The latest moves in crypto markets, in context By Lyllah Ledesma, CoinDesk reporter Was this newsletter forwarded to you? Sign up here. |
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Welcome to a new week! Here's what you need to know today in crypto: |
- Bitcoin could drop below $26,000 this week, said one analyst.
- Retail demand for bitcoin is likely to remain strong over the year, JPMorgan said.
- Binance's Richard Teng is the most likely successor to CZ.
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CoinDesk Market Index (CMI): 1,199 −1.7%
Bitcoin (BTC): $26,755 −1.8%
Ether (ETC): $1,867 −2.0%
S&P 500 futures: 4,291.00 +0.1%
FTSE 100: 7,647.66 +0.5%
Treasury Yield 10 Years: 3.69% +0.1 |
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Bitcoin (BTC) is down almost 2% over the last 24 hours and back below $27,000 at $26,700 as investors continue to weigh the implications of the U.S. debt ceiling deal and last Friday's strong employment report. U.S. stock index futures are little-changed Monday morning following last week's strong rally in equities. Laurent Kssis, crypto advisor at CEC Capital, sees bitcoin dropping below $26,000 this week. "With summer getting closer, no obvious catalysts, dealers are not keeping inventories and any large selling order may trigger selling pressure," he said, noting that long liquidations are currently triple those of short liquidations. |
Retail demand for bitcoin is likely to remain strong over the coming year ahead of the next halving event for the world's largest cryptocurrency, JPMorgan said in a research report Thursday. Recent increase in retail demand can be partly attributed to the advent of Bitcoin Ordinals and BRC-20 tokens, wrote the bank's analysts led by Nikolaos Panigirtzoglo, but the more important boost in strengthening investor interest will be thanks to the approach of the April 2024 "halving." Part of bitcoin's original code, halvings occur every 210,000 blocks, or roughly every four years. At these events, bitcoin mining rewards are cut by 50%. This effectively doubles bitcoin production costs, according to the JPMorgan team, and creates "a positive psychological effect." The appointment of Richard Teng to oversee Binance's regional markets outside the U.S. has positioned the one-time Abu Dhabi regulator as the most likely successor to Changpeng Zhao, who founded the world's largest crypto exchange in 2017. The enhanced role follows a report last month that Zhao, commonly known as CZ, is looking to reduce his ownership of Binance.US, the firm's American arm – a move that's seen as something of an appeasement to U.S. regulators. Teng's knowledge and experience as a regulator will come to bear in his new role overseeing Asia, Europe, the Middle East and North Africa as the exchange, often targeted by authorities, attempts to draw a line under mounting enforcement actions related to conduct during crypto's early years. Prior to heading up the Financial Services Regulatory Authority at Abu Dhabi Global Market, Teng was chief regulatory officer of Singapore Exchange (SGX) and spent 13 years with the Monetary Authority of Singapore. In an interview with CoinDesk, Teng sidestepped the idea that he's being groomed to take the reins from the 46-year-old CEO. |
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Market Insight: Binance Loses More Market Share |
Binance's market share has declined to its lowest level in eight months, according to CCData. The company's market share dropped to 43% in May, while its spot trading volume dipped to $212 billion – the lowest monthly volume recorded since November 2020, when it traded $176 billion. In April, the exchange saw $287 billion worth of trading volume. Although the exchange remains by a wide margin the largest cryptocurrency platform by trading volume, it has seen its market share decline consecutively over the past three months after reaching a yearly high of 57% in February 2023. |
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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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