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First Mover Americas: Bitcoin Drops From $70K as Bullish Signal Strengthens
The latest price moves in crypto markets in context for June 4, 2024.
Jun 4, 2024, 12:10 p.m.
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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's price fell below $69,000 during the European morning having briefly topped $70,000 late on Monday. BTC is currently priced at about $68,900, down just over 0.2% compared to 24 hours ago. Other major crypto tokens also dropped, and the broader digital asset market, as measured by CoinDesk 20 Index (CD20), lost 0.70%. Crypto exchange Bitfinex said on Monday that bitcoin's slump since March was driven by long-term holders selling. This trend has now stalled, however, with the number of net accumulating BTC addresses growing over the past month, a sign of increasing bullish sentiment.
Crypto trading firm DWF Labs will buy $12 million worth of floki tokens from the open market and the Floki treasury to support the dog meme coin-turned-utility project’s growing ecosystem. This follows a previous commitment to purchase $10 million worth of FLOKI in February, which contributed to a 50% jump in FLOKI prices the following week. Floki will release the mainnet version of its flagship utility product, the Valhalla metaverse game, later this year. DWF’s purchases will support the growth of these ventures and provide the requisite liquidity. Floki first announced a partnership with DWF Labs in May 2023, when the trading firm purchased $5 million worth of FLOKI tokens.
Bitpanda enlisted Deutsche Bank to process fiat deposits and withdrawals for its users in Germany. Bitpanda users can now access German international bank account numbers (IBANs), effectively converting crypto to fiat and vice versa. Deutsche Bank will also provide support for incoming and outgoing transactions on Bitpanda. "Bringing the best parts of the industry together is where we can create real value for people ... From today, we can access a range of Deutsche Bank’s products, unlocking benefits for our team and our users," said Lukas Enzersdorfer-Konrad, Bitpanda's deputy CEO. Deutsche Bank is no stranger to crypto and tokenization, having added crypto custody and tokenization to its repertoire last year through a collaboration with Taurus.
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- Bitcoin is up 0.9% on Wednesday to around $68,000, holding between $65,100 and $72,000 since Feb. 6 as volatility and funding rates cool.
- Open interest sits at $15.5 billion, funding rates are flat to slightly negative, and options skew has eased, signaling a more balanced market.
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