Daily Market Brief

Jun 13, 2024

Daily Market Brief 240613

Peter Chung
Min Jung
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  • Big macro day with CPI release and FOMC meeting happening on the same day. With a lower-than-expected CPI print (Headline CPI 3.3% vs 3.4% est.), $BTC was up 4%, but drifted lower into the day. As of now, $BTC is at $68,260 and $ETH at $3,559.

  • Regarding the FOMC meeting, the dot plot has shown that the members now expect just one rate cut in 2024, down from three rate cuts in March. Powell’s press conference was also more hawkish than expected, where he mentioned that “the central bank does not yet have the confidence to cut rates, even as inflation has eased from its peak levels.”

  • Few headlines in crypto include $ATH listing on OKX, Pixelverse raising $5.5M, and Terraform Labs agreeing to pay $4.46B in the SEC case.

  • During the last 24 hours, the top three gainers were $IO, $LPT, and $INJ, while the top three losers were $AKT, $MOG, and $FLOKI.

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Peter ChungHead of Research
Min JungResearch Analyst