This article was originally published in First Mover: CoinDesk’s daily newsletter that puts the latest crypto market moves into context. Subscribe today to receive it every day in your email.

The Latest Prices

Top Stories

According to a report from NYDIG, Bitcoin spot ETFs may increase BTC demand by $30 billion. Crypto trading firm estimates there are $27.6 in spot-like product, compared to $210 in gold funds, which is what bitcoin is often compared to. Bitcoin is about 3.6x as volatile as gold. This means that investors would need 3.6x the amount of bitcoin to equal gold in terms of risk exposure. NYDIG writes that this would still result in an incremental demand of nearly $30B for a Bitcoin ETF. The possibility of a spot bitcoin ETF in the U.S. looks far more likely since BlackRock submitted an application to list one with a “surveillance-sharing” agreement, which the SEC sees as necessary to prevent market manipulation.

El Salvador junk-rated bonds, due in 2027, have experienced a significant upward trend over the past six months, despite bitcoin’s rally , defying analysts’ expectations. Last September, Fitch downgraded El Salvador’s debt rating, predicting a default in January. The junk-rated bonds have risen 62% from the beginning of 2023, and trade at 72 cents per dollar. Bitcoin increased 79% during the same time period. El Salvador’s bonds, according to Factset, have even outperformed Invesco Emerging Markets sovereign debt ETF (PCY), which is one of the biggest holders of country’s bond.

Kuwait’s financial regulator has banned crypto payments and investment in order to combat money laundering. According to the regulator, the prohibitions were put into place to comply with the Financial Action Task Force’s (FATF’s) global recommendations regarding crypto assets. The regulator stated in a circular that “Securities and financial instruments regulated and supervised by the Capital Markets Authority and the Central Bank of Kuwait are exempt from this prohibition.” FATF compliance requires guardrails to prevent money laundering. However, the international watchdog has said it hasn’t asked any country to ban crypto. It told CoinDesk in May .

Chart of the Day


  • Chart shows XRP has risen to the highest level of social dominance since January 2021. This chart measures how many social media posts are about a particular cryptocurrency compared with all 100 top coins.
  • At the top of interim markets, you will often notice a greater amount of crowd chatter.
  • Source: Santiment

– Omkar Godbole

Trending Posts

Sheldon Reback is the editor.