Bitcoin retreats but quickly regains $30K as investors consider ETF timing and inflation.

Good morning. Here’s what’s happening:

Prices: Bitcoin dips regains $30K after dipping Wednesday afternoon.

Insights: Seoul’s grassroots embrace of crypto and a favorable regulatory environment have helped the city become one of the world’s leading blockchain hubs.

Prices

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blockchain Market Index (CMI)
1,215 −26.9 ▼ 2.2%
Bitcoin (BTC)
$30,103 −424.4 ▼ 1.4%
Ethereum (ETH)
$1,830 −45.4 ▼ 2.4%
S&P 500
4,376.86 −1.6 ▼ 0.0%
Gold
$1,916 +2.4 ▲ 0.1%
Nikkei 225
33,193.99 +655.7 ▲ 2.0%
BTC/ETH prices per blockchain Indices , as of 7 a.m. ET (11 a.m. UTC)

Bitcoin Rebounds as Investors Remain Upbeat

Bitcoin took a brief turn to the bad, old days below $30,000 early afternoon Wednesday (ET) before righting itself to return to its loftier perch.

The largest cryptocurrency was recently trading at about $30,100, down 2.2% over the past 24 hours. After rising to its highest level in a year last week – over $31,300 – following spot bitcoin ETF filings by BlackRock and two other large financial services firms, bitcoin has flattened as investors considered the potential timing of an SEC decision of the ETF applications and continued, inflationary pressure that has weighed on asset markets.

Still, Mark Connors, head of research for Canadian digital asset manager 3iQ, wrote in a message to blockchain that bitcoin has risen 11% for the month, breaking from its more sluggish performance of the last two months amid the more upbeat news.

“June has been the biggest month since November for digital assets as it relates to news flow,” Connors wrote. “Not unusual to see the market take a breather.”

Bitcoin Dominance

Connors also noted that bitcoin dominance has increased to a 26-month high. “It has only grown during this recent market pullback as it outpaces ETH and other Alt coins,” he wrote, attributing the drop to more technical factors than a specific cause.

Read More: Bitcoin Drops Below $30K as Altcoins Tumble; BTC Dominance Reaches 26-Month High

Bitcoin sentiment has turned bullish over the past week with the blockchain Bitcoin Indicator climbing into “significant upturn” territory after languishing in downturn areas for weeks. Earlier this week, European digital asset manager CoinShares reported the largest single weekly inflows in a year – mostly dominated by bitcoin-related products – after nine consecutive weeks of outflows

“Look at Coinbase, up today and up 21% over the past 5 days,” Connors wrote. “If there were structural reasons for this move lower, COIN would have been hit as well.”

Coinbase closed up more than 1% on Wednesday.

Investors will be eyeing bitcoin’s price as the market approaches Friday’s expiry of bitcoin options contracts could fuel a price increase, or send it spiraling in the immediate aftermath.

Ether was changing hands at $1,830, off 2.4% from Tuesday, same time. Other major cryptos were largely in the red with ADA and MATIC, the tokens of smart contracts platforms Cardano and Polygon each recently tumbling more than 6%. The blockchain Market Index , a measure of cypto markets performance, was recently down 2.3%.

The Nasdaq Composite, which is heavily focused on technology, continued its recent rally, increasing by 0.2%. This was partly driven by a significant increase in Apple’s share price, reaching nearly $190, and a more than 2% increase in Tesla’s stock a few days before the electric car maker announces its Q2 vehicle deliveries. The S&P 500 remained relatively unchanged, while the Dow Jones Industrial Average (DJIA) experienced a slight decline. The yield on U.S. 10-year Treasurys and the value of safe haven asset gold both decreased.

Binance, Coinbase Suits “Not Forgotten”

In an email, Craig Erlam, senior market analyst for foreign exchange market maker Oanda, expressed caution regarding the future of cryptocurrencies.

“The SEC lawsuits against Binance and Coinbase have not been forgotten, but they have certainly taken a backseat and have been overshadowed by more positive news,” Erlam wrote. “Cryptocurrencies appear to have regained good momentum, and the community may be wondering if this could lead to renewed enthusiasm for cryptos.”

He added, “It has been a fantastic year for bitcoin so far,” but a spring sell-off “was another reminder that major setbacks can occur.”

Biggest Gainers

There are no gainers in the blockchain top 20 today.

