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Cryptocurrencies fell sharply late Wednesday and into Thursday, with bitcoin dropping below $25,000 and Polygon’s MATIC, and Cardano’s ADA extending 24-hour declines to as much as 9% and 8%, respectively. This comes following Wednesday’s Federal Reserve policy decision at which the central bank suspended rate hikes for at least one meeting, but signaled it expects further monetary tightening before the end of the year. Bitcoin could see further short-term losses, according to LMAX Digital’s morning note. “As per our technical insights in today’s update, any additional setbacks in the price of bitcoin should be well supported ahead of $22K.”
Paying interest on or surcharges for using a digital euro would be banned under a draft law seen by CoinDesk, and set to be proposed by the European Commission on June 28. The proposed central bank digital currency (CBDC) would have to be available for cash-style offline payments from day one, and users shouldn’t be able to program it to limit onward use, the leaked bill said. “The digital euro shall be available for both online and offline digital euro payment transactions as of the first issuance of the digital euro,” said the text viewed by CoinDesk. The level of privacy for offline, face-to-face use should be “comparable” to withdrawing banknotes at an ATM, it said.
The Middle Eastern arm of OKX, the second-largest cryptocurrency exchange by trading volume, has received an MVP Preparatory license from the Dubai Virtual Assets Regulatory Authority (VARA). OKX Middle East has already taken up residence in a new office in Dubai World Trade Center, and says it plans to expand the number of staff to 30, with a focus on local hires and senior management. Once the Minimal Viable Product (MVP) license becomes fully operational, OKX Middle East will provide spot, derivatives and fiat services, including U.S. dollar and United Arab Emirates dirham (AED) deposits, withdrawals and spot-pairs, the company said in a press release.
Market Insight: BTC’s Unpredictable Relationship with TradFi Assets
While bitcoin’s volatility has declined steadily since March, its relationship to traditional financial (TradFi) assets has been unpredictable. This unlikely pairing underscores the asset’s unique nature and a fundamental difference from more traditional assets.
Different narratives
Bitcoin has worn a number of narratives in recent years. An initial “hedge against dollar inflation” narrative led to a “high beta tech stock” story, which now has morphed into bitcoin as an “uncorrelated financial asset.”
On a day where the Federal Open Market Committee (FOMC) left interest rates unchanged, both bitcoin and ether continued to decouple from traditional financial assets. BTC and ETH are down more than 4% and 7%, respectively, month-to-date, while the S&P 500 and Nasdaq Composite Index have each risen more than 4% over the identical time period.
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Chart of the Day
The chart shows total value locked in Binance Smart Chain (BSC) has declined to $3.29 billion, the lowest since March 2021.
Investors are pulling capital from BSC-based projects in the wake of the U.S. SEC’s crackdown on Binance.
BSC’s fee revenue has declined 50% from a year ago and is currently down 30% from the second quarter’s daily average, according to data tracked by Matrixport.
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.
