Bitcoin and stocks started the week on a hesitant note as uncertainty in markets continued. Bitcoin dropped back below $27,000 on Saturday and is down slightly over the last 24-hours at $26,800. This comes as U.S. President Joe Biden and House Republican Speaker Kevin McCarthy will meet to discuss the debt ceiling on Monday. Some altcoins rose on Monday, among them Tron’s TRX, gaining 8% on the day as a rumor circulated on Twitter that Tron will become legal tender in Hong Kong on June 1.
Digital Currency Group (DCG) missed a $630 million payment owed to crypto exchange Gemini last week, according to Gemini. Gemini CEO Cameron Winklevoss had previously threatened to sue DCG CEO Barry Silbert and DCG over the repayment of a $900 million loanafter Genesis, a DCG entity, filed for Chapter 11 bankruptcy in January. The U.S. Securities and Exchange Commission has accused both firms of selling unregistered securities through their Earn program. Both Genesis and CoinDesk are owned by DCG. Gemini and other parties are proposing an amended reorganization plan with Genesis that doesn’t require DCG’s approval, Gemini said in an update on its site.
The Securities Commission Malaysia ordered Huobi Global to stop operations in the country – including disabling its website and mobile applications – because it is operating a digital asset exchange without registration. The regulator told the company to cease circulating, publishing or sending advertisements to Malaysian investors, according to a Monday announcement. Operating a digital asset exchange without obtaining registration from the Securities Commission as a Recognised Market Operator is an offense under the Capital Markets and Services Act.
Market Insight: Bitcoin Trades in a Tight Range
The crypto market has become boring, with bitcoin (BTC) settling into its tightest price range in years despite lingering concerns about the stability of U.S. regional banks and the country’s debt ceiling.
The range, or the difference between the high and the low reached in the seven days to May 21, was 3.4%. That’s one of the narrowest ranges in the past three years and similar to the quiet action seen a couple of times earlier this year and in July 2020, according to data tracked by analytics firm Glassnode.
“It is comparable to Jan. 2023, and July 2020, both of which preceded large market moves. This suggests high volatility is likely on the horizon,” Glassnode tweeted early Monday.
The chart shows daily changes in bitcoin supply controlled by wallets holding coins for at least a year and the cryptocurrency’s price since June 2022.
The balance held by the so-called long-term investors is fast approaching a record high of 13.2 million BTC.
Per blockchain data firm IntoTheBlock, the continued accumulation reflects unwavering conviction in the cryptocurrency’s prospects.
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