In this blog series, we offer concise summaries of Binance Research team’s findings, inviting you to take a deeper dive into the original reports.
While overall crypto market capitalization increased in June 2023, with rallies in major cryptocurrencies, numerous altcoins plunged amid regulatory uncertainty. Today, we will explore key Web3 developments in June 2023 to provide an overview of the crypto ecosystem’s current state. We will analyze the performance of crypto, DeFi, and NFT markets before previewing the major events to look out for in June.The crypto market recovered slightly in June, with overall capitalization increasing by 3.3%. This growth was largely fueled by BTC’s rally as the world’s largest asset manager, BlackRock, applied for a spot bitcoin exchange-traded fund .
experienced sell-offs earlier in the month amid scrutiny from the US Securities and Exchange Commission .Monthly price performance of the top 10 coins by market capitalizationBTC and ETH were the strongest performers in June. BlackRock’s surprise filing for a US spot bitcoin ETF sparked a flurry of applications from other institutions of. This move sparked optimism and confidence in bitcoin as it was largely perceived as a legitimizing sign.
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