Binance’s exchange flow turns positive; Bitcoin trades flat.

Good morning. Here’s what’s happening:

Prices: Bitcoin and Ether are not showing much movement today, but it is suggested to keep an eye on exchange tokens.

Insights: Altcoins that were flagged in last week’s SEC lawsuit have been performing better recently. What is the reason behind their stabilization?

Prices

Bitcoin, Ether Trade Sideways

The following table lists the BTC/ETH prices per blockchain indices, as of 7 a.m. ET (11 a.m. UTC):

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The blockchain Market Index (CMI) is at 1,105 with an increase of 1.4 and a percentage increase of 0.1%. Bitcoin (BTC) is at $25,990 with an increase of 68.4 and a percentage increase of 0.3%. Ethereum (ETH) is at $1,747 with a decrease of 2.1 and a percentage decrease of 0.1%. The S&P 500 is at 4,338.93 with an increase of 40.1 and a percentage increase of 0.9%. Gold is at $1,974 with an increase of 12.1 and a percentage increase of 0.6%. The Nikkei 225 is at 32,434.00 with an increase of 168.8 and a percentage increase of 0.5%.

Blockchain Market Index (CMI)
1,105 +1.4 ▲ 0.1%
Bitcoin (BTC)
$25,990 +68.4 ▲ 0.3%
Ethereum (ETH)
$1,747 −2.1 ▼ 0.1%
S&P 500
4,338.93 +40.1 ▲ 0.9%
Gold
$1,974 +12.1 ▲ 0.6%
Nikkei 225
32,434.00 +168.8 ▲ 0.5%
BTC/ETH prices per blockchain Indices , as of 7 a.m. ET (11 a.m. UTC)

As Asia begins its trading day, bitcoin and ether are both flat, with the world’s largest digital asset up 0.3% to $25,990 and ether up 0.1% to $1,747 .

According to a recent note from QCP Capital, this week will be “action-packed” with the U.S. CPI and June FOMC coming up. “This promises volatility on the horizon, and we might finally get the break in BTC/ETH that we’ve started positioning for this month,” QCP wrote. However, it just needs to kick off, and that hasn’t happened yet.

Meanwhile, the market may be thinking that the Securities and Exchange’s (SEC) case against Binance might be more bark than bite. Data from Nansen.ai shows that flow across all the chains it tracks went back into the green for Binance. Nansen shows that during the last 24 hours, Binance had a netflow of $470 million. This is certainly a pittance compared to the nearly $4 billion in value that has departed the exchange during the last week, but it is still a significant amount.

Binance’s BNB token is still well within the red, but its price has begun to stabilize. CoinGecko data shows that other exchange tokens like OKB and Crypto.com’s CRO are deeper in the red than BNB, while decentralized exchange tokens like Uniswap are up.

Biggest Gainers

Asset Ticker Returns DACS Sector
Cosmos ATOM +3.4% Smart Contract Platform
Loopring LRC +1.6% Smart Contract Platform
Polygon MATIC +1.3% Smart Contract Platform

Biggest Losers

Asset Ticker Returns DACS Sector
Solana SOL −2.4% Smart Contract Platform
Avalanche AVAX −0.7% Smart Contract Platform
Ethereum ETH −0.6% Smart Contract Platform

Insights

Altcoins Stabilize. What’s Next?

The co-founder of crypto security firm De.Fi called the relative calm in altcoins flagged by U.S. Securities and Exchange lawsuits against Binance and Coinbase last week “mean regression.

“People say, ‘here’s a buying opportunity, and let’s come in and pick it up,” Michael Rosmer told blockchain TV’s “First Mover” Program on Monday in a conversation that initially focused on his company’s report that crypto investors had lost $54 million in rug pulls.

Read More: Crypto Investors Lost $54M to Rugpulls, Scams in May: Blockchain Security Firm De.Fi

All but a couple of the 19 tokens mentioned in the suit, which accuses the exchange giants of violating securities laws, have sunk by double-digits over the past seven days with CHZ and SAND, the tokens of the Chiliz network and The Sandbox metaverse game, falling more than 28% and 27%, respectively and ADA, the native crypto of the Cardana blockchain, dropping over 21% as investors looked fretfully at an an increasingly uncertain U.S. regulatory environment in which cryptos have yet to receive a designation as security, commodity or otherwise.

Still, those tokens were recently in the green over the past 24 hours. “Any time you get a very rapid sell-off, people are going to buy it and push it up on the other side,” Rosmer said.

But he also struck an upbeat note, saying that people have probably realized that U.S. agencies do not want to drive projects out of the country. “It’s noteworthy that they went after Coinbase and Binance,” he said. They haven’t gone and sued any of these projects directly. That’s kind of telling.”

He added: “Part of the reason is the government in the U.S. operates largely based on lobbying influences from the financial industry, and the financial industry would like to eventually be the player who plays as Coinbase or Binance themselves, as they want to kock those guys out but then still be able to have U.S.-based projects that get traded.”

Important events.

2:00 p.m. HKT/SGT(6:00 UTC) Great Britain ILO Unemployment Rate (3M/April)

2:00 p.m. HKT/SGT(6:00 UTC) Germany Harmonized Index of Consumer Prices (YoY/May)

8:30 p.m. HKT/SGT(12:30 UTC) United States Price Index ex Food & Energy (YoY/May)

blockchain TV

In case you missed it, here is the most recent episode of “First Mover” on blockchain TV :

SOL, ADA, MATIC Prices Stabilize After Weekend Sell-Off; The Relationship Between AI and Crypto

Prices stabilized Monday for Solana’s SOL, Cardano’s ADA and Polygon’s MATIC after being impacted by a sudden sell-off over the weekend. Separately, May 2023 witnessed a wave of scams and hacking incidents that resulted in cumulative losses of over $54 million, a new report from security firm De.Fi showed. De.Fi co-founder Michael Rosmer joined to break down the report. Plus, a look at the relationship between artificial intelligence, crypto, and blockchain. EY Global Blockchain Leader Paul Brody and Foresight Institute CEO Allison Duettmann joined the conversation.

Headlines

Polygon Reveals Version 2.0: The latest version is referred to as “the value layer of the Internet.”

Crypto Investment Funds Experience 8th Consecutive Week of Outflows: Unfavorable monetary and regulatory policies are still affecting the industry.

Bank of China’s BOCI Issues Tokenized Securities on Ethereum in Hong Kong: According to the company, this is the first such transaction by a Chinese financial institution in Hong Kong.

Binance.US Market Depth Drops 76% in June Following SEC Lawsuit: Market makers are leaving the exchange following the SEC’s lawsuit, causing Binance.US’s market depth to decrease in June.

Canada’s Largest University Launches XRP Validator in New Partnership With Ripple: The University of Toronto and Ripple have formed a partnership as part of the latter’s University Blockchain Research Initiative (UBRI) in Canada.

Edited by James Rubin.