News recap: US regulators have widened the crackdown on crypto

Crypto market in numbers

Between 26th and 29th May, the capitalisation of the crypto market increased by 5.8% to $1.17 trillion, according to CoinMarketCap. Then, the indicator began to fall due to fundamental factors, dropping to $1.09 trillion on 5th June. Following this, the market cap recovered to $1.13 trillion but soon fell again to $1.1 trillion.

Trading activity increased considerably. At the end of May, the average daily trading volumes stood mainly in the range of $30-$35 billion. However, on 5th June, the indicator soared by 168% to above $50 billion. The same trading activity was observed at the end of April 2023.

At the end of May, the Cryptocurrency Fear & Greed Index remained in the “Neutral” zone. The indicator gained a foothold at around 50 points. On 5th June, however, it shifted to the “Fear” zone, but almost immediately recovered to the levels observed at the end of May.

The volatility of cryptocurrencies has not changed significantly. Since 26th May, Bitcoin’s 30-day volatility index has grown by 2.8%, from 1.39% to 1.43%. The same indicator for ETH decreased by 3%, from 1.33% to 1.29%.

First, the crypto market grew steadily, but the SEC lawsuits against Binance and Coinbase evoked fear and uncertainty among market participants. As a result, cryptocurrencies experienced a steep dive. Both long and short positions were liquidated overnight. Many fundamental coins were under pressure, including ADA, ALGO, and ATOM.

Despite the increased intraday volatility of cryptocurrencies, 30-day and 60-day volatility remained low. On 13th and 14th June, data on inflation in the US and the Fed’s rate will be published. Sharp price movements in the cryptocurrency market on these dates can be expected.

Gainers (26th May – 7th June)

Losers (26th May – 7th June)

Easily track gainers and losers within the Simple trade section on EXMO. Check real-time updates in the last 24 hours, week and month.

Most traded coins (26th May – 7th June)

Top crypto market driving factors

Overall crypto market

▲ 26.05.2023 – Santiment analysts note that market participants have actively started selling altcoins at a loss. Historically, this is a bullish signal.

▲ 29.05.2023 – The proposed 30% on Bitcoin mining tax has been removed from the table in the US debt ceiling deal approved by Joe Biden.

▼ 31.05.2023 – ​​US lawmakers have introduced a new bill, which aims to ban the government from launching a pilot program to test CBDC.

▼ 01.06.2023 – Trading volumes on centralised cryptocurrency exchanges in May fell to the lowest level since October 2020 at around $424 billion.

▲ 01.06.2023 – Co-founder of 10T Holdings and Gold Bullion International, Dan Tapiero, stated that the bearish phase of the cryptocurrency market is coming to an end and an “explosive” rally awaits.

▲ 02.06.2023 – The Senate has passed the debt ceiling bill, sending it to Biden to sign into law.

▲ 03.06.2023 – Tether’s (USDT) has climbed to its all-time high market capitalisation of $83.4 billion.

▲ 05.06.2023 – JPMorgan has teamed up with six Indian banks to settle interbank dollar transactions on its blockchain-based trading platform.

▼ 05.06.2023 – According to Google Trends data, search interest for cryptocurrency-related terms, including “crypto,” has declined to the lowest levels since 2020.

▼ 05.06.2023 – The US SEC accused Binance Holdings Ltd. and its CEO, Changpeng Zhao, of breaking securities rules.

▼ 05.06.2023 – The SEC claims BNB, BUSD, SOL, ADA, MATIC, FIL, ATOM, SAND, MANA, ALGO, AXS, and COTI cryptocurrencies, as securities.

▲ 05.06.2023 – Large whales, as well as institutional and venture capital companies, benefited from the market fall caused by the SEC’s lawsuit against Binance.

▼ 06.06.2023 – After Binance, the US SEC sued Coinbase for securities law violations.

▼ 06.06.2023 – The SEC asked the court to freeze the assets of Binance U.S. units.

▼ 06.06.2023 – The SEC’s chief, Gary Gensler, says that the USA doesn’t need more digital currency because it has the dollar.

