ALSO: Market maker Flowdesk is looking to expand in the Unitedย States, even as a number of major cryptocurrency corporations, including Coinbaseย Cryptoย exchange, have lost enthusiasm there asย aย resultย of ongoing regulatory uncertainties.
Good morning. Hereโs whatโs happening:
Prices: Bitcoinย (BTC) remains in the red as Asian markets open and investors consider Unitedย States debt ceiling woes and other uncertainties.
Insights: In an interview with CoinDesk, Market maker Flowdeskโs CEO sees opportunity in the U.S.
CoinDesk Market Index (CMI)
1,145
ey_Takeawaysโ>Key Takeaways => Mainย Points=โ0-diff-returns-stringโ class=โdiff-valueโ>โ32.2 2.7 percent
Bitcoinย (BTC) $26,362
ey_Takeawaysโ>Key Takeaways => Mainย Points=โ1-diff-returns-stringโ class=โdiff-valueโ>โ856.1 3.1 percent
Ethereumย (ETH) $1,805
ey_Takeawaysโ>Key Takeaways => Mainย Points=โ2-diff-returns-stringโ class=โdiff-valueโ>โ48.8 2.6 percent
S&P 500
4,115.24
ey_Takeawaysโ>Key Takeaways => Mainย Points=โ3-diff-returns-stringโ class=โdiff-valueโ>โ30.3 0.7 percent
Gold
$1,961
ey_Takeawaysโ>Key Takeaways => Mainย Points=โ4-diff-returns-stringโ class=โdiff-valueโ>โ11.3 0.6 percent
Nikkei 225
30,682.68
ey_Takeawaysโ>Key Takeaways => Mainย Points=โ5-diff-returns-stringโ class=โdiff-valueโ>โ275.1 0.9 percent
BTC/ Ethereumย (ETH) prices per CoinDesk Indices, as of 7 a.m. ET (11 a.m. UTC)
A Down Day for Bitcoin
As the Asian trading day opened, investors continued to mull over recent macroeconomic uncertainties that have plagued digital assets for greaterย than 12 days.
Bitcoinย (BTC) was recently currentlyย worth $26,362, down about 3.1 percent inย theย previous 24 hours. The largest digitalย currency by marketย cap had been hovering in a narrow range before dipping below its recent $26,500 support early Wednesday. Markets have been roiled by an ongoing debt ceiling stalemate and inflationary and cryptocurrency regulatory concerns. Federal Open Market Committee minutes showing a difference of opinion between Unitedย States central bankers about further price hikes did little if anything, to soothe markets โ cryptocurrency or otherwise.
โ Bitcoinย (BTC) remains rangebound and should continue to consolidate near the lower boundaries of its downward sloping trading range, with the $25,000 level supplying substantial support,โ Edward Moya, senior market analyst for foreign exchange market maker Oanda, wrote in an email.
Ether was recently changing hands at about $1,800, down 2.8 percent from Tuesday at the same time. Other major cryptocurrencies were mostly in the red, with trending memecoins Dogecoinย (DOGE) and SHIB recently sliding about 3 percent and 4%, respectively. The CoinDesk Market Index, a measure of cypto markets performance, was down 3%.
Moya wrote that โ Bitcoinย (BTC) is under pressure as the danger of a Unitedย States default grows,โ and the Unitedย States monetaryย authority faces the prospect of continuing its monetary tightening.
โ Bitcoinย (BTC) is going to be very sensitive to surging Treasury yields as asย well numerous crypto/ blockchainย tech corporations will struggle with financing,โ he wrote. โIt is hard enough to find a bank that will deal in cryptocurrencies, let alone take out loans for longstanding projects.โ
Largest Gainers
There are no gainers in CoinDesk 20 today.
Largest Losers
Insights
Market Maker Flowdesk Aims for Unitedย States Expansion
Itโs tough to find someone thatโs positiveย tendency on the Unitedย States cryptocurrencyย market Several of the most recognizable names in the industry are bearish, citing a lack of regulatory clarity, like Coinbaseย Cryptoย exchange CEO Brian Armstrong.
Coinbaseย Cryptoย exchange has threatened to move offshore if regulatory clarity isnโt established soon. And its sentiment is shared by numerous โ plentyย of cryptocurrency deal investors prefer to invest in places like Singapore.
Onย theย otherย hand, Guilhem Chaumont, CEO of market maker and liquidity provider Flowdesk, sees things differently.
In an interview with CoinDesk, Chaumont reveals he views the Unitedย States as a central hub for the cryptocurrencyย market and believes his company can thrive there owingย to its commitment to compliance and regulatory requirements โ as onerous and unclear as they canย potentially be โ from day one.
Chaumont informed CoinDesk that his company had just opened a New York office, which it desiresย to expand.
The sophistication and size of the Unitedย States financialย resources markets is a worthwhile trade-off for having to deal with its regulatory regime, he argues.
