News recap: the crypto market recovers while Bitcoin’s dominance strengthens

Crypto market in numbers

Between 9th and 15th June, the cryptocurrency market capitalisation fell by 8.3% to $1.016 trillion, according to CoinMarketCap. Since 16th June, the indicator has rapidly grown by 16% to $1.179 trillion due to fundamental factors. Such indicator values were last observed at the beginning of May 2023.

Crypto trading activity has increased significantly recently. Between 9th and 15th June, the average daily trading volume stood in the range of $35-$40 billion. Then, the indicator fell by 58% to around $20 billion. Since 21st June, trading volumes have soared by 255% and gained a foothold at above $60 billion.

The Cryptocurrency Fear & Greed Index returned to the “Greed” zone. At first, between 9th and 15th June, the indicator moved to the “Fear” zone, falling from 50 to 41 points. Later, the index rapidly rose to 65 points. Such levels were last observed in mid-April 2023.

The volatility of cryptocurrencies also began to grow rapidly. Between 9th and 22nd June, Bitcoin’s 30-day volatility index rose by 48.2%, from 1.43% to 2.12%. The same indicator for ETH increased by 54.6%, from 1.30% to 2.01%. Such values have not been observed since the beginning of April 2023.

After the publication of US inflation data on 13th June, the crypto market continued its correction. However, on 14th June, it began to recover after the Fed’s meeting and Jerome Powell’s comments. After a two-month decrease, cryptos bounced back due to growing optimism associated with recent ETF filings from BlackRock, Wisdomtree, Invesco and others.

BTC is up 21% in a week. Altcoins also began to recover, but not so swiftly. Bitcoin’s dominance of the total crypto market capitalisation passed the 50% mark for the first time in two years. If the first cryptocurrency can pass the $31,000 level, then liquidations of short positions can be expected, which will result in the subsequent growth of BTC between $33,000 and $34,000.

Gainers (9th – 21st June)

Losers (9th – 21st 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 (9th – 21st June)

Top crypto market driving factors

Overall crypto market

▼ 09.06.2023 – Robinhood is ending support for three cryptocurrencies – Cardano, Polygon and Solana from 27th June 2023 onwards.

▼ 12.06.2023 – Over $385 million worth of crypto positions were liquidated over the past 24 hours, of which over $341 million were long positions.

▲ 12.06.2023 – Tether has minted a fresh 1 billion USDT tokens on the Ethereum blockchain as part of its “inventory replenish” to support chain swaps.

▼ 13.06.2023 – JPMorgan: US-based crypto exchanges could face regulatory pressure to register with the SEC.

▼ 13.06.2023 – A survey from BofA showed that investors remain very negative on the global growth and market outlook.

▲ 13.06.2023 – The Bank of Thailand will launch a retail central bank digital currency (CBDC) pilot project.

▲ 13.06.2023 – The consumer price index increased 4% in May relative to a year earlier, a slowdown from 4.9% in April and slightly below market expectations of 4.1%.

▼ 14.06.2023 – The index of coins defined by regulators as “commodities” exceeded the index of tokens, labeled “securities” by the SEC.

▼ 14.06.2023 – The share of altcoin liquidity, as measured by market depth, has fallen from 41% to 28% since February.

▲ 14.06.2023 – The Federal Reserve kept its key interest rate steady at the range of 5%-5.25% for the first time since March 2022.

▼ 15.06.2023 – Tether’s USDT lost its dollar peg slightly, due to a significant imbalance in Curve’s 3Pool – one of the best liquidity pools for stablecoin trading.

▼ 18.06.2023 – Santiment notes that trader sentiment is officially at its most negative level since March 2020.

▼ 19.06.2023 – Balaji Srinivasan, former CTO at Coinbase, warned that Apple, Microsoft, or Google could help the government seize crypto from citizens.

▼ 19.06.2023 – The number of assets removed from centralised crypto exchanges in the first half of 2023 is almost equal to the total number of assets delisted throughout the entire year of 2022.

▲ 20.06.2023 – Mastercard has recently filed a trademark application for a number of crypto-related tools. The payments giant plans to develop software that facilitates transactions involving cryptocurrencies and blockchain.

