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Good Morning! It's Thursday, June 8th 2023

Crypto assets have steadied with BTC and ETH trading largely flat over the last day. BTC is currently trading at $26,350, while ETH is at $1,840. Both are down just over 1% in the last 24 hours. Markets are still trying to digest the regulatory news from earlier this week. A letter from Binance lawyers alleged that in 2019 Gary Gensler acknowledged the regulatory uncertainty in crypto and also offered himself to serve as an advisor to the exchange. Binance is asking SEC Chair Gensler to recuse himself from the case as a result. While markets await further developments in the cases, tokens named in the suits including SOL, ADA and MATIC continue to drip lower. The desk has seen primarily selling in all of these names.

FalconX Desk Ratios (last 24 hours):
Overall: 0.8:1
BTC: 0.9:1
ETH: 0.7:1
SOL: 0.7:1
Majors: 0.8:1
Alts: 0.6:1
BTC 1.1x ETH volume
Majors 1.8x Alt volume

24 Hour Price Movements:
BTC: -1.4%
ETH: -1.2%
ADA: -2.9%
AVAX: -3.1%
BNB: -2.7%
DOGE: +0.2%
LTC: -2.0%
MATIC: -1.4%
SOL: -4.5%

Macro:
S&P 500: 4,277 / +0.08%
Nasdaq: 14,368 / +0.25%
US 10Y Yield: 3.78% / -1 bp
VIX: 14.08 / +1.00%
DXY: 103.68 / -0.40%

The views and opinions expressed herein are those of the author(s) and do not necessarily reflect the views of FalconX or any of its affiliates and summarizes information and articles with respect to cryptocurrencies or related topics. This material is for informational purposes only and is only intended for sophisticated investors, and is not (i) an offer, or solicitation of an offer, to invest in, or to buy or sell, any interests or shares, or to participate in any investment or trading strategy, (ii) intended to provide accounting, legal, or tax advice, or investment recommendations, or (iii) an official statement of FalconX or any of its affiliates.

Eric Lochner
Trader

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