The latest moves in crypto markets, in context By Jamie Crawley, CoinDesk news reporter Was this newsletter forwarded to you? Sign up here. |
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Happy Friday! Here's what you need to know today in crypto: |
- Crypto prices were subdued during the European morning.
- Donald Trump-themed token TRUMP crashed following Thursday's guilty verdict.
- Ripple CEO predicts ETFs for XRP, SOL and ADA.
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CoinDesk 20 Index: 2,444 +0.3%
Bitcoin (BTC): $68,346 +0.6%
Ether (ETC): $3,799 +1.4%
S&P 500: 5,235.48 −0.6%
Gold: $2,364 +0.9%
Nikkei 225: $2,364 +0.9% |
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Crypto prices were little changed during the European morning with traders possibly keeping their powder dry ahead of the latest U.S. inflation data. The personal-consumption expenditure (PCE) data is scheduled for release at 8:30 EST (12:30 UTC) and will offer the latest clues on the Fed's next interest-rate moves. Bitcoin sits at $68,100 at the time of writing, an increase of around 0.4% in the last 24 hours. The broader digital asset market, as measured by the CoinDesk 20 Index (CD20), has risen by just under 0.5%, with the majority of its constituents showing changes of less than 1% in either direction. |
The Donald Trump-themed meme coin TRUMP plummeted Thursday after the former president was found guilty of falsifying business records. The token sank as much as 35% after the verdict. Meanwhile, Jeo Boden, a meme coin inspired by President Joe Biden, soared 20%. TRUMP soon recovered though, rallying nearly 50% to just under $17, even higher than before the verdict, according to CoinGecko data. TRUMP is currently priced at $14.39, an increase of over 11% in the last 24 hours. On Polymarket, the blockchain-powered prediction market, traders continued to place money on Trump defeating Biden in the November election. Trump is well ahead – with 56% odds of winning, versus 38% for Biden – even after the verdict. Ripple CEO Brad Garlinghouse predicts that more exchange-traded funds will list in the U.S. after the expected approval of a spot ether ETF. It is "inevitable" that there would be an ETF tracking Ripple's XRP and equivalent products for SOL and ADA, Garlinghouse said at Consensus 2024 in Austin, Texas. He added that there would be a significant regulatory process before they are approved, but in the end these will be "speed bumps." Garlinghouse also took a swipe at the SEC for its approach to crypto. "[SEC Chair] Gary Gensler has been called to Congress, and when asked if ether is a security, he won't answer the question. Yet, he insists that the rules are very clear and don't need updating," he said. |
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Market Insight: Bitcoin Is Still Strong, but Macro Factors Pose Risk |
One observer is worried that recent macroeconomic developments could impede bitcoin from advancing to record highs. "Bitcoin is still strong, but macro factors are threatening," crypto options trader and market analyst Chang told CoinDesk in an interview. "Bond yields are very unstable as the demand is weak compared to U.S. Treasuries issuance. If there is a negative impact on bitcoin, it will likely be due to yields and the dollar index." Other things being equal, elevated yields translate into higher borrowing costs for individuals and companies and dent the appeal of investing in relatively risky assets like bitcoin and technology stocks. Chang said he expects yields to remain volatile in June, ensuring a close correlation between bitcoin and stocks. As such, traders will closely watch the PCE price index report for guidance on the direction of Federal Reserve interest rates. |
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- Notional open interest in Binance's SHIB futures, which are 1,000 SHIB per contract, has exceeded the $100 million mark.
- Historically, this has been a contrary indicator, paving the way for notable price pullbacks in bitcoin and the broader market.
- Source: CoinGlass
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Disclaimer: The information presented in this message is intended as a news item that provides a brief summary of various events and developments that affect, or that might in the future affect, the value of one or more of the cryptocurrencies described above. The information contained in this message, and any information liked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. The information presented herein is accurate only as of its date, and it was not prepared by a research analyst or other investment professional. You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments. |
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