Good morning. Here’s what’s happening:

Prices: Bitcoin dips regains $30K after dipping Wednesday afternoon.

Insights Seoul has become one of the leading blockchain hubs in the world because of its grassroots embrace of cryptocurrency and the favorable regulatory environment.


Bitcoin Prices Rebound as Investors Remain Positive

Bitcoin briefly reverted to the old, bad days of trading below $30,000 in the early afternoon on Wednesday (ET), before bouncing back to its loftier position.

The largest cryptocurrency, bitcoin, was trading for about $30,100 in the last 24 hours, a 2.2% drop. Bitcoin, which had reached its highest level since a year, over $31,300, last week, following spot bitcoin ETF submissions by BlackRock, and two other major financial services firms has now flattened. Investors are awaiting the SEC’s decision on the ETF applications, and the continued inflationary pressure weighing on asset markets.

Mark Connors wrote to CoinDesk in a message that bitcoin had risen by 11% this month. This is a break from the sluggish performance it showed the previous two months.

Connors noted that “June was the largest month for digital assets in terms of news flow since November.” It’s not unusual to see the markets take a break.


Bitcoin Dominance

Connors noted that the dominance of bitcoin has reached a new high in 26 months. He wrote that the dominance of bitcoin has increased during the recent market drop, as it is outpacing ETH and Alt coins.

Read more: Bitcoin drops below $30K as altcoins tumble; BTC dominance reaches 26-month high

Bitcoin sentiment turned bullish in the last week, with the CoinDesk Bitcoin Indicator moving into “significant upward” territory. This is after weeks of being stuck in the downturn. CoinShares, a European digital asset manager reported the biggest single weekly inflows – dominated by bitcoin related products – earlier this week after 9 consecutive weeks outflows.

Connors wrote: “Look at Coinbase. It’s up today, and it has gained 21% in the last 5 days.” If there were structural factors for this lower move, COIN would also have been affected.

Coinbase’s share price fell by more than 1% Wednesday.

As the expiration of Bitcoin options contracts on Friday approaches, investors will be watching the price of bitcoin. This could either fuel an increase in price or send it into a spiral.

Ether traded at $1,830 on Tuesday, down 2.4%. Other major cryptos are also in the red, with ADA and MATIC tokens from smart contract platforms Cardano or Polygon both falling more than 6% recently. The CoinDesk Market Index is a measure for the performance of the cypto market. It was down by 2.3% recently.

The Nasdaq composite, which is dominated by tech companies, continued its recent rally. It gained 0.2%. This was fueled in part by the record rise in Apple’s stock price, to almost $190, and a more than 2% jump in Tesla, just days before it announces Q2 vehicle delivery. The Dow Jones Industrial Average (DJIA), the S&P 500 and other major indexes were all in a flat range. The yields on U.S. Treasurys 10-year and gold, a safe haven asset, ticked lower.


Binance and Coinbase Suits “Not forgotten”

In an email, Craig Erlam, senior market analyst for foreign exchange market maker Oanda, struck a wary note about cryptos’ path forward.

Erlam wrote that “the SEC lawsuits filed against Binance Coinbase and have not gone unnoticed, but they are now in the background as a result of more positive news.” It would seem that cryptocurrency is gaining momentum again and the community might be wondering if it could be the type of development which sees interest in cryptos rise once again.

He said: “It has been an amazing year for bitcoin thus far, but the spring sell-off was another reminder that there are major setbacks.”

The Biggest Gainers

Today, CoinDesk has no winners.

Biggest Losers


Seoul: Asia’s Retail Crypto Capital Moves On After Do Kwon

Seoul, the capital city, is ranked in the top 15% of the world for its regulatory structure. It also scored highly for the ease of doing businesses and digital infrastructure. All criteria that the government can influence. The country’s embrace of crypto by its citizens places it in the top 15% worldwide for the crypto adoption index. As the largest hub of our final 15, its low opportunities score was a result of a lackluster number per capita of crypto companies, jobs and events. We measured activity on Linkedin and Eventbrite, but it could also be due to a language or cultural barrier.

To learn more about the criteria we used and how they were weighted, please visit: Our Methodology for Ranking CoinDesk’s Crypto Hubs in 2023.

(Ian Suarez/CoinDesk)

XRP’s price was soaring earlier this year, but it wasn’t clear why. Later, it became clear that Korean retail traders can have a significant impact on global markets. UpBit was Korea’s largest exchange at the time, and led the global XRP trade volumes, with over $790 million worth of tokens traded in 24 hours. This surpassed Binance, which is the world’s largest exchange.

This is only one example. Korean retail traders are well known for boosting the price of other coins – not just small altcoins. Coinhills reports that the Korean won is among the top three currencies against Bitcoin. Interest in crypto and awareness are relatively high. The Financial Intelligence Unit of Korea reported that in September, there were almost seven million crypto users registered in Korea. This is roughly 14%.

This is not surprising. A retail market of this size and strength would be a major factor in putting Seoul on a list as a global crypto hub. Seoul has many other appealing features: it’s a fast paced, entrepreneurial city within a region that is often fast paced and entrepreneurial. Asia’s crypto prominence is growing, particularly after the regulatory crackdowns that have occurred in the United States.

Read Crypto Hubs: Where to Work and Live Smartly?

The crypto community in South Korea explained Seoul’s appeal through a variety of ways. One was a willingness to try new things. The gaming prowess of Korea was another. Another was its “builder’s community.”


Emily Parker

Read this full story here


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CoinDesk TV

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

Bitcoin (BTC), which is currently trading at $30,000, has kept the market optimistic. Quinn Thompson from Maple’s head of growth and Capital Markets shared his analysis on the crypto market. Hut 8 CEO Jaime Leverton also joined “First Mover”, after the North American digital assets miner secured up $50 million in loans through Coinbase Credit to finance its operations. Zhuling Zhu, the CEO and founder of RockX, explains why Singapore came in second place on CoinDesk’s Crypto Hub 2023 ranking.

The CoinDesk Indices Platform Smart Contracts Highlights the Difference between Bitcoin and Ether: Stablecoin Supplies on Smart Contract Platforms Continue to Trend Downward, But the Smart Contract Index has Maintained a Solid Performance.

Bitcoin drops below $30K while altcoins tumble; BTC dominance reaches 26-month high: Bitcoin’s market cap comprises 52% of total crypto market. This is its highest level since March 2021.

An ex-FTX compliance officer is being sued for allegedly paying off would-be whistleblowers. FTX lawyers claim that Daniel Friedberg let the criminal activities of its executives slip under the radar.

Mastercard Pilots Tokenized Deposits at a New UK Testbed. This company will launch a Multi-Token Network, which it describes as launching ‘a Multi-Token Network. The MTN will start by testing tokenized deposits before moving on to experiments with stablecoins or CBDCs.

Ethereum’s Layer 2 teams want you to clone their code: Copycat blockchains can steal their users by making their code available and easy to duplicate.

James Rubin is the editor.