Crypto

Crypto Market Analysis

Crypto Market Analysis | 3 June 2024 

Crypto Market Analysis

U.S. President Joe Biden vetoed a House Joint Resolution that aimed to repeal the Securities and Exchange Commission’s (SEC) Staff Accounting Bulletin 121. Under SAB 121, financial institutions holding crypto assets for customers can report these assets on their own balance sheets.

Bitcoin’s price action has been relatively muted last week, staying within the $67,000-$69,000 range. This stability coincided with struggles in other risk assets, including U.S. stocks. However, several reports indicate a softening of economic conditions in the states, which could improve prospects for lower interest rates. This development might serve as the catalyst for Bitcoin to attempt to breach its all-time high of over $73,000 set in March.

Meanwhile, the Uniswap Foundation delayed a proposal upgrade vote that would have enabled rewards for UNI holders who staked and delegated tokens due to a new issue requiring further scrutiny. The postponement was deemed necessary to assess the proposed upgrade’s impact thoroughly. As a result, UNI’s value dropped by 8.75%, falling to $10.20.

Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. The information provided in this post is not to be considered investment/financial advice from CoinSwitch. Any action taken upon the information shall be at the user’s risk.

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