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Bitcoin Dominance Surges, Accounting For Nearly Half of The $1T Crypto Market, Amid Altcoin Selloff

Bitcoin’s dominance rate neared the 50% mark early Saturday as altcoin crash triggered a flight to safety.

Bitcoin’s (BTC) dominance rate or share in the total crypto market capitalization rose early Saturday, nearing the 50% mark for the first time since April 2021, according to data tracked by charting platform TradingView.

The uptick came as alternative cryptocurrencies (altcoins) like SOL, MATIC, DOGE, and ADA suffered double-digit losses amid rumors of a $2 billion portfolio dump by a proprietary trading firm.

Meanwhile, bitcoin lost just 3%. The relative outperformance perhaps stemmed from increased haven demand – investors moving money out of altcoins and into bitcoin, the world’s largest and most liquid cryptocurrency.

“Bitcoin’s relative dominance mooning amid altcoin market sell-off. Flight to majors (1st stage before crashes occur),” pseudonymous crypto trader and analyst @52kskew tweeted.

BTC’s dominance rate has been steadily rising since November and surged during the March U.S. banking crisis. The indicator now looks to be breaking out of its three-year oscillation pattern, a sign of continued bitcoin outperformance in months ahead, according to Decentral Park Capital’s Lewis Harland.

Tether, the world’s largest dollar-pegged stablecoin, also likely benefitted from Saturday’s risk aversion. Its dominance rate jumped 5% to 7.82%, the highest since Jan. 8, TradingView data showed.

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Robinhood Joins Coinbase in Saying It Tried to ‘Come In and Register’ Like SEC Wanted

The companies’ top lawyers testified in a House crypto hearing that they spent months trying to get the SEC to help them comply before being rebuffed.

With Coinbase (COIN) and Binance accused of running illegal exchanges by the U.S. Securities and Exchange Commission (SEC), the latest industry testimony in the U.S. House of Representatives this week revealed that companies had desperately sought the agency’s help to properly register but were turned away.

SEC Chair Gary Gensler has a go-to crypto invitation to the firms that are operating without the agency’s approval and oversight, which he’s repeated so often it’s become a messaging mantra: They just need to come in and register.

Robinhood Markets’ chief compliance lawyer told lawmakers that the popular trading firm was trying to register as a special-purpose broker for digital assets. Dan Gallagher, a former SEC commissioner who has spent a career in securities and corporate law, couldn’t get the agency to guide Robinhood into crypto compliance, though he said the staff seemed to want to help.

“When Chair Gensler at the SEC in 2021 said, ‘Come in and register,’ we did,” Gallagher said in his testimony. “We went through a 16-month process with the SEC staff trying to register a special purpose broker dealer. And then we were pretty summarily told in March that that process was over and we would not see any fruits of that effort.”

His story echoes longstanding complaints from Coinbase, whose top lawyer was also present at the House Agriculture Committee on Tuesday and is now facing an SEC lawsuit alleging his company offered unregistered securities and didn’t get approval as an exchange.

“When Coinbase has attempted to do just that, to talk about how we could register as a broker-dealer or an [alternative trading system] or even as a [national securities exchange] after months and months of discussion, we’re simply dismissed with no response or any counter proposal or ideas coming back from the SEC,” said Paul Grewal, Coinbase’s chief legal officer.

Gallagher said one of the regulator’s final sticking points for Robinhood was the lack of registration and disclosures from issuers of tokens that trade on the platform, and Gallagher argued there’s no way for his company to insist that outside issuers meet SEC demands.

Sen. Cynthia Lummnis (R-Wyo.) jumped into the debate with a tweet this week promoting her crypto bill: “The SEC has failed to provide a path for digital asset exchanges to register.”

The possible counterweight to this argument is the series of approvals of digital-assets broker-dealers by the Financial Industry Regulatory Authority (FINRA), an industry-funded oversight arm created by the SEC. The brokerages, including Prometheum Ember Capital LLC, Bosonic Securities and OTC Markets Group, are officially approved to trade crypto securities, a category of assets whose borders aren’t yet well defined. Meanwhile, the companies trying to navigate a path as compliant crypto firms haven’t yet demonstrated a fully formed business model.

In comments after his agency’s enforcement actions, Gensler now seems to suggest the U.S. “doesn’t need more digital currency,” and that the industry must fix its compliance problems or he foresees a possibility of it “collapsing like a house of cards.”

However, this compliance dispute is no longer in the hands of the industry or the SEC but will be decided in the courts.

