Binance.US Announces Suspension of USD Deposits and Vitalik and Polygon Co-Founder Donate to COVID Research
Market Update
- Crypto markets are up slightly on the day, BTC has risen 0.54%, and ETH has risen 0.15%. Interestingly, the ETH Dominance metric, a metric that measures Etheruem's market cap compared to the rest of the crypto market, has reached its highest levels since the Merge last year and at the peak of the 2021 bull market, indicating that Ethereum is extremely relatively strong to the rest of the market. Altcoins bounced today - RNDR is up 3.93%, LDO is up 2.97%, and XRP is up 2.60%. XRP has been a standout the last couple weeks, performing well leading into its case with the SEC. Interestingly enough, the SEC has not mentioned XRP as a security in any of its recent lawsuits against Coinbase or Binance, despite mentioning several other coins and XRP being a high market cap coin listed on each exchange. Crypto continues to lag behind the equity markets, SPX and NDQ are up 0.47% and 0.82%, respectively.
- Vitalik Buterin, the creator of Ethereum, and Sandeep Nailwal, a co-founder of Polygon, have joined forces to allocate $100 million towards COVID-19 research and the enhancement of medical infrastructure in India. This charitable initiative seeks to tackle the enduring effects of the pandemic and strengthen healthcare systems. Of the total $100 million, $90 million is in USD Coin (USDC) from Crypto Relief, a crypto fund based in India. The other $10 million is from Vitalik himself. Vitalik and Nailwal will work together to distribute these funds to the designated projects efficiently. Led by Sandeep Nailwal, Crypto Relief is a community-driven fund that offers financial assistance during the COVID-19 pandemic. In alignment with their mission, the initial portion of funds received from Buterin and Nailwal has been allocated to provide emergency humanitarian relief to combat the pandemic in India.
- Binance.US announced the suspension of United States dollar deposits and an upcoming pause to fiat (USD) withdrawal channels, potentially starting as early as June 13, due to what Binance describes as "extremely aggressive and intimidating tactics" from the United States Securities and Exchange Commission. Customers were also informed that the banking partners associated with Binance.US are preparing to halt fiat (USD) withdrawal channels. Binance.US clarified that trading, staking, deposits, and withdrawals involving cryptocurrencies are still fully functional. This comes amid Binance's ongoing battle with the SEC this week.
Daily Technical Strategy
Mark L. Newton, CMT
Head of Technical Strategy
Despite the risk-on rally sweeping Equities over the last few weeks, cryptocurrencies largely have remained in range-bound consolidation. Bitcoin, as shown below, peaked out in April and has trended largely lower, albeit in a minor consolidation compared to its prior rally from March into April. This shallow consolidation is considered bullish technically, as very little technical damage has occurred. While momentum has waned a bit in recent weeks, the lack of technical deterioration in the face of SEC legislation is considered a big positive as intermediate-term uptrends from last Fall remain intact. Overall, it's expected that Cryptocurrencies and BTC should turn higher to join the risk-on rally, but BTC will require a rally back over $28k to jump-start this move. It's expected that any rally over $28k has little to no resistance until $31k but should reach technical resistance targets near $36k. While Ethereum looks like a relative outperformer to BTC, both likely can participate in strengthening in the back part of June to end 2Q.
Daily Important Metrics
All metrics as of June 9, 2023 12:05 PM
All Funding rates are in bps
Crypto Prices
Symbol | Market Cap | Last Price | Daily Change | Year to Date | Relative to BTC YTD |
BTC | $514B | $26,500 | ↓ -0.70% | ↑ 60% | |
ETH | $221B | $1,842 | ↓ -0.66% | ↑ 54% | ↓ -6.26% |
ADA | $11B | $0.3122 | ↓ -4.86% | ↑ 26% | ↓ -33% |
DOGE | $9.6B | $0.0689 | ↑ 1.25% | ↓ -1.82% | ↓ -62% |
SOL | $7.4B | $18.63 | ↓ -1.21% | ↑ 88% | ↑ 28% |
MATIC | $7.1B | $0.7638 | ↓ -1.73% | ↑ 0.22% | ↓ -60% |
DOT | $6.0B | $5.04 | ↑ 0.01% | ↑ 16% | ↓ -44% |
LINK | $3.1B | $6.01 | ↓ -0.05% | ↑ 8.26% | ↓ -52% |
NEAR | $1.3B | $1.41 | ↓ -0.14% | ↑ 11% | ↓ -49% |
Exchange Traded Products (ETPs)
Symbol | Premium to Nav | Last Price | Daily Change | Year to Date | Relative to BTC YTD |
GBTC | ↓ -42% | $13.85 | ↑ 0.00% | ↑ 67% | ↑ 7.10% |
BITW | ↓ -57% | $10.12 | ↓ -1.17% | ↑ 88% | ↑ 28% |
ETHE | ↓ -55% | $8.02 | ↓ -0.31% | ↑ 68% | ↑ 8.42% |
BTCC | ↑ 0.05% | $4.88 | ↓ -0.10% | ↑ 61% | ↑ 1.09% |
News
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