Biggest Losers

Asset Ticker Returns DACS Sector
Gala GALA −7.9% Entertainment
Terra LUNA −7.5% Smart Contract Platform
Decentraland MANA −6.3% Entertainment

Insights

Seoul: Asia’s Retail Crypto Capital Moves on After Do Kwon

The capital city of Seoul ranks highly in terms of regulatory structure, ease of doing business, and digital infrastructure – factors strongly influenced by the government. The city’s embrace of cryptocurrencies places it in the top 15% worldwide in terms of crypto adoption. However, as the most populous hub among the final 15, it was hindered by a low opportunities score, which measures per-capita crypto jobs, companies, and events. The scarcity of such postings could be attributed to cultural or language barriers, although activity was measured on Linkedin, Eventbrite, and Meetup.com.

For more information on the criteria and our weighting methodology, see: How We Ranked Blockchain’s Crypto Hubs 2023.

Earlier this year, XRP experienced significant growth, initially without a clear reason. It later became apparent that this was yet another example of how Korean retail investors have the power to influence global markets. At the time, UpBit, Korea’s largest exchange, led global XRP trading volumes, surpassing even Binance, the world’s largest exchange, with over $790 million in tokens traded within 24 hours.

This is just one instance. Korean retail traders are known to influence the prices of other coins as well – and not just smaller altcoins. The Korean won consistently ranks among the top three national currencies traded against Bitcoin, according to Coinhills. Generally, awareness of and interest in cryptocurrencies are relatively high in Korea. In September, Korea’s Financial Intelligence Unit (FIU) reported that there were nearly seven million registered crypto users in the country, accounting for approximately 14% of the total population.

It’s not surprising that such a powerful retail market would help vault Seoul onto a list of global crypto hubs. But Seoul is appealing in plenty of other ways: It’s a fast-paced and entrepreneurial city in an often fast-paced and entrepreneurial region. It’s no secret that Asia’s prominence in crypto is on the rise, especially after regulatory crackdowns in the United States.

Read Crypto Hubs 2023: Where to Live Freely and Work Smart

Members of South Korea’s crypto community explained Seoul’s appeal in a few ways. One was an openness to experimentation. Another was Korea’s prowess in gaming. A third was simply its community of “builders.”

– Emily Parker

Read the full story here :

Important events.

Blockchance 23 (Hamburg, Germany)

2:30 p.m. HKT/SGT(6:30 a.m. UTC): Fed Chair Jerome Powell speech

1 p.m. HKT/SGT(5 a.m. UTC): Japan Consumer Confidence

blockchain TV

In case you missed it, here is the most recent episode of “First Mover” on blockchain TV :

Bitcoin Maintains $30K; Hut 8 CEO Addresses State of Crypto Mining Industry

The market remains optimistic about the future of a spot bitcoin ETF in the U.S., as bitcoin (BTC) maintains the key $30,000 level. Quinn Thompson, Maple head of growth and capital markets, shared his crypto markets analysis. Plus, Hut 8 CEO Jaime Leverton joined “First Mover” after the North American digital asset miner secured up to $50 million in loans from Coinbase Credit to fund its operations. And, RockX founder and CEO Zhuling Chen explained why Singapore nabbed second place in blockchain’s Crypto Hub 2023 rankings.

Headlines

blockchain Indices Smart Contract Platform Highlights the Difference Between Bitcoin and Ether Performance: Stablecoin supplies on smart contract platforms continue to trend downward, but the smart contract index has maintained a solid performance.

Bitcoin Drops Below $30K as Altcoins Tumble; BTC Dominance Reaches 26-Month High: Bitcoin’s market cap composes 52% of the total crypto market, its highest level since April 2021.

Ex-FTX Compliance Officer Sued for Allegedly Paying Off Would-Be Whistleblowers: FTX’s lawyers allege Daniel Friedberg allowed its executives’ criminal activities to fly under the radar for years.

Mastercard is Piloting Tokenized Bank Deposits in New UK Testbed: The company is launching what it calls a Multi-Token Network (MTN), which will begin by testing tokenized bank deposits and move onto experiments using stablecoins and CBDCs.

Ethereum’s Layer 2 Teams Want You to Clone Their Code: By making their code open source and easy to replicate, projects including Arbitrum, Optimism and zkSync are making it easier for copycat blockchains to steal away their users – in pursuit of broader ecosystems of related networks.

Edited by James Rubin.