Daily Market Brief

May 27, 2024

Daily Market Brief 240527

Peter Chung
Rick Maeda
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  • Crypto markets were largely unchanged over the weekend with BTC -0.11% over the 2-day stretch and ETH, still fresh off the ETF hype, +2.60%.

  • On Saturday night, presidential candidate Trump spoke at a Libertarian Party convention and positioned himself as heavily pro-crypto. He vowed to commute the sentence of Silk Road founder Ross Ulbricht, supported the right to self-custody, pledged to protect crypto from Biden and Warren, and promised to prevent the development of CBDCs.

  • This week is significant for US economics: Consumer Confidence on Tuesday, GDP and Initial Jobless Claims on Thursday, and PCE on Friday, as well as eight FOMC member speeches throughout the week.

  • It was another big 24 hours for memecoins as the top gainers in the past 24hrs were $TRUMP, $JASMY, and $MOG, driven by Trump’s comments, while the worst performing coins were $JTO, $POPCAT, and $CORE.

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Peter ChungHead of Research
Rick MaedaResearch Analyst