“We have to go to court and really see, otherwise this industry is just not going to exist in the United States,” Coinbase CEO Brian Armstrong said in a CNBC interview on Wednesday.

Mercado Bitcoin, Brazil’s Largest Crypto Exchange, Receives License as a Payment Institution

The company plans to offer financial services that combine the potential of crypto with traditional financial services.

Mercado Bitcoin, Brazil’s largest crypto exchange, was licensed as a payment institution by Brazil’s central bank on Friday, Valor Economico newspaper reported.

The company is now authorized to operate as a payment institution, under the status of an electronic money issuer.

“The central bank’s approval is an important step, as it allows us to continue with our business expansion plans to offer an even more complete experience to our customers,” Roberto Dagnoni, CEO of Mercado Bitcoin, said in a statement.

Mercado Bitcoin already operates MB Pay, a digital account through which more than four million users can buy cryptocurrencies and invest in digital fixed income and different asset classes.

Dagnoni added that the exchange plans to offer financial services that combine the potential of crypto with traditional financial services, including a crypto payments card planned for the coming months.

Why Did Bitcoin’s Price Rise? BTC Hovers Over $27K as Investors Shrug Off Hot Jobs Data

Ether and other major cryptos spent much of the day in positive territory.

Bitcoin rose a little on Friday, but largely shrugged off an unexpectedly strong jobs report, along with a week’s worth of upset and uproar over the U.S. debt ceiling, end-game negotiations and renewed inflation concerns.

The largest cryptocurrency by market capitalization was recently trading at about $27,180, up 1.2%. BTC edged above $27,000 shortly before U.S. equity markets opened on Friday after spending much of the previous two days well below this threshold, a result largely of the sort of inflationary angst that has hobbled prices over the past 18 months.

“Bitcoin is holding steady after a busy week filled with a debt limit deal, a complicated jobs report that showed both robust hiring and surging layoffs, and as lawmakers inch towards figuring out how to regulate crypto,” Edward Moya, senior market analyst at foreign exchange market maker Oanda, wrote in an email, flagging recent discussion of a Securities Clarity Act that could clarify “if some tokens are unregistered securities.”

Ether was recently changing hands just over $1,905, up nearly 2% from Thursday, same time. The second largest crypto had spent much of the past seven days below this level as ETH investors also wrestled with macroeconomic headwinds.

Almost without exception, other major cryptos spent the day solidly in positive territory with ADA and SOL, the tokens of the Cardano and Solana smart contract platforms, recently rising more than 4% and 3.5%, respectively. Meanwhile, a bevy of small DeFi focused protocols were the big gainers of the past seven days, according to the CoinDesk Market Index, a measure of crypto markets overall performance, with Lido (LDO), Synapse (SYN), and PancakeSwap (CAKE), climbing 15%, 13%, and 12%, respectively. The CMI was recently up 1.6%.

Stocks jumped following the robust U.S. Labor Department report that showed the economy adding 339,000 jobs in May, about 75% more than economists forecast and also markedly higher than the 294,000 jobs added in April. The hot jobs data offered the latest evidence that the employment market remained tight, a sign that the economy isn’t done expanding and that inflation therefore will remain a concern. Yet a May unemployment rate of 3.7%, higher than the anticipated 3.5%, offered a more hopeful sign that the U.S. central bank may use to justify a halt to its steady diet of interest rate hikes. Rate increases have bedeviled crypto markets.

The tech-focused Nasdaq Composite and S&P 500, which has a strong technology component, spiked 1.4% and 1%, respectively. Safe-haven gold, which neared a record high less than a month ago, dropped 1.5% to trade at $1,965.

Oanda’s Moya said that the U.S. central banks suggested that the U.S. central bank faces a difficult decision on a June interest rate increase after indicating it was open to a stoppage and might be influenced by the upcoming Institute for Supply Management (ISM) and May Consumer Price Index releases.

“The Fed has almost locked themselves into a corner with a skip for the June meeting, but it should be very clear that they are not done raising rates,” Moya wrote, also noting that “that at the midpoint of the year, “this economy is not showing strong signs that the second half of the year recession is coming.”

Crypto.com Receives Digital Token License in Singapore

The exchange received in-principle approval in Singapore last June.

Cryptocurrency exchange Crypto.com has completed its licensing process in Singapore after having obtained in-principle approval in the city state last June.

