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| Everything you need to make sense of the crypto markets and beyond By the CoinDesk Markets Team Edited by Lawrence Lewitinn, Managing Editor, Global Capital Markets June 1, 2021 Sponsored by Bitcoin (BTC) -1.3% $36,487 Ether (ETH) +1.8% $2,614 (Price data as of June 1 @11:00 UTC) If you were forwarded this newsletter and would like to receive it, sign up here.
Good morning. Here's what we're writing about: Market Moves: Bitcoin, Ether Etch Largest Daily Gains in a WeekTechnician's Take: Bitcoin’s Long-Term Put Options See Sustained Demand as Price Consolidates Check out the CoinDesk TV show "First Mover," hosted by Christine Lee, Lawrence Lewitinn and Emily Parker at 9:00 a.m. U.S. Eastern time. Today the show will feature guests: Rep. Tom Emmer (R-MN) Tegan Kline, Edge & Node Co-Founder Lisa Bragança, Former SEC Branch Chief
Biggest Movers These are the biggest movers in the CoinDesk 20 over the past 24 hours:
Gainers: Chainlink (LINK): +4.9% Aave (AAVE): +4.5%Cardano (ADA): +4.0% Polkadot (DOT): +3.4%
Losers: Stellar (XLM): -2.0% Yearn Finance (YFI): -2.0% Bitcoin (BTC): -1.3% Litecoin (LTC): -0.9%
The CoinDesk 20 are 20 digital assets filtered from the larger universe of thousands of cryptocurrencies and constitute roughly 99% of the market by volume at eight of the largest and most trustworthy exchanges.
Market Moves by Sebastian Sinclair Bitcoin, Ether Etch Largest Daily Gains in a Week The world’s two largest cryptocurrencies by market capitalization, bitcoin and ether, have rebounded from seven-day lows.
Bitcoin was up 8.8%, in the 24 hours preceding 04:00 UTC (12:00 a.m. ET), having clawed back more than $3,000 from May 31 lows near $34,200. At press time the price was around $37,200. The move marks bitcoin’s biggest daily gain in a week.
Ether surged 15% over the same 24 hours, also the most in a week, extending the rally from May 23 lows to find a footing above $2,670. Bitcoin prices, May 31 - June 1, 2021 The price increases came amid fresh reports that the Reserve Bank of India (RBI) issued a circular on Monday stating commercial banks under its purview cannot cite the reserve bank’s 2018 ban.
That ban initially denied customers involved in digital assets access to traditional banking services. The ban was then quashed by the country’s supreme court last year.
Prices have since begun cooling, with intraday resistance around $38,000 for bitcoin and $2,730 for ether.
Other notable cryptos in the top 10 by market capitalization have also risen between 3% and 13% over the last 24 hours. XRP, Uniswap, and Dogecoin clocked the most gains. Read the original story here: Bitcoin, Ether Etch Largest Daily Gains in a Week
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Technician's Take by Omkar Godbole Bitcoin’s Long-Term Put Options See Sustained Demand as Price Consolidates Bitcoin’s longer-term puts, or bearish bets, are drawing stronger demand than calls for the first time this year, a sign the recent sell-off has taken a toll on market confidence.
According to data provider Skew, the six-month put-call skew, which measures the relative expensiveness of puts and calls, crossed above zero on May 17, indicating a bias for puts.
The metric has remained positive ever since, and was hovering at 4% at press time. That’s the longest stretch above zero in at least a year.
A call option gives the purchaser the right, but not the obligation, to buy the underlying asset at a predetermined price on or before a specific date. A put buyer gets the right to sell. Bitcoin's six-month put-call skew (Source: Skew) While bitcoin saw several price pullbacks in the 10 months to April 2021, the six-month put-call skew remained entrenched in negative territory in a sign that market participants were confident the declines would be short-lived and lead to more substantial rallies. They were right and the cryptocurrency rose to record highs after every pullback.
This time, however, investors appear worried about an extended sell-off and see low probability of a V-shaped recovery, as evidenced by the persistent positive six-month put-call skew.
Bitcoin tanked from $58,000 to nearly $30,000 in the eight days to May 19 on concerns regarding the negative environmental impact of bitcoin mining and China’s regulatory crackdown.
Since then, the cryptocurrency has charted a narrowing price range between $30,000 and $40,000. Some technical analysts foresee a short-term price bounce. That’s not reflected in the options market. The one-week, one-month and three-month put-call skews are signaling a put bias with positive prints. Bitcoin: one-week, one- and three-month put-call skews (Source: Skew) Market participants could be buying puts against a long position in the spot or futures market, or taking a plain long put position to profit from a potential downside move.
Read the original story here: Bitcoin’s Long-Term Put Options See Sustained Demand as Price Consolidates
A message from Farsite Ever dreamed of owning a spaceship? It is possible in Farsite - upcoming DeFi powered MMO RTS, where NFTs acquired a new meaning.
The cryptocurrency movement has never been so sprawling, reaching every corner of the planet. Crypto State by CoinDesk aims to connect with local communities to explore this movement of financial disruption and how it trickles down to every corner of the globe, from DeFi investment opportunities to alternative ways to transact and store wealth. We're making virtual stops with audiences in Nigeria, the Middle East and Southeast Asia this year. Register for the Crypto State virtual tour.
BOLO Be on the look out for some of these upcoming events: No major data expected today.
ICYMI In case you missed it, here are the most recent episodes of "First Mover" on CoinDesk TV:
"First Mover" hosts unpack the highlights from Consensus 2021, including news-breaking speeches from Ray Dalio at the start of the conference Monday and Tom Brady, who wrapped up the conference Thursday. Also, today, Stellar Foundation CEO Denelle Dixon joins the show to discuss its most significant investment so far in a Mexico-based platform and about the role of DeFi in the developing world. Plus, Nevada Senator Carol Blood on applying blockchain technology to agriculture. And why are bitcoin and ether prices down? Nicholas Pelecanos of NEM Group joins our markets discussion.
CoinDesk's new reward token soft-launched at Consensus 2021, but $DESK lives on. Attendees can still cash in at the $DESK store, or hodl and accumulate. Join the Telegram group for announcements and airdrops.
Latest Headlines
New OCC Chief Says US Officials Should Set ‘Regulatory Perimeter’ for Crypto: Report “It really comes down to coordinating across the agencies,” Hsu said. "There is interest in coordinating a lot more of these things."
Riksbank Governor Sees Good Reason to Believe Regulation of Crypto Will Happen Sweden's finance minister has also said the government is tightening standards for crypto exchanges.
Thai SEC Warns DeFi Transactions Could Be Subject to Law Involving Licensing The regulator is signaling it may move to regulate the country's DeFi sector.
Crypto Exchange Korbit Launches South Korea’s First NFT Marketplace All transactions on the platform will be carried out in ether. Between them the four investment firms have listed a total of nine bitcoin and ethereum ETPs on the Euronext Paris stock exchange today.
Disclaimer: The information presented in this message is intended as a news item that provides a brief summary of various events and developments that affect, or that might in the future affect, the value of one or more of the cryptocurrencies described above. The information contained in this message, and any information liked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. The information presented herein is accurate only as of its date, and it was not prepared by a research analyst or other investment professional. You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments. ATTENTION: Scammers have been sending fraudulent emails with links to sites disguised to look like coindesk.com. If you are in doubt about a link, type https://www.coindesk.com directly into your browser; do not copy and paste. Remember, if something seems too good to be true, it probably is.
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