Daily Market Brief

May 23, 2024

Daily Market Brief 240523

Peter Chung
Min Jung
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  • Despite various headlines from Washington D.C., the market remains range-bound with $BTC trading at $69,155 and $ETH at $3,739. Volumes are down across all assets as the market waits for the spot ETH ETF decision tomorrow.

  • Headlines on the spot ETH ETF include the White House issuing a Statement of Administration Policy to encourage a productive crypto regulatory framework, FIT-21 passing the House with bipartisan support, and Bloomberg’s @EricBalchuna estimating that the SEC will announce around 4 p.m. EST tomorrow.

  • Other important news includes better-than-expected NVIDIA earnings, Coinbase launching gas and oil futures trading, Farcaster raising $150M, and a zkSync airdrop planned for June 13th.

  • During the last 24 hours, the top three gainers were $LPT, $WIF, and $GALA, while the top three losers were $PRIME, $CKB, and $JTO.

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Peter ChungHead of Research
Min JungResearch Analyst