Bitcoin drops to $26.3K over the weekend as investors consider future interest rate decisions.
Good morning. Here’s what’s happening:
Prices: According to Joe DiPasquale from BitBull Capital, the market has been helped by a pause in rate hikes, but rate cuts are necessary to prevent it from struggling in the future.
Insights: Indonesia has updated its list of approved digital assets for trading in the country. Is its motivation to increase tax revenues?
Prices
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- APT up 18% last week, possible market reversal?
- Floki Inu stagnant after Binance Metaverse integration.
- BUSD drops to fourth place among stablecoins.
(Note: The HTML code has been kept in the translation result as requested)
| Blockchain Market Index (CMI) | |
| 1,108 | −5.5 ▼ 0.5% |
| Bitcoin (BTC) | |
| $26,366 | −144.8 ▼ 0.5% |
| Ethereum (ETH) | |
| $1,724 | −2.9 ▼ 0.2% |
| S&P 500 | |
| 4,409.59 | −16.3 ▼ 0.4% |
| Gold | |
| $1,969 | +10.9 ▲ 0.6% |
| Nikkei 225 | |
| 33,706.08 | +220.6 ▲ 0.7% |
| BTC/ETH prices per blockchain Indices , as of 7 a.m. ET (11 a.m. UTC) |
Is a Rate Hike Pause Enough for a Rally?
Bitcoin is starting the trading week in Asia down 0.5% to $26,366, while ether is down 0.2% to $1,724.
The trading week was fairly flat for the two largest digital assets, as during the past seven days, bitcoin was up 1.6% while ether was down 1.7%. The Blockchain Market Index, a measure of crypto markets performance, was slightly in the red.
“With the Fed having left interest rates unchanged, the environment appears supportive for crypto assets to start rallying again,” Joe DiPasquale, the CEO of crypto fund manager BitBull Capital, said in a note to blockchain. “However, the Fed went ahead to add that rate cuts were not on the horizon in the near-term, which saw the market struggling.”
Bitcoin and majors have held relatively well, says DiPasquale, arguing that this is a favorable accumulation opportunity for the mid to long-term.
“For now, however, all eyes are going to be on Bitcoin, especially as its dominance has been on the rise due to selling pressure in altcoins,” he said. “As long as the market leader maintains the range between $20k – $22k, bulls shouldn’t be overly concerned.”
Biggest Gainers
| Asset | Ticker | Returns | DACS Sector |
|---|---|---|---|
| Shiba Inu | SHIB | +3.5% | Currency |
| XRP | XRP | +1.5% | Currency |
| Polkadot | DOT | +0.3% | Smart Contract Platform |
Biggest Losers
| Asset | Ticker | Returns | DACS Sector |
|---|---|---|---|
| Cosmos | ATOM | −3.8% | Smart Contract Platform |
| Loopring | LRC | −2.7% | Smart Contract Platform |
| Terra | LUNA | −2.6% | Smart Contract Platform |
Insights
Indonesia’s Approved List of Crypto Tokens Has Plenty of Junk – and Possible Securities
Indonesia’s regulator, BAPPEBTI, has released a new list of approved digital assets for trading in the country. The new list is more expansive than the initial list published by the regulator in September last year. Interestingly, many tokens on the list would be considered securities in the U.S. Tokens that wouldn’t pass Hong Kong’s quality test of high liquidity and a 12-month track record are also on the list. The regulator’s focus seems to be on capturing tax revenue as its middle class grows. The concerns and standards are different in Indonesia, where there is not a demand for regulated crypto.
Important events.
6:00 p.m. HKT/SGT(10:00 UTC) German Buba Monthly Report
8:30 p.m. HKT/SGT(12:30 UTC) Canada Industrial Product Price
10 p.m. HKT/SGT(14:00 UTC) NAHB Housing Market Index (June)
blockchain TV
“First Mover” on blockchain TV discusses BlackRock’s filing for a spot bitcoin ETF, Binance’s investigation in France, and the sale of Dmitri Cherniak’s Ringers #879 NFT for $6.2 million at Sotheby’s auction.
Headlines
Tether’s Banking Relationships, Commercial Paper Exposure Detailed in Newly Released Legal Documents : Legal documents that have been newly released provide some information on the banking relationships and commercial paper exposure of Tether, the largest stablecoin in the crypto market. These documents were obtained by blockchain under a Freedom of Information Law request.
Binance to Quit Netherlands After Failing to Acquire License : Binance, the crypto exchange, was unsuccessful in securing a virtual asset service provider (VASP) license from the Dutch regulator, and has decided to quit the Netherlands.
Central Banks Successfully Test Over 30 CBDC Use Cases, Including Offline Payments : A recent experiment by the Bank for International Settlements and Bank of England has shown that an API layer can facilitate a wide range of central bank digital currency payment scenarios, including offline payments. Over 30 use cases were successfully tested.
Professional Investors Still Have an Appetite for Digital Assets, Survey : A survey by Nomura’s digital asset subsidiary shows that investors believe digital assets represent an important diversification opportunity and still have an appetite for them.
BlackRock’s Bitcoin ETF Would Be a Big Deal : The technicalities of whether it’s a trust or not aside, the potential launch of BlackRock’s Bitcoin ETF would be significant.
Edited by James Rubin.
