Good morning. Here’s what’s happening:

Bitcoin prices: Bitcoin’s price remained at about $30.5K, despite the upbeat comments made by BlackRock CEO Larry Fink.

Insights Pita Lijaroenrat is a Thai candidate for the next Prime Minister. He owns crypto. What does this reveal about politicians and cryptocurrency?


Bitcoin Stays Stable Through Good and Bad

After a long holiday weekend in the United States, the release of Federal Reserve minutes from June, which provided some insight into the central bank’s thinking on monetary policy, and comments made by BlackRock CEO Larry Fink, who is a crypto-lover, left bitcoin at its current level of well over $30,000.

The largest cryptocurrency in terms of market capitalization traded at around $30,465, a slight drop of more than one percentage point within the last 24 hours. BTC, which surged above $31,000 mid-June after multiple spot bitcoin ETF applications, has been largely impervious to price catalysts even as investor sentiment improved.

Tim Frost, CEO of digital wealth platform Yield App wrote in an email to CoinDesk that the crypto market is likely to be transitioning from a bear market lasting 18 months to more promising times. Frost drew parallels to the crypto 2019 market, when bitcoin stagnated after emerging from the crypto winter and spiked again the next year.

We could be experiencing the same level of stability in a few months. Frost wrote that bitcoin’s price has been relatively stable for the last three months, ranging from $28,000 to its current level just below $31,000. If we could see this for a few months, it would lead to a more optimistic price period.

Frost said that macroeconomic indicators and crypto industry trends are pointing in a positive direction, including recent decreases in inflation and the introduction of a quantitative easing in China. He also noted that increased regulatory clarity was being implemented in Singapore, Korea, and Thailand in order to prevent asset co-mingling, which led to the collapse of the disgraced exchange FTX, and the subsequent spread of contagion. He noted that the SEC allowed bankrupt crypto-lending platform Celsius to exchange altcoins in exchange for bitcoin and Ethereum that it could then distribute to its creditors and clients.

After SEC talks, Bankrupt Celsius can convert altcoins into BTC and ETH starting July 1,

Frost wrote that “we are really seeing a clearing out of the decks” in cryptocurrency, and “regulation is creating a new landscape which will make it easier to operate for everyone.” The combination of this with more stable and promising prices signals means that it may be time to consider the long-term.

Ether traded at $1,910 on Tuesday. This is a 1.5% drop from the same time last week. ADA, a token from smart contracts platform Cardano that fell 3%, was one of the major cryptos to have a bad day. Litecoin and meme coins DOGE, SHIB and DOGE all dropped over 2% recently. STORJ, a native crypto for the Storj platform of cloud storage, rose by more than 40% in the morning, but has since lost its gains, trading down 20 percent from a previous day.

CoinDesk Market Index is a measure for the overall performance of the crypto markets. It was down by 1.3% recently.

The Nasdaq Composite, which is dominated by tech stocks, and the S&P 500 fell 0.3% and 0.2% respectively. This was despite Fed minutes indicating that some officials were in favor of a rate hike for June. The central bankers are struggling to find a way to address the annual inflation rate, which is still more than twice their 2% target without putting the U.S. into recession. At its last meeting, the bank appeared to have reached a compromise by stopping‘s year-long rate hikes. However, it indicated in its subsequent comments that two rate increases would be passed in 2023. The U.S. Labor Department is set to announce its next consumer price index on July 12,. This will give economic observers the next important read on prices trends.

Recent data from derivatives analysis firm Block Scholes shows that equity and crypto price decoupling has increased in recent months.

Larry Fink, BlackRock’s CEO, said in an interview with Fox Business on Wednesday night that crypto could “revolutionize finance.” BlackRock, world’s biggest asset manager, filed for a bitcoin spot ETF last month. This sparked a mini-run by prominent financial services firms to file and re-file with the Securities and Exchange Commission. The SEC is yet to approve an ETF that tracks spot BTC.

Read more: BlackRock CEO Larry Fink says Bitcoin could’revolutionize finance’

“We believe that by creating more tokenization, which is what bitcoin is, we could revolutionize the finance industry,” he said. He added: “Instead investing in gold to hedge against inflation or a hedge for the problems that any country may face, or devaluation in your currency, wherever you are, let’s be clear that bitcoin is an international currency, and can therefore represent an alternative asset.

Bitcoin prices fell in the following hours.

The Biggest Gainers

Biggest Losers


Thai PM Hopeful owns cryptocurrency Why does it matter?

(Isra News Agency)

He has a lot more traditional financial assets than crypto.

The thousands of dollars in crypto split between bitcoin (BTC), ether(ETH), BNB and Cardano(ADA) are only a fraction his net worth, which is 64,283,544 Thai Baht ($1.84 million). also owns a lot more land and equities .

It’s interesting that Pita has joined the ranks of politicians who hold crypto. In the United States, a total of eight members of Congress hold crypto, or shares in Grayscale’s Bitcoin Trust, according to Bitcoinpoliticians.org, which tracks holdings based on financial disclosures. One elected Korean representative was reported to the parliamentary ethical committee for revealing that he owned a “significant” amount of crypto, with a majority of his holdings consisting of GameFi platform WeMIX tokens.

In order to put in perspective just how popular crypto is in Thailand the Move Forward Party was not “the” crypto-party in the recent elections. The Pheu Thai Party, which was one of the parties that formed a coalition government in Thailand, has the honor. The Pheu Thai party has promised to airdrop 10,000 THB ($300) to each Thai citizen. However, the Move Forward Party made promises to integrate blockchain technology into government affairs in order to increase transparency.

Pita hasn’t been appointed Prime Minister yet. The House of Representatives and Senate must vote to determine who becomes Prime Minister in Thailand. This could be a difficult battle.

There is a possibility that a leader in a major Asian country will also be a bitcoin hodler. Isn’t this a sign that the world is changing?


Important events.

8:15 pm HKT/SGT (12:15 pm UTC): Employment Change Report from ADP (June).

8:30 p.m. HKT/SGT(12:30 p.m. UTC): U.S. Continued Jobless Claims, June 23


CoinDesk TV

If you haven’t seen it yet, here is the latest episode of “First Mover” on CoinDesk TV.

The Nasdaq has re-filed its application for listing BlackRock’s proposed Bitcoin exchange-traded funds. Markus Thielen, Matrixport’s head of research and strategic planning, shared his analysis on the crypto markets. Michael Moro (former CEO of Genesis Trading) joined “First Mover”, to discuss his new role as the head of Ankex, a cryptocurrency derivatives exchange. DCG is the owner of Genesis and CoinDesk. Ari Redbord, TRM Labs’ head of legal and Government Affairs Ari Redbord commented on the current state of the elicit cryptocurrency ecosystem.

Bitcoin Prices Have Paused With Support at $30,000

Royalty payments to NFT creators have fallen by two years: Nansen: The growth of royalty-optional platforms such as Blur and OpenSea has contributed to the decline in royalty payments across the industry.

Hollywood Legend Steve McQueen is Honored in New NFT collection: Holders of the racing-themed NFT collection will have access to token-gated events, games and content celebrating McQueen’s love of motorcycling.

Storj, the crypto storage token, has risen 43% in value overnight as trading volume increases: This week’s market value for decentralized cloud storage protocol Storj has doubled.

Bitcoin prices are hot, but here’s what could crush the rally: Bitcoin has proven to be incredibly resilient against the perils of last year, including FTX’s demise. There are some macroeconomic surprises which could prevent further gains.

James Rubin is the editor.