Crypto.com has now received its Major Payment Institution (MPI) licence for Digital Payment Token (DPT) services from the Monetary Authority of Singapore (MAS), the exchange announced on Thursday.

The Singapore-based exchange’s CEO Kris Marszalek said: “The Monetary Authority of Singapore is recognized globally as a regulator that ensures responsible innovation of the digital assets sector.”

The MAS pledged to be “brutal and unrelentingly hard” on bad behavior in the crypto industry last year, firming its reputation as a regulator that sets a high bar for approving companies. Nevertheless, a number of prominent crypto companies, including Coinbase and Blockchain.com also received in-principle approval from the regulator in the last year.

Bankruptcy Claims Exchange OPNX Issues New Governance Token, FLEX Rises 16%

FLEX holders can convert their tokens for OX at a ratio of 1:100.

Bankruptcy claims exchange OPNX has issued a new governance token dubbed “Open Exchange token” (OX), which is designed to reduce trading fees on the platform.

The platform’s existing native token, FLEX, surged by 16% after it was revealed in the whitepaper that FLEX can be converted for OX at a ratio of 1:100.

OX is an erc-20 token that has a maximum supply cap of 9.86 billion, at press time around 100 people have either minted or bought the asset, according to etherscan.

OPNX was off to a rough start after going live in April. The exchange was co-founded by CoinFLEX executives and Kyle Davies and Su Zhu; the two people behind defunct hedge fund Three Arrows Capital (3AC). 3AC left a massive hole in the crypto ecosystem after it went bust last year.

Trading volume and subsequent liquidity on the platform failed to inspire in the first weeks as it stumbled out of the blocks, however, buoyed by the release of OX – OPNX surged to a record high of $17 million in trading volume over the past 24-hours.

Similar to exchange tokens like FTT and BNB, which essentially act as a pre-payment of trading fees, OX holders will receive incremental discounts relative to how much trading volume they execute on the platform.

The OX token was trading at $0.0115 with a market cap of $7.7 million, based on a calculation using circulating supply figure on the flexstatistics website.

Treat Crypto as Securities by Default, European Parliament Study Says

Landmark new crypto laws under MiCA may have few short-term benefits without further steps, the report commissioned by EU lawmakers says.

Crypto assets should be treated as securities by default, and the autonomous organizations that govern decentralized finance (DeFi) should be granted legal status, according to a study commissioned by lawmakers at the European Parliament that was published Tuesday.

The report comes as the European Union finalizes its Markets in Crypto Assets (MiCA) regulation, and considers whether a sequel will be needed to cover extra areas like DeFi, staking and non-fungible tokens (NFTs).

All crypto assets should be deemed a transferable security – implying they would fall under the EU’s tough governance and authorization rules that apply to traditional stocks and bonds – unless and until a national regulator says otherwise, the report says.

That default rule “shifts the onus of gathering the technical facts and arguing the scope of regulation” from regulators to industry, said the report, drafted by a panel of academics from universities in Luxembourg, Sydney and Hong Kong, on request from the European Parliament’s Economic and Monetary Affairs Committee.

Without changes, “we are skeptical that MiCA will have positive short-term effects given the difficulties of enforcing its rules in an opaque cross-border context,” in which 10,000 crypto protocols vie for the lightest possible regulation, added the document, though its findings aren’t a formal position of the European Parliament.

The crypto industry has been plagued by a lack of clarity on whether rules designed for traditional financial securities apply to digital assets. In the U.S., the Securities and Exchange Commission’s Chief Gary Gensler has declined to say whether major cryptocurrencies such as ether (ETH) constitute securities under his jurisdiction, but a series of legal actions against companies such as Ripple have led to accusations of regulation by enforcement.

With MiCA signed into law on Wednesday, EU agencies responsible for banking and securities markets must now set out the detailed rulemaking to put it into effect. Even before then, the European Systemic Risk Board, an EU panel responsible for monitoring financial stability risks, has called for further laws to fill in what MiCA leaves out.

U.K. experts have also been studying the legal status of decentralized autonomous organizations (DAOs), a potential precursor to regulation of a sector which the report says is a “Wild West” of “fraudsters and thieves.”

First Mover Americas: Bitcoin Begins June Dropping Back Below $27K

The latest price moves in crypto markets in context for June 1, 2023.

Bu makale ilk olarak CoinDesk’in kripto piyasalarındaki en son hareketleri bağlam içinde ortaya koyan günlük haber bülteni First Mover’da yayınlandı . Her gün gelen kutunuza almak için abone olun .

