Crypto Market Update: June 3, 2024

Top Stories:

  • Bitcoin Surges: Bitcoin kicked off the week by reclaiming $69,000 as crypto assets rose across the board during the European morning. Currently priced around $69,200, BTC has seen an increase of approximately 2.5% in the last 24 hours. The broader digital asset market, measured by the CoinDesk 20 Index (CD20), climbed 1.4%.
  • Meme Coin Momentum: Dogecoin led the gains, trading nearly 3% higher. This spike followed influential retail investor Keith Gill’s disclosure of a $180 million position in GameStop, causing GME to surge around 80% in pre-market trading. Such meme stock rallies are often bullish indicators for meme coins like DOGE. Additionally, a Solana-based GME meme coin skyrocketed over 200% in the last 24 hours, according to CoinMarketCap.
  • Australia’s First Bitcoin ETF: Australia’s first bitcoin ETF will begin trading on the Cboe Australia exchange on Tuesday. Monochrome Asset Management’s product (IBTC) will be the only ETF in the country to hold bitcoin directly. Prior to IBTC, Australian investors could only invest in ETFs that indirectly held bitcoin or through offshore bitcoin products, which lack the investor protection rules under Australia’s directly held crypto asset licensing regime.
  • Political Action in Crypto: The crypto industry has amassed about $161 million for political action committees (PACs) following Coinbase’s $25 million donation for the upcoming U.S. presidential election. This makes it one of the most formidable campaign-finance operations in the country. The funds are boosting the Fairshake PAC, which is identifying candidates with pro-crypto positions. U.S. regulations remain a significant hurdle for the industry, but lawmakers are showing signs of shifting towards wider acceptance. This could lead to legislation establishing tailored rules for digital assets, potentially attracting more mainstream investors.