The Crypto Roundup: 10 June 2024

Latest price and news from the crypto space

Latest price from our hand picked list of digital assets

Aggregate trading volumes dropped by 35.4% in July across all cryptocurrency investment product markets, while total assets under management (AUM) declined by 14% compared to the previous month.

JPMorgan has started allowing its wealth management clients to invest in a selection of cryptocurrency funds that include Graysccale’s Bitcoin Trust (GBTC), as well as other products offering exposure to Ethereum, Ethereum Classic, Bitcoin Cash, and more.

Cross-chain decentralized exchange THORChain has suffered a second multi-million dollar hack this month, this time costing around $8 million as the attacker “deliberately limited their impact.”

Sponsored: Another exciting quarter has come and gone and despite the turmoil experienced in crypto markets after mid-May, the Invictus Capital suite of funds has continued to offer investors exceptional returns, with the Hyperion VC (IHF), Margin Lending (IML) and Crypto10 Hedged (C10) Funds all shooting the lights out.

Top stories in the Crypto Roundup today:

Crypto Trading Volumes Dwindled 35.4% in July
JPMorgan Starts Offering Retail Wealth Clients Access to Crypto Funds
THORChain Suffers Second Exploit In a Month
Coin of the week: Solana (SOL)
Sponsored: Invictus Capital Q2 2021 Investment Report

Crypto Trading Volumes Dwindled 35.4% in July

Aggregate trading volumes dropped by 35.4% in July across all cryptocurrency investment product markets, while total assets under management (AUM) declined by 14% compared to the previous month.

The average daily trading volumes are now at around $319 million, down over 35% from June to July. Average volumes across all exchange-traded notes (ETNs) and exchange-traded funds (ETFs) is down by an average of 50.4%.

Despite these declines, average investment flows were positive in July to date, with Bitcoin and Ethereum accounting for the majority of inflows. This was in a month in which the markets continued to decline, to the point BTC dropped below $30,000 and ETH below $2,000 temporarily.

Check out CryptoCompare’s latest Digital Asset Management Review for additional insights intowhat went on in the cryptocurrency markets throughout last month.

JPMorgan Starts Offering Retail Wealth Clients Access to Crypto Funds

The bank, which has been moving to grow its $630 billion wealth-management business, has told advisors in a memo it’s offering a total of five cryptocurrency products. The selection applies to all JPMorgan clients seeking investment advice, including the bank’s self-directed clients using its Chase trading app.

JPMorgan’s advisors only execute “unsolicited” traders, which means advisors cannot recommend products but are allowed to buy or sell on behalf of a client’s request.

The move comes shortly after JPMorgan’s asset and wealth-management chief, Mary Callahan Erdoes, said in an interview that many of the bank’s clients view crypto as an asset class they want to invest in.

Rival banks such as Goldman Sachs and Morgan Stanley haven’t yet given retail wealth clients direct access to cryptocurrency products although Morgan Stanley has offered wealthy clients with $2 million in invested assets access to bitocin funds.

THORChain Suffers Second Exploit In a Month

Cross-chain decentralized exchange THORChain has suffered a second multi-million dollar hack this month, this time costing around $8 million as the attacker “deliberately limited their impact.”

The project’s team has revealed a hacker deployed a custom contract that was able to trick its Bitfrost into receiving a deposit of fake assets. The network then refunded the hacker in real assets. The exploit was seemingly conducted by a white-hat hacker, who requested a 10% bounty.

Liquidity providers affected by the exploit will be subsidized using the project’s treasury funds. The exchange conceded that the complexity of its project comprises its “Achille’s heel,” but noted it can get past these problems with more work.

The hacker shared a message with THORChain asking them to “not rush code that controls 9 figures” and to disable the protocol “until audits are complete.” They claim they could have also stolen ETH, BTC, BNB, and many BEP-20 tokens if they wanted to.

Coin of the week: Solana (SOL)

Solana ($SOL) saw its price explode in late 2020 as its adoption started picking up steam. In October 2020 Circle expanded the USDC stablecoin into the Solana network. The move came shortly after Tether’s USDT was added to it in September 2020.

The price of SOL exploded from about 1.5$ shortly after these announcements were made to a $55 all-time high at the height of the bull market, before plunging along with other top cryptocurrencies. Solana is currently trading at $27 and has a $13.5 billion market cap. Over the last 24-hour period, nearly 2 million SOL were traded on top exchanges.

What is Solana?

Solana is a high-performance blockchain founded by former Qualcomm, Intel, and Dropbox engineers that uses a delegated Proof-of-Stake (dPoS) consensus algorithm. The network uses a unique method of ordering transactions to significantly improve its speed and throughput.

Using what’s known as Proof-of-History (PoH), the Solana blockchain is able to handle thousands of transactions per second. PoH uses Verifiable Delay Functions to hash incoming events and transactions to allow nodes to locally generate timestamps of SHA256 computations, eliminating the need for timestamps to be broadcasted across the network.

Invictus Capital Q2 2021 Investment Report

Another exciting quarter has come and gone and despite the turmoil experienced in crypto markets after mid-May, the Invictus Capital suite of funds has continued to offer investors exceptional returns, with the Hyperion VC (IHF), Margin Lending (IML) and Crypto10 Hedged (C10) Funds all shooting the lights out.

AUM is still ticking up, with an average of $145 million under management over June. Hyperion has continued to astound, and we are incredibly proud of the performance of the underlying portfolio that now firmly places the fund within the top tiers of global venture capital fund performance.

The company's funds offered commendable performance in a quarter marked by heightened volatility and extreme fear in the Bitcoin and broader cryptoasset market. The simple average return across our suite of seven funds was 9.85% for the quarter, which is equivalent to an annualized return of 45.61%.

We invite you to read the full Q2 2021 investment report which includes comprehensive macroeconomic and crypto market analysis, fund-specific commentary and detailed company updates.

Disclaimer:

Cryptocurrency trading involves high risk, and is not suitable for all investors. Before deciding to trade cryptocurrencies, tokens or any other digital asset you should carefully consider your investment objectives, level of experience, and risk appetite.

Its content does not constitute financial advice. Please remember that the value of investments, and any income from them, can fall as well as rise so you could get back less than you invest. If you are unsure of the suitability of your investment please seek advice.