▲ 20.06.2023 – The International Monetary Fund is developing an infrastructure designed to simplify mutual settlements in digital currency.

▲ 20.06.2023 – Bernstein anticipates that the market for tokenised assets could reach $5 trillion by 2028.

▲ 20.06.2023 – Deutsche Bank has reportedly applied for a digital asset custody licence from BaFin.

▲ 21.06.2023 – $1.5-trillion asset manager, Invesco, has reactivated the Bitcoin spot ETF filing.

Bitcoin (BTC)

▼ 09.06.2023 – Google Trends search interest for “Bitcoin” declined by 30% in a month.

▼ 11.06.2023 – Between 5th and 11th June, Bitcoin miners sent $70.8 million to exchanges, Glassnode analysts reported.

▼ 12.06.2023 – The number of BTC whale addresses drops to a monthly low of 1672.

▲ 12.06.2023 – According to Glassnode, Bitcoin’s mining hashrate has hit a new high of 393.9 EH/s.

▲ 14.06.2023 – BTC mining difficulty climbed by 2.18%, bringing the overall difficulty to another high at 52.35 trillion.

▲ 14.06.2023 – BTC outflows from exchanges keep rising. Bitcoin’s exchange supply has now fallen to its lowest level since February 2018.

▲ 15.06.2023 – BlackRock applied to launch a Bitcoin fund.

▲ 19.06.2023 – Bitcoin’s supply, last active more than 3 years ago, now accounts for 40.1% of the total supply.

▲ 19.06.2023 – BTC outflows from exchanges started exceeding inflows.

▲ 20.06.2023 – Bitcoin whales holding 1,000 to 10,000 BTC, have added over 60,000 BTC to their holdings over the past week, worth around $1.62 billion.

▲ 20.06.2023 – Massive Bitcoin accumulation by shrimps and fishes continues. They are absorbing about 2,286 Bitcoin per day.

▲ 20.06.2023 – Roughly 150,000 Bitcoin became illiquid in the past 30 days.

▲ 20.06.2023 – Bitcoin’s market dominance has jumped above 50% for the first time in two years.

▲ 21.06.2023 – Bitcoin mining firm, Iris Energy, has announced its plans to increase its hash rate capacity by 63% to 9.1 EH/s by early 2024.

▲ 22.06.2023 – Bitcoin addresses with a balance of 100 to 1000 BTC buy about 36% of BTC mined during the day.

Ethereum (ETH)

▲ 17.06.2023 – Ethereum launched a new protocol called Ethscriptions, which is an alternative to Bitcoin Ordinals.

▲ 19.06.2023 – During a conference call, Ethereum developers discussed details of a future update to the Deneb consensus level that will be part of the Dencun hardfork.

▲ 19.06.2023 – Bank of China’s subsidiary, BOCI Hong Kong, issued Ethereum assets worth 200 million Chinese yuan ($28 million).

▲ 19.06.2023 – JPMorgan says Ethereum could be put into ‘another category’ by the US Congress to avoid classifying it as a security and protect investors.

▲ 19.06.2023 – Ethereum developers have proposed raising the validator limit from 32 ETH to 2,048 ETH – a 6,300% rise.

▲ 21.06.2023 – The number of Ether staked surpassed 23 million for the first time since the Shapella or Shanghai upgrade.

Ripple (XRP)

▲ 13.06.2023 – As part of the Ripple vs. SEC case, the judge officially revealed documents related to a speech delivered by William Hinman, a former SEC executive. As a result, the price of XPR rose by 7%.

▲ 22.06.2023 – The Monetary Authority of Singapore (MAS) has approved Ripple’s application for a Major Payment Institution License in principle.

Litecoin (LTC)

▲ 15.06.2023 – As of 14th June, the Litecoin network processed over 25 million transactions in 2023.

▲ 15.06.2023 – Over the past month, the number of daily transactions on the Litecoin network has increased by an average of 2.5 times, ranging from 150,000 to 500,000.

▲ 17.06.2023 – New Litecoin addresses soared by 54.6% in a week, surpassing the 300,000 mark.