POKKET: Crypto Market Update (June 17)

Bitcoin is -4% to trade back to $38.5k after having tried to hold on to $40k this week. ETH is lower, -6% to $2350 as alts correct. Movers are SNM +19%, GTO -11%, and rest in between as vol continues to relax.

Everyone’s favorite printing man, Jerome Powell, gave a press conference post-FOMC yesterday with the message the current bump in inflation is temporary and is due to the country’s emergence from the pandemic. He also added the bump in inflation may last longer than they expect but gave no hints towards tapering or the pace of printing; meanwhile Bitcoin remains at 21M supply.

The SEC has extended its review period of the VanEck Bitcoin ETF by 45 days, and is the second time they have kicked the can.

Fox Corporation said on Tuesday it will invest $100M in a ‘creator fund’ for the NFT space through a new unit called Blockchain Creative Labs which will be a digital marketplace dedicated to commercializing characters.

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