First Mover Americas: Bitcoin Tumbles Below $25K
The latest price moves in crypto markets in context for June 15, 2023.
This article originally appeared in , CoinDesk’s daily newsletter putting the latest moves in crypto markets in context..
Cryptocurrencies fell sharply late Wednesday and into Thursday, with bitcoin dropping below $25,000 and Polygon’s MATIC, and Cardano’s ADA extending 24-hour declines to as much as 9% and 8%, respectively. This comes following Wednesday’s Federal Reserve policy decision at which the central bank suspended rate hikes for at least one meeting, but signaled it expects further monetary tightening before the end of the year. Bitcoin could see further short-term losses, according to LMAX Digital’s morning note. “As per our technical insights in today’s update, any additional setbacks in the price of bitcoin should be well supported ahead of $22K.”
Paying interest on or surcharges for using a digital euro would be banned under a draft law , and set to be proposed by the European Commission on June 28. The proposed central bank digital currency (CBDC) would have to be available for cash-style offline payments from day one, and users shouldn’t be able to program it to limit onward use, the leaked bill said. “The digital euro shall be available for both online and offline digital euro payment transactions as of the first issuance of the digital euro,” said the text viewed by CoinDesk. The level of privacy for offline, face-to-face use should be “comparable” to withdrawing banknotes at an ATM, it said.
The Middle Eastern arm of OKX, the second-largest cryptocurrency exchange by trading volume, an MVP Preparatory license from the Dubai Virtual Assets Regulatory Authority (VARA). OKX Middle East has already taken up residence in a new office in Dubai World Trade Center, and says it plans to expand the number of staff to 30, with a focus on local hires and senior management. Once the Minimal Viable Product (MVP) license becomes fully operational, OKX Middle East will provide spot, derivatives and fiat services, including U.S. dollar and United Arab Emirates dirham (AED) deposits, withdrawals and spot-pairs, the company said in a press release.
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Edited by Stephen Alpher.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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VIPCrypto Rally, Bond Sell-Off: Where the Next Opportunities May Emerge
1. Global sovereign bonds sold off in tandem this week, with Japan at the epicenter. On September 2, the 10-year JGB yield reached 3.0175%, breaking above 3% for the first time since 1996. Over the past 12 months, it has risen 133.9 basis points, the largest increase among the six major developed-market maturities tracked. Over the same period, the French 10-year yield rose 79.7 basis points, the U.S. 10-year 74.6 basis points, and the German 10-year 70.8 basis points. The sell-off was driven less by renewed rate-hike expectations than by a repricing of fiscal supply and term premium, compounded by an approximately 10% weekly rise in crude oil, which pushed inflation expectations higher again. 2. The bond sell-off and crypto rally are not contradictory; they reflect the same underlying repricing dynamic. Bitcoin gained 2.50% for the week to $79,804 and 23.95% over the month, while gold rose 10.40% over the month. When markets are more concerned about sovereign solvency and currency purchasing power than the cost of capital, supply-constrained assets can rise alongside bond yields. On September 4, U.S. August nonfarm payrolls increased by 162,000, well above the 53,000 expected, and the implied probability of a September rate hike rose from 49.4% to 58% that day. This repricing dynamic still has further to run. 3. Within crypto, the most active capital is not concentrated in major assets, but in a new blockchain launched only in July. Robinhood Chain's TVL rose 26.2% week over week to $836 million, while seven-day DEX volume reached $11.30 billion, up 105.7% week over week and already above BSC's $8.70 billion and Base's $5.75 billion. ARB gained 50.97% for the week, UNI rose 41.35%, and PONS surged approximately 359%, compared with just 2.50% for Bitcoin over the same period. 4.Assets to watch: BTC, ETH, PONS, ARB, UNI, MARSCOIN, XAUUSD, UKOUSD, ORCL, ADBE.
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