Good morning. Here’s what’s happening:

Prices: As Asia’s trading day starts with a slight rise in Bitcoin, and a dip in Ether experts predict a market correction before the FOMC, underlining the resilience of digital assets amid US regulatory challenges and debt.

Insights The decline of the Bitcoin options put/call proportion suggests that crypto investors have less concern than in June when U.S. legislators clashed about raising the country’s national debt ceiling.


Bitcoin And Ether Are Still Thriving

As Asia opens its trading day, Bitcoin is up 0.1% at $27,109 while Ethereum is down slightly at $1,890.

Joe DiPasquale, BitBull Capital, says that the focus this week is correction and consolidation ahead of the next FOMC minutes being released on June 14.

In a CoinDesk note, he said: “We were expecting a consolidation and correction between the $25K and $27K level. That’s exactly what we have seen over the past month.” “While we haven’t seen a major test at $30K, a second attempt to reach the key resistance level wouldn’t be surprising.”

Mark Connors is the head of research at digital asset manager 3iQ. He says it’s impressive how the digital asset market continues to thrive despite the hostile regulatory climate in the U.S. The market is still concerned with the unprecedented amount of debt issued in the U.S.

Digital assets are taking matters in their own hands, he wrote.

Connors writes, despite the focus of 2023 on Bitcoin’s increasing dominance and surging fee amid a challenging U.S. regulatory environment, Ethereum’s post-merge performances, including an unexpected lack of impact from staking securing, increased staking demands, and realized deflationary promises with over 250k ETH burned, are gaining market attention.

He told CoinDesk that “while the fate of $500 trillion in equity and debt markets depends on the ability for central banks and Treasury departments to provide liquidity, bellwether digital currencies bitcoin and ether take care of business and the market responds – even though institutions and regulators do not,”

The Biggest Gainers

Biggest Losers


The Bitcoin Put/Call ratio has declined following recent debt deal

Data from derivatives shows that a key metric, which tends to increase when the bearish sentiment is high, has recently decreased. The current bitcoin options put/call is 0.47 across exchanges, down from a ratio of 1.34 at the beginning of June.

(Glassnode)

A put is a right purchased by the buyer to sell an asset at a specific price. The call, on the other hand, is a right bought by the buyer to purchase the asset. The relationship between them can be a good indicator of investor sentiment, especially when they are at extremes.

The volume of calls and puts purchased over the last 24 hours is measured. Levels above one indicate bearishness and levels below 1 the opposite.

The recent drop in protection indicates that traders are less likely to buy downside protection for future price drops. The increase in protection at the end of last month was probably due to the recent debt agreement between Democrats and Republicans.


Important events.

9 a.m. SGT/HKT ( 1 h 45 utc) China Caixin Services PMI May

10:00 pm HKT/SGT (14:00 UTC). United States ISM Services PMI (May).


CoinDesk TV

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

Bitcoin (BTC), which is a digital currency, has risen slightly above $27,000 following the U.S. addition of 339,000 in May. This was better than economists expected. David Duong, Coinbase’s institutional head of research, shared his analysis on the crypto market. Justin Sun, TRON’s founder and Huobi Global Advisor Justin Sun also joined “First Mover”, to discuss the implications of Hong Kong Securities and Futures Commission accepting applications for licenses to operate crypto trading platforms. Marathon Digital Holdings’ CEO Fred Thiel responded to the new state legislation that affects bitcoin miners in Texas.

The DeFi Tokens rose in a turbulent week, CoinDesk’s Market Index : Altcoins less known had a good week as Bitcoin and Ether struggled against macroeconomic headwinds.

Marathon Digital Mined 77 percent more bitcoin in May with the help of its software :: The spike in bitcoin mined is likely due to their mining machines producing bitcoin at a higher capacity than in April.

Sotheby’s Golden ‘Goose’ sale and Mercedes Benz puts NFTs into Motion Sotheby’s is selling Dmitri’s landmark NFT in a live auction, while Mercedes Benz has released the ‘Maschine’. Nike teamed with EA Sports.

Coinbase to Offer Institutional Bitcoin Futures : This product is a follow-up of the Nano Futures launched last year.

Credit Suisse and Deutsche Bank-Backed Taurus Deploys Polygon Blockchain :. The Swiss firm wants to enable financial institutions and corporations to issue tokenized asset on the Ethereum layer 2-network.

James Rubin is the editor.