good morning. Here’s what’s happening:
price: Bitcoin and Ether fell in East Asia after the crypto market rally after the debt ceiling ended. What will be the next story for cryptocurrencies?
insight: The latest Commitments of Traders report shows a resurgence in open long positions among asset managers.
CoinDesk Market Index (CMI)
Nikkei Stock Average
BTC/ETH price by CoinDesk index as of 7am ET (11am UTC)
Looking for the next pricing story
By Sam Reynolds
good morning asian
The bull market after yesterday’s debt ceiling deal is over.
Bitcoin opened the East Asian trading day down 1.3% at $27,746 and Ethereum down 1.1% at $1,893.
In recent weeks, cryptocurrencies have suffered from narrative problems. The lack of a definitive narrative – is it a risky asset or a risk hedge? – has caused unpatterned price movements and confused investors.
For example, some might say Bitcoin should have risen given the uncertainty of the debt ceiling, as a US default would shake the traditional financial system. But instead, Bitcoin acted like a stock. Perhaps the cryptocurrency story is not a story at all.
Ed Moya, senior market analyst at forex market maker OANDA, argues the upcoming US election is a story to watch.
“A reminder that the key to Bitcoin’s success in the US may lie in the upcoming presidential election,” Moya wrote in a note on Friday. “Florida Governor Ron DeSantis has announced his intention to run for president and appears ready to ‘protect’ Bitcoin. ”
With central bank digital currencies becoming the new wedge in Florida’s political landscape, a national stage is the natural next step. Cryptocurrencies have been featured in elections around the world, including in South Korea and Thailand, with President Joe Biden mentioning cryptocurrencies when discussing debt deal negotiations.
Perhaps this will be a remarkable story?
Crypto Market Funding Rate Remains Positive
By Glenn Williams Jr.
The Commitment of Traders report shows that asset managers have increased their long Bitcoin positions after declining in the previous two weeks. The increase of 24 contracts follows the previous week’s decline of 162 contracts.
This price increase would put a brake on what appears to be a reduction in overall exposure rather than an explanation for the price itself. The asset manager reduced a total of 194 short positions over the same period.
The Commodity Futures Trading Commission (CFTC) publishes weekly COT data detailing the positions and activity of asset managers, leveraged funds and dealer intermediaries in bitcoin futures.
The asset manager currently holds 48.9% of open long positions on the Chicago Mercantile Exchange, and the group as a whole is long 97.25% of assets.
5pm HKT/SGT (9am UTC): European Commission Business Environment (May)
5pm HKT/SGT (9am UTC): European Commission Consumer Confidence (May)
10:00 PM HKT/SGT (2:00 PM UTC): US Consumer Confidence (May)
coin desk tv
In case you missed it, watch the latest episode of “The Hash” on CoinDesk TV.
Filed a complaint with Mr. Shaq, an attorney in the FTX litigation.Ether balances on exchanges near record low
The hosts of “The Hash” shared their thoughts on the biggest stories shaping the cryptocurrency industry today. Ether (ETH) numbers on exchanges have reached their lowest level since July 2016 as staking has depleted ether availability. Apart from this, potential signs of equal good economic news and bad news for digital asset prices are starting to shift. Additionally, attorney Adam Moskowitz, who represents some FTX investors, will also join “The Hush” to discuss basketball legend Shaquille O’Neal, who is being sued in a class action lawsuit involving FTX and its celebrity endorsements. bottom.
Dogecoin chart patterns suggest a volatility explosion ahead: A technical analysis indicator called the Bollinger Bands Width suggests that Dogecoin’s extraordinary quietness could soon end with a notable move in either direction.
Gemini and bankrupt financier Genesis Ask U.S. Court to Dismiss SEC Lawsuit Targeting Earn Program: The U.S. Securities and Exchange Commission alleged that the two companies sold unregistered securities through Gemini’s Earn Program.
Short-term Bitcoin holders are selling for profit again: Observers say the renewed profitability of short-term holders is a positive signal for short-term price action.
Fantom will reimburse 15% of the token fee for some projects: The move is part of an effort to drive demand for Blockspace and will help boost the value proposition of the FTM token.
Shiba Inu-themed Floki sees trading volume surge in China plans: Floki prices rose on Sunday amid a Bitcoin-led market boost and bets on the token’s “Chinese story.”