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First Mover Americas: Crypto Market Flat Ahead of U.S. Inflation Data
The latest price moves in crypto markets in context for May 31, 2024.
Updated May 31, 2024, 12:11 p.m. Published May 31, 2024, 12:09 p.m.
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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Crypto prices were little changed during the European morning with traders possibly keeping their powder dry ahead of the latest U.S. inflation data. The personal-consumption expenditure (PCE) data is scheduled for release at 8:30 EST (12:30 UTC) and will offer the latest clues on the Fed's next interest-rate moves. Bitcoin sits at $68,100 at the time of writing, an increase of around 0.4% in the last 24 hours. The broader digital asset market, as measured by the CoinDesk 20 Index (CD20), has risen by just under 0.5%, with the majority of its constituents showing changes of less than 1% in either direction.
The Donald Trump-themed meme coin TRUMP plummeted Thursday after the former president was found guilty of falsifying business records. The token sank as much as 35% after the verdict. Meanwhile, Jeo Boden, a meme coin inspired by President Joe Biden, soared 20%. TRUMP soon recovered though, rallying nearly 50% to just under $17, even higher than before the verdict, according to CoinGecko data. TRUMP is currently priced at $14.39, an increase of over 11% in the last 24 hours. On Polymarket, the blockchain-powered prediction market, traders continued to place money on Trump defeating Biden in the November election. Trump is well ahead – with 56% odds of winning, versus 38% for Biden – even after the verdict.
Ripple CEO Brad Garlinghouse predicts that more exchange-traded funds will list in the U.S. after the expected approval of a spot ether ETF. It is "inevitable" that there would be an ETF tracking Ripple's XRP and equivalent products for SOL and ADA, Garlinghouse said at Consensus 2024 in Austin, Texas. He added that there would be a significant regulatory process before they are approved, but in the end these will be "speed bumps." Garlinghouse also took a swipe at the SEC for its approach to crypto. "[SEC Chair] Gary Gensler has been called to Congress, and when asked if ether is a security, he won't answer the question. Yet, he insists that the rules are very clear and don't need updating," he said.
Chart of the Day
- Notional open interest in Binance's SHIB futures, which are 1,000 SHIB per contract, has exceeded the $100 million mark.
- Historically, this has been a contrary indicator, paving the way for notable price pullbacks in bitcoin and the broader market.
- Source: CoinGlass
- Omkar Godbole
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