He stated that thereย is an inevitable intersection of cryptocurrency and traditional finance (TradFi) regulations, which he views positively. He likewise notes theย capacity for a talent bridge betwixt the sectors.
โ Cryptocurrency is not going to happen without regulation. And if that impliesย that regulation hasย toย be TradFi levels, we are on this side, as we prefer to have this than having no regulation basically,โ he said.
Hong Kong, forย instance, heavily emphasized the TradFi experience when it recently released the 1st draft of its cryptocurrency licensure framework.
โThe intersection of these two regulatory frameworks is a positive sign for us. Because it will allow for a substantial bridge of talent to come into crypto,โ Chaumont said.
In an ideal world, Chaumont reveals, there would be purpose-built regulation for cryptocurrency, but sometimes a compromise is necessary. After all, futureย ofย the cryptocurrency trading involves increasingly regulated assets.
โThere was a hope, which I shared, that we could reinvent everything from scratch and take the best of both worlds to devise new regulation that is simpler than that of TradFi and lacks its pricey complexity,โ he stated. โWhat weโre seeing isย theย factย that this hope is slowly fading away, and cryptocurrency regulation is basically converging with TradFi.โ
Which, for Flowdesk, isnโt a bad thing.
Important events.
The Future of Money, Governance & The Law (Washington D.C.)
8:30 p.m. HKT/SGT(12:30 UTC) United States Gross Domestic Product Annualized (Q1)
7:30 a.m. HKT/SGT(23:30 UTC) Tokyo Consumer Price Index (YoY/May)
CoinDesk TV
In case you missed it, here is the most up-to-date episode of โ 1st Moverโ on CoinDesk TV:
Ledger CEO on Key Recovery Rollout Delay; Bitcoinย (BTC) Poised to Post 1st Losing 30ย days of 2023
Following scrutiny from the cryptocurrency community, hardware wallet provider Ledger stated it will delay releasing a key recovery feature. Ledger CEO and Chairman Pascal Gauthier joined โ 1st Moverโ to discuss why the company wonโt introduce the new feature before releasing the code for it. Separately, Prometheum Inc. founder and co-CEO Aaron Kaplan discussed the SEC-friendly cryptocurrency path that the company has found with the Unitedย States regulatingย authority. And, โThe Cryptocurrency Traderโ author Glen Goodman shared his markets analysis, as Bitcoinย (BTC) (BTC) is on track to post its 1st losing 30ย days of 2023.
Headlines
Cryptocurrency Security Company Unciphered States Capacity to Physically Hack Trezor T Wallet: Unciphered, a company of cybersecurity professionals who recover lost digitalย currency, reveals it found a way to physically hack into the Trezor T hardware wallet. Trezor reveals it acknowledged a similar-sounding attack vector severalย years ago.
Fantom Foundation Removes $2.4M MULTI from SushiSwap Liquidity Pool: Multichainโs current upgrade is taking longer thanย predicted, causing delays in their transactions.
0x Releases Latest Version of DEX Aggregator Matcha: The latest iteration is focused on enhancing the trading experience for users.
Ava Labs Launches โNo-Codeโ Webย 3.0 Launchpad AvaCloud: Ava Labs reveals that the tool will allow corporations to attract Webย 3.0 products to market quicker, cheaper and with lower risk.
Non-Profit Organization Energy Web Starts Sustainability Registry for Bitcoinย (BTC) Miners: Miners will be scored accordingย to their use of clean energy and grid impact.
James Rubin.
CoinDesk Market Index (CMI)
1,145
ey_Takeawaysโ>Key Takeaways => Mainย Points=โ0-diff-returns-stringโ class=โdiff-valueโ>โ32.2 2.7 percent
Bitcoinย (BTC) $26,362
ey_Takeawaysโ>Key Takeaways => Mainย Points=โ1-diff-returns-stringโ class=โdiff-valueโ>โ856.1 3.1 percent
Ethereumย (ETH) $1,805
ey_Takeawaysโ>Key Takeaways => Mainย Points=โ2-diff-returns-stringโ class=โdiff-valueโ>โ48.8 2.6 percent
S&P 500
4,115.24
ey_Takeawaysโ>Key Takeaways => Mainย Points=โ3-diff-returns-stringโ class=โdiff-valueโ>โ30.3 0.7 percent
Gold
$1,961
ey_Takeawaysโ>Key Takeaways => Mainย Points=โ4-diff-returns-stringโ class=โdiff-valueโ>โ11.3 0.6 percent
Nikkei 225
30,682.68
ey_Takeawaysโ>Key Takeaways => Mainย Points=โ5-diff-returns-stringโ class=โdiff-valueโ>โ275.1 0.9 percent
BTC/ Ethereumย (ETH) prices per CoinDesk Indices, as of 7 a.m. ET (11 a.m. UTC)
