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The latest price moves in crypto markets in context for June 26, 2023.
ALSO: Ripple Asia's policy lead praises Japan’s crypto laws that favor consumer protection. Rahul Advani said that the country has created "a very clear taxonomy for digital assets."
Dealers are stuffed with record negative gamma in BTC. With only a little move in the spot price, "we could witness fireworks," one observer said.
Crypto prices have risen sharply since BlackRock’s filing for a spot bitcoin ETF. Of the 149 assets in the CoinDesk Market Indices (CMI), 144 rose during the week.
The largest cryptocurrency by market capitalization has been surging this week after three financial services giants filed applications for spot bitcoin ETFs.
Historically, an above 90% reading on the index has coincided with interim market tops.
The largest cryptocurrency by market cap has benefited from rising investor optimism following multiple filings for spot bitcoin ETFs and its omission from tokens listed in SEC lawsuits earlier this month.
A recent increase in stablecoin flows to exchanges may signal an increase in bullish sentiment
Indicators tied to Wall Street's volatility index, VIX, and central bank liquidity indicate risk aversion ahead. Past experience suggests risk-off in traditional markets can roil sentiment in the crypto market.
The latest price moves in crypto markets in context for June 23, 2023.
- 12:36Sui Official: The problem has been identified and a fix will be released soonOn November 21, Sui announced that the Sui network is currently experiencing a malfunction and cannot process transactions. The problem has been identified and a fix will be released soon. Suiscan data shows that no new blocks have been produced on the Sui blockchain for two hours.
- 12:35ETH breaks through $3200, with an intraday increase of 2.30%Bitget market data shows that ETH just broke through $3200, currently quoted at $3201.44 per unit, with an intraday increase of 2.30%.
- 12:34IntoTheBlock: If Bitcoin consolidates at its current high, Ethereum may see a riseOn November 21, IntoTheBlock posted on platform X stating that Bitcoin has performed outstandingly in this round of increase, while Ethereum's on-chain activity shows complex signals. Historically, Ethereum often benefits after Bitcoin rises, but its current on-chain activity shows evenly distributed potential resistance levels. Despite this, these resistance levels may have limited impact in the current market. The number of new Ethereum addresses is still lower than previous bull market levels and may be affected by the popularity of Layer 2 solutions such as Base. Despite this, Base relies on Ethereum as a settlement layer. Daily transaction volume has slightly increased to 1.22 million transactions from 1.10 million three months ago. Transaction volume is climbing and large holders continue to accumulate showing long-term confidence in Ethereum. If Bitcoin consolidates at its current high level, there could be an increase for Ethereum.
