Tuesday Panorama
What to know:
The cryptocurrency bull run has stalled since bitcoin (BTC) hit a record high above $ 111,000 late last month. However, corporate adoption continues at a brisk pace.
Shares in Norway-based crypto exchange Norwegian Block Exchange surged over 100% early today after the company disclosed the purchase of six BTC, worth $633K at current prices, with plans to boost holdings to 10 BTC by the end of the month.
Ripple’s enterprise-grade Stablecoin RLUSD secured regulatory approval from the Dubai Financial Services Authority, opening doors for the Stablecoin to support the Dubai Land Department’s blockchain initiative to tokenize real estate title deeds on the XRP Ledger.
In traditional markets, the anti-risk Japanese yen slid during the Asian hours after an ex-Bank of Japan official said the central bank would stop tapering the amount of its Japanese government bond purchases in a plan for the next fiscal year, when officials gather this month.
The dollar index continued to remain under pressure on growing trade uncertainty and rising concerns in the bond market over the U.S. deficit. Monday’s ISM manufacturing surveys delivered a negative surprise, puncturing the U.S. resilience story.
What to Watch
Crypto:
- June 3, 1 p.m.: The Shannon hard fork network upgrade will get activated on the Pocket Network (POKT).
- June 4, 10 a.m.: U.S. House Financial Services Committee will hold a hearing on “American Innovation and the Future of Digital Assets: From Blueprint to a Functional Framework.” Livestream link.
- June 6: Sia (SC) is set to activate Phase 1 of its V2 hard fork, the largest upgrade in the project’s history. Phase 2 will get activated on July 6.
- June 9, 1-5 p.m.: U.S. SEC Crypto Task Force roundtable on “DeFi and the American Spirit”
- June 10, 10 a.m.: U.S. House Final Services Committee hearing for Markup of Various Measures, including the crypto market structure bill, i.e. the Digital Asset Market Clarity (CLARITY) Act.
- June 16 (market open): 21Shares executes 3-for-1 share split for ARK 21Shares Bitcoin ETF (ARKB); ticker and NAV remain unchanged.
Token Launches
- June 16: Advised deadline to unstake stMATIC as part of Lido on Polygon’s sunsetting process ends.
- June 26: Coinbase to delist Helium Mobile (MOBILE), Render (RNDR), Ribbon Finance (RBN), & Synapse (SYN).
Derivatives Positioning
- HYPE, PEPE, ETH, BNB and TON have seen the most increase in the perpetual futures open interest in the past 24 hours.
- BTC’s late Friday upswing from $103,600 to over $106k was marked by a decline in perpetual futures open interest. The divergence, coupled with low spot volumes, raises question mark on the sustainability of gains.
- Open interest in the CME futures has dropped to 153.6K BTC from the recent high of 162K BTC, with the annualized one-month basis pulling back to 6.5% in a sign of pause in institutional demand. ETH basis has also pulled back to 8.7% from recent highs over 10%.
- On Deribit, a clear call or bullish options bias is seen only in the March 2021 expiry, according to risk reversals tracked by Amberdata. ETH options are slightly more optimistic about price prospects.
Technical Analysis
- The ether-bitcoin ratio has carved out a symmetrical triangle, identified by the two converging trendlines, indicating unwillingness among bulls and bears to lead the price action.
- Such patterns typically set the stage for the next leg higher.
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