Bitcoin has fallen by more than 37% in June, its worst monthly performance since December 2018. The downward pressure is observable through the entire risk asset class as Bitcoin’s 30-day rolling correlation to the S&P500 remains at 88%.

Securities and Exchange Commission Chairman Gary Gensler called Bitcoin a ‘commodity’, rather than a security, during an interview with CNBC.

Goldman Sachs is reportedly seeking to raise $2 billion to acquire distressed assets from crypto lender Celsius. The deal would occur through the bank’s asset management unit and, according to reports, all assets would be purchased at a steep discount.

Sam Bankman-Fried, founder of crypto exchange FTX, has begun to step into the carnage to scoop up distressed assets or lend money to troubled businesses. Read more in Alex’s article on Fortune.
Bitcoin’s reserve risk, a metric for assessing an attractive risk/reward ratio to invest, has dropped to 0.001 for the first time since 2015. See quantitative section for more insights.

Shopify has introduced a feature for customers to use NFTs for unlocking exclusive perks, products, and real-world experiences with merchants.

Ethereum is set to undergo a hard fork this week named Gray Glacier. The upgrade is expected to enhance network security and assist in a smooth transition to Ethereum 2.0, also known as “the Merge” – See our recent write up on what to expect from The merge.