditional financial firms like GoldmanSachs, BlackRock and JPMorgan have taken only baby steps into the realm of digital assets. But the pace of their strides is picking up.”

Cryptoverse: Hungry exchanges fight for slice ofAmerican pie
“Crypto platforms are vying for dominance in the United States, the world’s biggest market, following a regulatory crackdown that’s shaken the sector.”

Alibaba Taps Pro-Crypto Brooklyn Nets Owner to Helm Tech Giant
“Alibaba Group Holding Ltd. is bringing back Joseph Tsai, who has become a prominent blockchain proponent and owner of the Brooklyn Nets since co-founding the Chinese e-commerce company, to help turn around the struggling technology giant.”

Google Play changes policy toward blockchain-based apps, opening door to tokenized digital assets, NFTs
“In the future, Google Play plans on working with industry partners on further improving its support of blockchain-based applications, including secondary marketplaces.”

Mastercard Focuses Its ‘Engage’ Program on Crypto
“The expanded network helps bring new crypto card programs to market and creates crypto-to-fiat conversion capabilities, Mastercard said.”

MultiversX launches on-chain two-factor authentication standard
“Blockchain protocol MultiversX has implemented a novel two-factor authentication mechanism to add additional security to its network.”

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Crypto Market Update – May 2023

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May was crypto’s worst month so far for 2023. The peer group S&P Cryptocurrency BDM Ex-MegaCap Index (“SPCBXM”) and the Bloomberg Galaxy Crypto Index (“BGCI”) also saw declines.There were a number of factors that contributed

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