ALSO: Memecoins are outperforming the broader market
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 Lyllah Ledesma, here to take you through the latest in crypto markets, news and insights. Price point: Bitcoin drops 2%, Tezos trades 8% upwards. Bank of America said in a report that concerns about a 'crypto winter' have not frozen investor interest. Market Moves: A look at how and which memecoins are outperforming the broader market.
This newsletter was produced by Parikshit Mishra. Please let us know what you think of First Mover by replying to this email. |
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Bitcoin (BTC) is down 2% on the day and has flitted between the $20,000 - $21,000 range over the last 24 hours. |
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Bitcoin price chart over the last 24 hours. (CoinDesk) |
"BTC is oscillating prudently around the $19K/$21K range," said Laurent Kssis, head of Europe at Hashdex. He's watching for any announcements related to Goldman Sachs's reported efforts to raise money from investors to buy Celsius assets. Those could be positive for the market, he said. Kssis noted that the market could equally break lower if more companies announce halting of operations where client assets are at risk: "The market is treading very uncomfortably and many investors are waiting for further unpleasant news." Bitcoin is down 29% over the last month and has lost 70% of its value from an all-time high reached in November 2021. Tezos (XTZ) traded 8% up on the day, one of the only assets in the green on Tuesday. Tezos is a multi-purpose blockchain that runs smart contracts. In traditional markets, U.S. stock futures gained after the news of China's loosening Covid-19 restrictions, easing concerns over global growth. |
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Market Moves By Shaurya Malwa |
Shiba Inu (SHIB) and dogecoin (DOGE) led seven-day returns as bitcoin and other major cryptocurrencies broke above resistance levels and stabilized over the weekend. Crypto and equity markets have rallied over the past week after Federal Reserve Chair Jerome Powell signaled a softened stance on rate increases. Powell said the agency's commitment to reining in inflation, which is now at a 40-year high, was "unconditional," adding that he expected economic growth to pick up in the second half after a sluggish start to the year, as previously reported. Memecoins outperformed the broader market, with SHIB posting returns of over 40% and Dogecoin's DOGE tokens climbing more than 30% over the period. The tokens fell in the past 24 hours on profit-taking. SHIB lost 6% and DOGE fell 7.4%. SHIB rose to as high as $0.000011 on Sunday from last week's low of $0.000008, while DOGE spiked to over 7 cents from last week's 5-cent low. Such price action caused futures tracking the two tokens to rack up millions of dollars in liquidation losses, Coinglass data show. Some analysts explained last week's rally as showcasing speculative behavior from investors making risky bets on the duo's upside. Others said reasons for caution remain. Read the full story here: Speculation Fuels Shiba Inu, Dogecoin to Biggest Seven-Day Gains as Bitcoin Steadies |
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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 - you have until the end of June to submit your thoughts. 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. |
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This information should not be relied upon as investment advice or a recommendation regarding any security. Visit here for important disclosures. 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.
- Lars Seier Christensen, founder and chairman, Concordium Blockchain
- Chad Barraford, technical lead, THORChain
- Nikhilesh De (taped), managing editor policy, CoinDesk
- Alexander Salnikov, co-founder and head of product, Rarible
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Where innovators, changemakers, investors and leaders present their best ideas for investing in the future of the Web 3, digital assets, blockchain and crypto ecosystems. Register now. |
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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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