Daily Market Update - June 29th 2020

High $9197.55

$BTC Low $8975.53

$BTC 24 Hour (-2.44%)

Total Crypto Market Cap $259.8 BN (+0.74%) 24 Hour Volume $54.4 BN (-12.40%) Notable Movers SwissBorg (CHSB) (+31.52%) BTC Dominance 64.5% (-0.46%)

Bitcoinist says two historically accurate technical indicators show the risks of BTC moving toward $8,200 in the next quarter are growing. NewsBTC says the number of Bitcoin that hasn’t moved in over 12 months is at an all-time high. Cointelegraph warns a close above $9,400 is required in order to avoid a sharper correction.

$500k Stolen-DeFi Hack Breaking news as we’re writing this newsletter: an attacker has stolen crypto worth $500,000 from the Balancer DeFi protocol. The hacker is "a very sophisticated smart contract engineer with extensive knowledge" of how DeFi works. Their identity is unknown because they used an Ethereum mixer. It’s a setback for DeFi, which has enjoyed a surge in popularity recently.

Crypto Garbage

An angel investor in Robinhood and Uber has claimed that "99% of crypto projects are garbage." Jason Calacanis said most are run by "delusional" and "unqualified idiots" with below-average skills. Meow. He added that he’s leaving the door open for the 1% who have the opportunity to change the world.

Legacy Markets

DOW puts on 200 pts on Boeing push up. US Home Sales were up 44% in May.

Possible Change in IPO Rules

The NYSE recently submitted a detailed amended change to the Securities and Exchange Commission that would allow companies undergoing a direct listing to raise new capital by selling shares on their own behalf. Currently, direct listings only allow the sale of existing shares, not the issuance of new ones. During a direct listing, a designated market maker, or DMM, determines the opening price based on buy and sell orders. Companies hire advisers to help with the process, but there is no costly intermediary underwriter, or roadshow as in traditional IPOs. “If this is a way of lowering the cost, it will encourage more companies to go public,” said University of Florida Cordell Eminent Scholar Jay Ritter.

A proposed change to direct listings could attract more public debuts and woo companies away from traditional IPOs — if the SEC approves the move. “We're not trying to displace the IPO, but we're trying to create more choice and more options for companies that want to come to the public markets best suited to meet their objectives,” John Tuttle, vice chairman and chief commercial officer of the New York Stock Exchange, told Yahoo Finance.

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