Son Fiyatlar

En iyi hikayeler

Bitcoin and the broad cryptocurrency market sold off for the second consecutive day on Thursday with fears over inflation and continued rate hikes resurfacing. The U.S. House of Representatives passed the debt ceiling deal Wednesday night and the bill now moves to the Senate for its approval. Bitcoin was down 1% on the day to $26,800 and has lost more than 6% over the past month. While new eurozone data showed that inflation fell more than expected to 6.1% in May from 7% in April, European Central Bank President, Christine Lagarde signaled that additional interest rate rises are needed. “We need to continue our hiking cycle until we are sufficiently confident that inflation is on track to return to our target in a timely manner,” she said in a speech on Thursday.

Cryptocurrency exchange Kraken is reaping the benefits of staying in Canada after rivals such as Binance and OKX set withdrawal plans. Kraken told CoinDesk its customer deposits in the country grew by 25% in the weeks following Binance’s announced departure in early May, and the exchange saw a fivefold increase in downloads of its two mobile apps for Canadian clients within a week of OKX saying in March it planned to leave. Canada tightened its regulatory framework for digital asset trading earlier this year, resulting in an exodus of some of the largest crypto exchanges. Alongside Binance – the globe’s largest exchange by volume traded – and OKX, Paxos, Blockchain.com and Deribit also all announced their departures. The most recent exit announcement was from Bybit earlier this week.

Kısmen başarısız kripto hedge fonu Three Arrows Capital’in (3AC) müdürleri tarafından kurulan iflas talep borsası OPNX, platformdaki işlem ücretlerini azaltmak için tasarlanmış “Open Exchange token” (OX) adlı yeni bir yönetişim parası çıkardı . Borsanın mevcut token’ı FLEX, teknik incelemede FLEX’in OX için 1:100 oranında dönüştürülebileceğinin ortaya çıkmasının ardından %16 arttı. OX, maksimum 9,86 milyar arza sahip bir ERC-20 tokenidir. Etherscan’e göre, basın zamanında yaklaşık 100 kişi varlığı ya bastı ya da satın aldı. OPNX değişimi, 3AC’den Kyle Davies ve Su Zhu ile başarısız kripto kredi kuruluşu CoinFLEX’in yöneticileri tarafından ortaklaşa kuruldu.

Bitcoin Miner CleanSpark Buys 12,500 Bitmain Machines for $40.5M

The company has been busy scooping up assets during the crypto bear market, but discounts are getting smaller.

CleanSpark (CLSK) has purchased another 12,500 bitcoin mining rigs for $40.5 million, the latest in a series of purchases during the market slump, according to a Thursday press release.

The machines will add 1.76 exahash/second (EH/s) of computing power, or hashrate, to CleanSpark’s operations, bringing them closer to their target of 16 EH/s for the end of 2023. As of the end of April, the firm’s hashrate stood at 6.7 EH/s.

The first 6,000 Bitmain Antminer S19 XP machines will be shipped by the manufacturer in June, and the remainder in August, the press release said.

CleanSpark has been buying assets from distressed miners during the crypto bear market that has seen a number major mining firms declare bankruptcy or otherwise restructure. In April, for instance, the miner purchased 45,000 Antminer S19 XPs – enough to double its hashrate – and in February, it acquired 20,000 rigs at a 25% discount.

However, the discount on the purchase announced today is almost non-existent. The machines were bought at a price of $23 per terahash (TH) versus a market rate of $23.27 on May 31, according to mining services firm Luxor Technologies.

Sui Blockchain Signs Multiyear Deal With Red Bull Racing

Sui will roll out a series of digital experience for racing fans over the coming months.

Sui, whose blockchain went live less than a month ago, has signed a multiyear deal to become the blockchain partner of Formula One’s Oracle Red Bull Racing team. The blockchain’s native token (SUI) rose by 1.7% before receding on the news.

This is not Red Bull’s first foray into the crypto industry. Last year it signed a $150 million deal with derivatives exchange Bybit. The team said Sui will roll out a series of digital experiences for racing fans over the coming months.

Sui’s token was issued on May 3 and debuted at $1.35 after earlier being sold at between $0.03 and $0.10. It is currently trading at $0.97.

“Oracle Red Bull Racing was an early adopter of Blockchain technology in Formula 1,” Oracle Red Bull Racing Team Principal and CEO Christian Horner said. “Partnering with Sui will elevate that experience, making access easier, more secure and engaging.”