The latest moves in crypto markets, in context By Lyllah Ledesma, CoinDesk reporter Was this newsletter forwarded to you? Sign up here. |
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Happy Friday! Here’s what you need to know today in crypto: |
| Binance.US said it is temporarily transitioning to an all-crypto exchange as of June 13. BitGo has reached a preliminary agreement to buy Prime Trust. Coinbase shares are “uninvestable,” in the near term, said Berenberg. |
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CoinDesk Market Index (CMI): 1,177 +0.4%
Bitcoin (BTC): $26,602 +0.6%
Ether (ETC): $1,842 −0.2%
S&P 500 futures: 4,294.25 −0.1%
FTSE 100: 7,560.73 −0.5%
Treasury Yield 10 Years: 3.71% −0.1 |
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Binance.US says it's temporarily transitioning to an all-crypto exchange as of June 13, citing pressures from the U.S. Securities and Exchange Commission (SEC), which targeted the company with a major enforcement action this week. In a tweet, the U.S. arm of Binance said USD and deposits will be suspended as of June 9, and USD-based trading pairs will be de-listed shortly after. Trading, staking, deposits and withdrawals in crypto will remain fully operational. |
Cryptocurrency custody firm BitGo has reached a preliminary agreement to buy Prime Trust, another crypto custody specialist regulated in the state of Nevada. In a blog post, BitGo confirmed an earlier story from CoinDesk that a tentative deal had been agreed upon. In a statement, Prime Trust Interim CEO Jor Law called the move "a significant enhancement for the industry." BitGo President Mike Belshe described the deal as a “landmark transaction … With the expected acquisition of Prime Trust, BitGo is well positioned to enhance its best-in-class, trusted solutions and to service the combined customer base.” Coinbase (COIN) shares are "uninvestable" in the near term, investment bank Berenberg said in a research report Thursday. The company was already expected to report weak second-quarter 2023 trading volumes before the SEC filed a lawsuit against it on Tuesday, said analyst Mark Palmer. This weakness may now persist and intensify thanks to the overhang from the SEC action, he added. "The upshot is that we view COIN shares as uninvestable in the near term." Palmer maintained his hold rating on the stock, but slashed his price target to $39 from $55, suggesting nearly 30% downside from last night’s close of $54.90. |
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Market Insight: OKX Burns $258M of OKB Tokens |
Crypto exchange OKX burned over $258 million worth of its okb (OKB) tokens from March thru May in a planned move. “In this round, the total number of OKB bought back and burned from the secondary market was 5,497,312.77 OKB,” OKX said in its buy back-and-burn report released Friday. OKB tokens rose to $45 from $44 as details of the completed burn were released. They are up 1.4% in the past 24 hours. The token has a market capitalization of over $2.6 billion. |
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| The chart shows year-to-date gains in the two-year government bond yields across the advanced world.Yields have bounced back sharply from lows reached in April/May, denting the appeal of risk assets, including cryptocurrencies. |
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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. |
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