XRP experienced a 3.7% drop in the last 24 hours, falling from a daily high of $2.288 to close near $2.260 after facing resistance at the $2.33 level. Despite showing signs...
XRP experienced a 3.7% drop in the last 24 hours, falling from a daily high of $2.288 to close near $2.260 after facing resistance at the $2.33 level. Despite showing signs of a short-term double bottom at $2.250, the lack of recovery volume indicates ongoing bearish pressure.
The recent pullback in XRP price comes after a period of high volatility driven by speculation surrounding a potential spot ETF decision by Franklin Templeton, set to be announced later this month. Despite positive regulatory developments such as Ripple’s RLUSD stablecoin approval in Dubai, the market reaction to repeated rejections at $2.33 suggests that buyers may be losing momentum.
XRP remains a focal point in discussions about the role of cryptocurrency in global payments, with the company’s partnerships in the Middle East and Asia-Pacific potentially supporting long-term value through real-world asset tokenization. However, technical sentiment has shifted in the short term as recovery attempts see diminishing volume, leading traders to closely monitor whether support at $2.25 can withstand continued pressure.
Technical analysis highlights that XRP dropped from $2.288 to $2.260, marking a 3.7% decline with a peak-to-trough range of 5.8%. The failure to break through the $2.33-$2.34 resistance level resulted in a head-and-shoulders pattern formation, with the neckline at $2.285. Despite a double bottom forming at $2.250 in the final hour, triggering a partial recovery, selling peaked at 01:31-01:33 with over 7 million units traded. A rebound began at 01:53, forming higher lows, but volume decreased during the bounce. If $2.25 support fails, the next downside target is around $2.234.
OneBalance, a cutting-edge developer platform created to streamline cross-chain UX friction, has successfully raised $20 million in a Series A round, as announced in a press release on Wednesday. Leading the...
OneBalance, a cutting-edge developer platform created to streamline cross-chain UX friction, has successfully raised $20 million in a Series A round, as announced in a press release on Wednesday. Leading the round were cyber•Fund and Blockchain Capital, with support from Bybit’s Mirana Ventures and L2IV.
Founded by key contributors to Flashbots, an Ethereum-focused research and development startup dedicated to mitigating the negative effects of maximal extractable value (MEV), as well as a former engineer from Coinbase (COIN), OneBalance offers developers seamless access to transfers, swaps, and yield across chains through their OneBalance Toolkit. The platform currently supports native Bitcoin-to-EVM swaps, with Solana integration on the horizon.
CEO and co-founder of OneBalance, Stephane Gosselin, shared in an interview, “There is significant growth in the stablecoin market, attracting many non-crypto users who expect one-click operations. Until now, there hasn’t been a solution to cater to their needs.” Early partners of OneBalance include DSX, Vooi, Spritz, and Nuvolari.
This recent fundraising round follows a $5 million angel round in 2024, which saw support from Consensys, Wintermute, Anagram, Cobie, and other investors.
H100 Group, a health and longevity company based in Sweden, recently announced that they have successfully raised $10.5 million (SEK 101 million) from a group of cryptocurrency-focused investors. This includes prominent...
H100 Group, a health and longevity company based in Sweden, recently announced that they have successfully raised $10.5 million (SEK 101 million) from a group of cryptocurrency-focused investors. This includes prominent figures such as Blockstream CEO Adam Back, UTXO Management, and various family offices.
The fundraising initiative involved two share issues totaling SEK 69.65 million and convertible loans amounting to SEK 31.35 million. The share issues attracted a mix of crypto investors and Nordic family offices, while the convertible loans do not accrue interest and have a maturity period of five years. Investors have the option to convert these loans into equity at SEK 1.75 per share.
Following this development, H100 Group’s shares surged by 30% during the Wednesday session, marking an overall increase of nearly 400% since the company’s initial bitcoin purchase on May 22. This fundraising round is just the first step in a larger financial plan that H100 Group had previously announced, with the potential for further growth in subsequent rounds. The company aims to utilize this capital to strengthen its bitcoin treasury strategy.
Under the leadership of CEO Sander Andersen, H100 Group is part of a growing trend among publicly traded companies that are leveraging share and debt issuances to acquire cryptocurrencies for their balance sheets, following a strategy similar to Michael Saylor’s model with MicroStrategy (MSTR).
