Good morning. Here’s what’s happening:

Prices Bitcoin and Ether are having a slow day, but the exchange tokens will be next to watch.

Insights Altcoins that were flagged by the SEC last week are doing better in recent times. What’s behind the stabilizing of their prices?


Bitcoin and Ether Trade Sideways

As Asia’s trading day begins, both bitcoin and ether remain flat. The world’s largest digital assets are up 0.3% at $25,990, and , ether, is up 0.1% at $1,747.

QCP Capital recently wrote that this week is “action-packed”, with the U.S. CPI, and the June FOMC.

QCP wrote: “This is a sign of volatility to come, and it’s possible that we will finally see the BTC/ETH break we have been positioning for in this month.”

But it needs to start – which hasn’t quite happened yet.

The market may be thinking that Binance’s case against the Securities and Exchange Commission (SEC) is more bark than bite.

Data from nansen.ai indicates that Binance’s flow has returned to the green across all chains. Nansen reports that Binance’s net flow was $470 million during the past 24 hours. It is a small amount compared to the nearly 4 billion dollars in value which have left the exchange over the past week. However, it is still an important amount.

Binance BNB token remains in the red but has stabilized. CoinGecko Data shows other exchange tokens such as OKB and Crypto.com CRO to be deeper in the’red’ than BNB. Decentralized exchange tokens, like Uniswap however, are on the rise.

The Biggest Gainers

Biggest Losers


Altcoins Stabilize. What’s Next?

The co-founder and CEO of De.Fi, a crypto security company, called the relative calm that has been observed in altcoins since last week’s U.S. Securities and Exchange Commission lawsuits against Binance and Coinbase “mean regression”.

Michael Rosmer, CoinDesk TV’s “First Mover” Program, said on Monday that people say they’re looking for a good deal and that they’ll come and get it. The conversation was initially centered on the report his company had released that claimed crypto investors lost $54,000,000 in rug pullings.

Read more: Crypto Investors lost $54M in scams and rugpulls to Blockchain Security Firm De.Fi

The price of all but a few of the tokens listed in the lawsuit, which accuses exchange giants for violating securities law, has fallen by double digits in the last seven days. CHZ, the tokens from the Chiliz network, and SAND, The Sandbox Metaverse game, fell more than 28% each, and ADA the native crypto on the Cardana Blockchain, dropped over 21%, as investors fretted about an uncertain regulatory environment, in which cryptos are yet to be designated as a

These tokens have been in the green for the last 24 hours. Rosmer explained that whenever there is a rapid drop in price, people will buy the tokens and push them up on the opposite side.

He also struck a positive note by saying that the public has probably realized that U.S. agencies don’t want to push projects out of their country. He said that it was noteworthy that the agencies went after Coinbase, Binance and other cryptocurrency exchanges. They haven’t sued these projects directly. “That’s kind of telling.”

He said: “Partly because the U.S. government operates on the basis of lobbying influence from the financial sector, and they would like to be the players who play as Coinbase or Binance, as they wish to kick those guys out, but still be able have U.S. based projects that are traded.”


Important events.

8:30 p.m. SGT/HKT (12:30 UTC). United States Price Index excluding Food & Energy.


CoinDesk TV

If you haven’t seen it yet, here’s the latest episode of CoinDesk TV .

After being affected by a sudden drop in prices over the weekend, Monday saw prices stabilize for Solana’s SOL and Cardano’s ADA. Polygon’s MATIC also stabilised. A new report by security firm De.Fi revealed that May 2023 saw a surge of scams, hackings, and other incidents that led to losses totaling over $54,000,000. Michael Rosmer, De.Fi‘s co-founder, joined us to discuss the report. Also, we take a look at how blockchain, crypto and artificial intelligence are related. EY Global Blockchain leader Paul Brody, and Foresight Institute’s CEO Allison Duettmann were also in the discussion.

Polygon Releases Version 2.0 The latest version of the protocol is called “the value layer” (layer de valeur) on the Internet.

Crypto Investment Funds Experience 8th Consecutive Outflow Week : The industry continues to be affected by unfavorable regulatory and monetary policy.

Bank of China’s BOCI Issues tokenized securities on Ethereum in Hong Kong According to the company, this is the first transaction of its kind by a Chinese financial institute in Hong Kong.

Market Depth at Binance.US Drops 76% after SEC Lawsuit : The market depth of Binance.US has decreased in June, as market makers have fled the exchange in response to the SEC lawsuit.

Canada’s Largest University Launches XRP validator in New Partnership With Ripple This partnership is part of Ripple’s University Blockchain Research Initiative in Canada.

James Rubin is the editor.