Ndax Weekly TL;DR June 10th

Every Monday, we cover the latest developments and trends in the dynamic and ever-evolving world of cryptocurrency. From price movements, industry news and our favorite resources, we strive to provide our readers with a comprehensive overview of the crypto landscape. 
 
Happy Monday, Ndaxers— Here’s what happened last week:

• Bitcoin ETFs—are they still posting record-breaking days of inflows?
• Bank of Canada, ECB cut rates. Is Bitcoin shooting for another all-time high? 
• Did Biden ask our industry for policy guidance and then... Veto a pro-Crypto bill? 

Bitcoin has been showing strong resilience around $71,000 (CA$97K), boosted by U.S. spot Bitcoin ETFs seeing their second-highest daily inflow of $886.75 million, with total net inflows nearing $15 billion. Thailand has also approved its first spot Bitcoin ETF for wealthy/institutional investors. Bitcoin's price was up 3.2% in 24 hours and nearly 10% in the past month. Decrypt 

Canada's central bank cut its benchmark interest rate by 0.25% to 4.75%, the first reduction in four years. Bitcoin gains continued alongside equity markets on Thursday as they responded positively to the European Central Bank also cutting interest rates by 0.25% to 3.75%, their first reduction since 2019. This move suggests other central banks could soon follow suit in easing monetary policy. After the announcement, Bitcoin briefly spiked 1.5% to $71,600 before settling around $70,930. Bank of Canada Governor Tiff Macklem cited increased confidence that inflation will continue falling towards the 2% target after cooling from 8.1% in June 2022 to 2.7% in April 2024. While the European Central Bank is expected to cut rates soon, the Federal Reserve may keep rates higher for longer given stickier 3.4% U.S. inflation in April. However, the Fed did recently slow its quantitative tightening pace, effectively adding more liquidity.. The Defiant 

All eyes were on President Biden last week when his White House reached out to crypto industry interests for guidance on crypto policy... So it came with a bit of a sting when he vetoed a bipartisan, pro-crypto bill that same Friday evening. SAB 121 introduced and enacted last year requires companies custodying customers’ crypto to treat digital assets as liabilities, and hold “corresponding assets” on their balance sheets against them, making it all but impossible for regulated financial institutions to custody digital assets for their clients. A bill repealing SAB 121 easily passed both houses of congress over the last 3 weeks on its way to Biden’s desk. (Biden had warned he would veto the bill if passed.)

U.S. House lawmakers seeking to override Biden’s veto debated a new bill slashing the SEC's budget by $145 million and prohibiting enforcement of its crypto accounting rule SAB 121. Though overriding Biden's veto of the bill revoking SAB 121 requires a two-thirds majority, this spending bill provides an alternative way for pro-crypto bipartisan officials to rein in the SEC. It also restricts the SEC's crypto enforcement except for fraud until it clarifies which digital assets are securities. Furthermore, it cuts the SEC Enforcement Division's funding to $644 million, deeming its crypto approach too "aggressive," despite the SEC requesting $2.6 billion to police "noncompliance" in the industry. Decrypt 

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News Nuggets
Bitcoin Mining Stocks Soar Amid Takeover Frenzy Coindesk  
Gary Gensler Is Now Being Asked About Bonk ETFs Following Ethereum Approvals Decrypt
Roaring Kitty In Hot Water With Regulators Amid GameStop Revival: Reports Decrypt 
Biden’s Surprise Veto Signals Dems’ Crypto-Friendly Era May've Been Wishful Thinking The Defiant 
The Sandbox Raises $20M at $1B Valuation, SAND Rises 4.5% Coindesk

As of 06-10-2024 at 2:00 AM EST
Market Summary

• The global cryptocurrency market cap grew last week to CA$3.51 T. 
• Bitcoin’s market dominance—in no small part due to continued record-breaking inflows into the Bitcoin Spot ETF products—stayed relatively flat at a 3-year-high of over 53.9%... 
• As did Ethereum’s, which gained 1/5th of its market cap in the last couple weeks on ETH ETF Approval news, at around 17.4% of the global crypto market.

Performance

• On record-breaking ETF inflows and dovish policy from multiple G7 central banks, Bitcoin has been chopping around a hair’s breadth from its all-time highs. 
• Visit our new markets page offering real-time data for almost 15,000 cryptocurrencies. Track trends, monitor your favorite cryptocurrencies, and stay ahead of the market. 
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Happy trading, 
The team at Ndax