Everstake, a leading cryptocurrency staking platform, has announced the appointment of David Kinitsky as its new CEO. Kinitsky, a veteran of Grayscale and Fidelity, will be taking over from Sergii Vasylchuk,...
Everstake, a leading cryptocurrency staking platform, has announced the appointment of David Kinitsky as its new CEO. Kinitsky, a veteran of Grayscale and Fidelity, will be taking over from Sergii Vasylchuk, the founder of Everstake who will now serve as the President of the company. This change in leadership signifies Everstake’s move towards catering to institutional and global markets.
Participating in proof-of-stake blockchains to earn yield on crypto assets has become increasingly popular in the industry. With a crypto-friendly administration now in place in the U.S., there is hope for further clarity on staking and its integration into the ETF marketplace.
Kinitsky expressed his vision for Everstake, stating, “As staking becomes central to institutional crypto strategy and an investable asset in its own right, now we’re taking Everstake to the next level.” With his background as the founding general manager of Grayscale Investments and experience at Fidelity Investments, Circle, and Kraken, Kinitsky brings a wealth of knowledge to Everstake.
Everstake has a strong track record, supporting over 85 blockchain networks, bringing in over 735,000 staking users, and securing $6.5 billion in delegated assets. The company is poised for continued growth and expansion in the cryptocurrency staking industry.
By James Van Straten (All times ET unless indicated otherwise) Bitcoin treasury-holding companies are an essential factor driving momentum as the largest cryptocurrency by market cap hovers just below the $110,000...
By James Van Straten (All times ET unless indicated otherwise)
Bitcoin treasury-holding companies are an essential factor driving momentum as the largest cryptocurrency by market cap hovers just below the $110,000 mark, showing a 2% increase in the past 24 hours and standing just 2% away from its previous record high set last month.
Despite this, Bitcoin is lagging behind the broader market, as indicated by the CoinDesk 20 Index, which has grown by 3.4%, and Ethereum (ETH), which has surged by over 6%, according to CoinDesk data.
As per BitcoinTreasuries.net, the number of publicly listed companies holding Bitcoin as a treasury asset has climbed to 126, marking a growth of 22 within a month. Together, these companies possess approximately 819,000 BTC, representing a 3.25% increase during the same timeframe.
Insights from Matthew Sigel, who serves as the head of digital assets research at VanEck, emphasize the escalating institutional interest in Bitcoin. He highlights that companies such as Strategy (MSTR), Cantor Equity Partners (CEP), Asset Entities (ASST), Semler Scientific (SMLR), Kindly (NAKA), and Trump Media & Technology Group (DJT) have a combined capital-raising potential of $76 billion. This sum accounts for 56% of the assets under management of all Bitcoin ETFs and 169% of the total net inflows into these ETFs over the past 16 months.
Further displaying institutional support, BlackRock’s iShares Bitcoin Trust (IBIT) has achieved a significant milestone by becoming the fastest fund to exceed $70 billion in assets under management, achieving this feat in just 341 days. This surpasses the previous record held by SPDR Gold Shares (GLD) which took 1,691 days. IBIT experienced $2.7 billion in trading volume on Monday alone, positioning it as the sixth highest in daily volume among all ETFs.
However, institutional influence is not the only factor impacting Bitcoin. A recent Telegram note from QCP Capital pointed out one-year lows in implied volatility and a trend of subdued price action, highlighting that Bitcoin has been “stuck in a tight range” as the middle of the year approaches. The note mentions that a decisive break below $100,000 or above $110,000 is necessary to reignite broader market interest.
Looking ahead, U.S. Consumer Price Index (CPI) data set to release on Wednesday and any updates from the U.S.-China trade discussions in London may provide clearer market direction. It’s advised to stay vigilant!
In the realm of cryptocurrency, some key events to watch include:
– June 10: U.S. House Financial Services Committee hearing for Markup of Various Measures, including the crypto market structure bill, the Digital Asset Market Clarity (CLARITY) Act.
– June 11: Stratis (STRAX) activates a mainnet hard fork at block 2,587,200 to enable the Masternode Staking protocol.
– June 12: Coinbase’s State of Crypto Summit 2025 (New York). Livestream link available.
– June 16: 21Shares executes a 3-for-1 share split for ARK 21Shares Bitcoin ETF (ARKB), with ticker and NAV remaining unchanged.
