The latest moves in crypto markets, in context Was this newsletter forwarded to you? Sign up here. |
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Good morning, and welcome to First Mover. I'm Bradley Keoun, here to take you through the latest in crypto markets, news and insights. (Lyllah Ledesma is off.) Price point: Bitcoin was just below $30K ahead of U.S. CPI report. Market Moves: Some crypto traders are still getting wiped out – "rekt" as it were – from margin calls on Terra-related tokens, including luna classic (LUNC) as well as the newly issued LUNA replacement tokens, Shaurya Malwa reports.
This newsletter was produced by Parikshit Mishra. Let us know what you think of First Mover by replying to this email. |
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Bitcoin (BTC) hovered just under $30,000 during the European hours, showing signs of weakness ahead of the release of a U.S. inflation update as the U.S. Consumer Price Index (CPI) report is released Friday. The asset has traded in a relatively tight range – from the $28,000 to $31,000 level – over the past month amid a poor macroeconomic market sentiment and systemic risks from the crypto space. Price-charts suggest bitcoin could drop to the support level of $29,400 over the weekend if current levels fail to hold. The asset has bounced several times from those levels over the past week, suggesting interest from buyers at those prices. Friday saw weakness in several major cryptos with Cardano's ADA tokens falling some 7% in the past 24 hours to lead losses among majors. Solana's SOL fell 6% , ether (ETH) lost 2.3%, while XRP fell a nominal 0.8%. The fall in crypto prices came ahead of the release of the CPI report scheduled for 8:30 a.m. ET on Friday. Economists estimate that inflation in May probably rose 8.2% over the past 12 months, according to FactSet. Read More: Bitcoin Sees Weakness Ahead of CPI Report; Cardano, Solana Lead Fall in Majors |
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Terra's Luna, Luna Classic Tokens See Volatile Trading Amid New Developments - by Shaurya Malwa |
Tokens related to the Terra ecosystem saw volatile trading in the past 24 hours amid legal developments against issuing company Terraform Labs, data shows. Prices of Luna (LUNA) gained as much as 30% – from $2.65 on Thursday to $3.44 on Friday morning – then fell steeply even as the broader crypto market remained flat. Luna Classic (LUNC) gained as much as 34% before sliding this morning, data from CoinGecko shows. Such volatility arose amid reports of the U.S. Securities and Exchange Commission (SEC) investigating whether Terraform Labs violated U.S. laws regarding how it marketed its ecosystem tokens. Futures tracking the two tokens saw nearly $18 million in liquidations while losses on futures of other major cryptos, apart from bitcoin and ether, remained under the $3 million mark. The LUNA was issued to holders in late May following the depeg of algorithmic stablecoin terraUSD (UST) in early May – a move that saw the value of old Luna (now rebranded as LUNC) to fall as much as 99.7%. Value locked on decentralized finance (DeFi) apps in the Terra ecosystem fell by $28 billion in addition, as reported. The liquidations marked the highest losses for traders of the new LUNA tokens so far, data shows, with nearly $5 million in losses. However, LUNC futures saw higher losses at over $12 million, suggesting retail traders are continuing to prefer LUNC trading over LUNA. Link to full story: Terra's Luna, Luna Classic Tokens See Volatile Trading Amid New Developments |
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The SEC wants to hear from investors, like you. As part of Grayscale's filing to convert Grayscale Bitcoin Trust (Symbol: GBTC) to an ETF, the SEC provides a 240-day review period for anyone to submit comments for consideration.If you support the conversion, write to the SEC by clicking here. Your submission matters because: We can level the playing field. To date, the SEC has only permitted Bitcoin Futures ETFs, while rejecting "physically-backed" or Spot Bitcoin ETFs. The choice should be yours. If you've been waiting for the familiarity and protections of a Bitcoin ETF, we believe you should not be forced into a Futures-based product simply because it's the only one that exists. You can help take GBTC to the next level, conversion to an ETF. It's already the world's largest Bitcoin fund and regularly reports to the SEC on a voluntary basis as an SEC-reporting company. Learn more here. This information should not be relied upon as investment advice or a recommendation regarding any security. Visit here for important disclosures. |
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The following are the biggest movers in the CoinDesk 20 digital assets over the past 24 hours: |
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Biggest Gainers Biggest Losers |
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Sector classifications are provided via the Digital Asset Classification Standard (DACS), developed by CoinDesk Indices to provide a reliable, comprehensive, and standardized classification system for digital assets. The CoinDesk 20 is a ranking of the largest digital assets by volume on trusted exchanges. |
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And check out the CoinDesk TV show "First Mover," hosted by Christine Lee, Emily Parker and Lawrence Lewitinn at 9:00 a.m. U.S. Eastern time. - Cynthia Lummis, senator (R-WY)
- Jan van Eck, CEO, VanEck
- Kristen Gillibrand, senator (D-N.Y.)
- Garry Kasparov, Avast security ambassador
- Neal Stephenson, author
- Yuta Takanashi, director for international digital strategy and policy, Financial Services Agency Japan
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Consensus 2022, the must-attend crypto and blockchain experience of the year, is heading to Austin, Texas, from June 9-12. This is the only festival showcasing and celebrating all sides of the blockchain and crypto ecosystems and their wide-reaching effect on commerce, culture and communities. Register now for the lowest price. |
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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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