▼ 06.06.2023 – Around $295 million worth of crypto positions were liquidated over the past 24 hours. 90% of them were long positions.

▲ 06.06.2023 – Cryptocurrency trading volume reached its highest level since April 2023, exceeding $21 billion.

▼ 08.06.2023 – Nearly 13 million bitcoins have not moved in over a year, an all-time high. This means that investors are ready to wait for the bull run as long as it takes.

Bitcoin (BTC)

▲ 29.05.2023 – Wallets with balances of over 1,000 BTC began to actively accumulate bitcoins at the end of May.

▲ 30.05.2023 – For the first time ever, the number of Bitcoin transactions exceeded 15 million in May 2023.

▲ 01.06.2023 – Bitcoin mining revenue reached $916.6 million in May, a 13.7% month-over-month increase.

▲ 01.06.2023 – Bitcoin’s mining difficulty has increased by 3.4% to reach 51.23 T.

▲ 02.06.2023 – Mining company Marathon Digital Holdings mined a total of 1,245 Bitcoins in May, which is 77% more than in April and more than half the figure for the entire first quarter.

▲ 02.06.2023 – The production of the Bitfarms mining firm increased to 459 BTC, up 21.1% from April.

▲ 05.06.2023 – El Salvador’s Volcano Energy announced $1 billion in commitments to build a 241MW bitcoin mine in the Metapán region. The mining site will be powered with solar and wind energy.

▼ 05.06.2023 – Bloomberg’s macro strategist Mike McGlone believes that Bitcoin will still have a difficult time in June 2023.

▼ 05.06.2023 – Senior market analyst at City Index, Fiona Cincotta, predicts that Bitcoin can break below $25,000.

▼ 06.06.2023 – Bitcoin’s short-term holders are increasingly selling at a loss.

▲ 05.06.2023 – Bitcoin addresses with balances from 0.01 BTC to 1 BTC added 2,545 BTC to their balances.

▼ 07.06.2023 – In May, many investors sold their bitcoins at a profit, according to a research note from Goldman Sachs.

Ethereum (ETH)

▲ 26.05.2023 – Ethereum whales now hold 30.07 million ETH, up from 26.56 million ETH in early 2023.

▲ 05.06.2023 – After the meme token trading boom, the average daily volume of gas payments in the Ethereum blockchain has fallen to April lows and stands at $7.09.

▲ 05.06.2023 – Global investment manager, VanEck, predicts that the price of ETH will reach $11,800 in 2030.

▲ 06.06.2023 – The 10 largest non-exchange addresses now hold an all-time high of 31.8 ETH worth $59.47 billion.

Cardano (ADA)

▼ 30.05.2023 – The “Break Even Price” indicator reveals that 3.12 million ADA addresses are currently held at a loss. Only 26.47%, or 1.16 million ADA addresses, are currently held at profit.

▲ 31.05.2023 – The total value locked on Cardano’s DeFi ecosystem has surged by over 250% in 2023.

Tron (TRX)

▲ 03.06.2023 – Tron founder, Justin Sun, announced that TRX is now fully accessible on the Ethereum blockchain via the BitTorrent Bridge.

Litecoin (LTC)

▲ 27.05.2023 – Litecoin has teamed up with Rubic to speed up and anonymise transactions.

▼ 30.05.2023 – According to IntoTheBlock, the number of addresses with a non-zero balance has increased significantly since April, reaching 8.5 million.

▲ 02.06.2023 – Transaction volume on the Litecoin network has reached a two-year high. Whale activity on the network has surged to its highest level since January.

Dogecoin (DOGE)

▲ 27.05.2023 – Daily Dogecoin transactions saw an immense increase to a peak of 2.08 million, according to BitInfoCharts.

Toncoin (TON)

▲ 02.06.2023 – The TON Foundation proposed introducing a burn mechanism that would eliminate 50% of all transaction fees on the TON network.

EXMO news

New stablecoins listed on EXMO.com: EURT and XAUT are already available for deposits and trading in EURT/USDT and XAUT/USDT pairs.