First Mover Americas: Bitcoin Begins June Dropping Back Below $27K
The latest price moves in crypto markets in context for June 1, 2023.
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This article originally appeared in First Mover, CoinDesk’s daily newsletter putting the latest moves in crypto markets in context. Subscribe to get it in your inbox every day.
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Bitcoin and the broad cryptocurrency market sold off for the second consecutive day on Thursday with fears over inflation and continued rate hikes resurfacing. The U.S. House of Representatives passed the debt ceiling deal Wednesday night and the bill now moves to the Senate for its approval. Bitcoin was down 1% on the day to $26,800 and has lost more than 6% over the past month. While new eurozone data showed that inflation fell more than expected to 6.1% in May from 7% in April, European Central Bank President, Christine Lagarde signaled that additional interest rate rises are needed. “We need to continue our hiking cycle until we are sufficiently confident that inflation is on track to return to our target in a timely manner,” she said in a speech on Thursday.
Cryptocurrency exchange Kraken is reaping the benefits of staying in Canada after rivals such as Binance and OKX set withdrawal plans. Kraken told CoinDesk its customer deposits in the country grew by 25% in the weeks following Binance’s announced departure in early May, and the exchange saw a fivefold increase in downloads of its two mobile apps for Canadian clients within a week of OKX saying in March it planned to leave. Canada tightened its regulatory framework for digital asset trading earlier this year, resulting in an exodus of some of the largest crypto exchanges. Alongside Binance – the globe’s largest exchange by volume traded – and OKX, Paxos, Blockchain.com and Deribit also all announced their departures. The most recent exit announcement was from Bybit earlier this week.
Bankruptcy claims exchange OPNX – founded in part by the principals of failed crypto hedge fund Three Arrows Capital (3AC) – has issued a new governance coin dubbed "Open Exchange token" (OX), which is designed to reduce trading fees on the platform. The exchange's existing native token, FLEX, surged by 16% after it was revealed in the whitepaper that FLEX can be converted for OX at a ratio of 1:100. OX is an ERC-20 token with a maximum supply of 9.86 billion. At press time, around 100 people have either minted or bought the asset, according to Etherscan. The OPNX exchange was co-founded by 3AC’s Kyle Davies and Su Zhu, along with executives from failed crypto lender CoinFLEX.
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Crypto stocks sink as spot volume plunges and bitcoin tumbles below $84,000
Bellwether crypto exchange Coinbase was lower for an 8th straight session on Thursday to its weakest level since May.
What to know:
- Already under severe pressure in January, most crypto-related stocks fell even further Thursday as bitcoin fell back below $84,000.
- Spot crypto trading volumes halved from $1.7 trillion last year to $900 billion, reflecting cooling market enthusiasm and cautious investor sentiment amid macroeconomic uncertainties.
- Those bitcoin miners who have pivoted business plans to AI infrastructure and high-performance computing continued to outperform.
