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Daily Bitcoin and Crypto Analysis

Morning‌‌ ‌‌Update—Macro and Crypto Markets—June 2nd

June 2, 2021
With the US coming back from a long weekend, one might have expected stronger moves in equity markets—that didn’t happen. Most indexes traded barely half a percent down. The 10-year yield rose back above 1.6%. Gold is teasing investors, currently trading at $1,899.

This is leaving traders with a feeling of uncertainty, split between economic optimism and inflation fears.

In the crypto space, things aren’t moving much either. BTC fell 1.4% on the session, currently trading at $36,600. 

The BTC dominance is edging lower, now at 42.6, but you don’t see altcoins truly outperforming. DOT is holding up on yesterday’s gains and ADA is closing in the green, but practically flat. The outperformer today, for some reason, was THETA.

On a much broader scale, if you look at the BTC monthly chart, the picture looks very scary. Indeed, this performance was the worst May performance for BTC, down 35%. As mentioned in earlier briefings, I think the fall could be actually healthy, as it reset a lot of the indicators and definitely sobered up a lot of the risk-hungry investors. 

Away from price action and onto the news, it was great to hear that the ETC group is getting ready to list a Bitcoin ETP in London on the Aquis Exchange. It’s always supportive to have more capital pouring into the space for people who don’t want to hold actual digital coins, but still want a direct and physically-back exposure.

 

An interesting development: Coinbase now allows users to use the Coinbase credit card via Apple Pay and Google Pay and earn crypto rewards. Undeniably, this will get more people looking at crypto and make it more approachable which, in the long run, grows worldwide adoption.

 

As a last information nugget, I came across a chart from Ecoinnometrics showing the proportion of Bitcoin’s market size relative to Apple, gold, and bonds… As you might expect, there’s plenty of room to grow, and the chart is rightly entitled “Why you are still early.” And we are.

Written by: Justin d'Anethan, Sales Manager

Morning‌‌ ‌‌Update—Macro and Crypto Markets—June 2nd

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