– June 16: Brazil’s B3 exchange launches USD-settled ether (0.25 ETH) and solana (5 SOL) futures contracts, approved by Brazil’s securities regulator.
Stay informed and watch out for these upcoming events in the crypto space.
Good Morning, Asia. Here’s what’s making news in the markets: Welcome to Asia Morning Briefing, a daily summary of top stories during U.S. hours and an overview of market moves and...
Good Morning, Asia. Here’s what’s making news in the markets:
Welcome to Asia Morning Briefing, a daily summary of top stories during U.S. hours and an overview of market moves and analysis. For a detailed overview of U.S. markets, see CoinDesk’s Crypto Daybook Americas.
Bitcoin is trading below $110,000, changing hands at $109.7K, as Asia continues its trading week.
The move challenges a prevailing market narrative of summer stagnation, coming on the heels of a note from QCP Capital that emphasized suppressed volatility and a lack of immediate catalysts.
A recent Telegram note from QCP pointed to one-year lows in implied volatility and a pattern of subdued price action, noting that BTC had been “stuck in a tight range” as summer approaches.
A clean break below $100K or above $110K, they wrote, would be needed to “reawaken broader market interest.”
Even so, QCP warned that recent macro developments had failed to spark directional conviction.
“Even as US equities rallied and gold sold off in the wake of Friday’s stronger-than-expected jobs report, BTC remained conspicuously unmoved, caught in the cross-currents without a clear macro anchor,” the note said. “Without a compelling narrative to spark the next leg higher, signs of fatigue are emerging. Perpetual open interest is softening, and spot BTC ETF inflows have started to taper.”
That context makes the current move all the more surprising.
Over the weekend, Bitcoin surged 3.26% from $105,393 to $108,801, with hourly volume spiking to 2.5x the 24-hour average, according to CoinDesk Research’s technical analysis model. BTC broke decisively above $106,500, establishing new support at $107,600, and continued upward into Monday’s session, reaching $110,169.
The breakout coincides with a tense macro backdrop: US-China trade talks in London and a $22 billion U.S. Treasury bond auction later this week have injected uncertainty into global markets. While these events could drive fresh volatility, QCP cautioned that recent headlines have mostly led to “knee-jerk reactions” that quickly fade.
The question now is whether BTC’s move above $110K has true staying power, or whether the rally is running ahead of the fundamentals.
A ‘Massive Shift’ in Institutional Staking May Drive ETH’s Next Rally
Ethereum’s critics have long highlighted centralization risks, but that narrative is fading as institutional adoption accelerates, infrastructure matures, and recent protocol upgrades directly address past limitations.
“Market participants will pay for decentralization because it’s in their economic interest from a security and principal protection standpoint,” Mara Schmiedt, CEO of institutional Ethereum staking platform Alluvial, told CoinDesk. “If you look at [decentralization metrics] all of these things have massively improved over the last couple of years.”
There’s currently $492 million worth of ETH staked by Liquid Collective – a protocol co-founded by Alluvial to facilitate institutional staking
While this figure may appear modest compared to Ethereum’s total staked volume of around $93 billion, what’s interesting is that it originates predominantly from institutional investors.
“We’re really on the cusp of a truly massive shift for Ethereum, driven by regulatory momentum and the ability to unlock the advantages of secure staking,” she noted.
Central to Ethereum’s institutional readiness is the recent Pectra upgrade, a significant development Schmiedt describes as both “massive” and “underappreciated.”
“I think Pectra has been a massive upgrade. I actually think it’s been underappreciated, just in terms of the tremendous amount of change it introduces into the staking mechanics,” Schmiedt said.
Additionally, Execution Layer triggerable withdrawals—a key component of Pectra—provide institutional participants, including ETF issuers, a crucial compatibility upgrade.
This feature enables partial validator exits directly from Ethereum’s execution layer, aligning with institutional operational requirements such as T+1 redemption timelines.
“EL triggerable withdrawals create a much more effective path to exit for large-scale market participants,” Schmiedt added.
Ultimately, Schmiedt said, “I think we’ll see that a lot more [ETH] in institutional portfolios going forward.”
News Roundup
Trump Media May Be the Cheapest Bitcoin Play Among Public Stocks, NYDIG Says
Trump Media (DJT) may be one of the cheapest ways to get bitcoin exposure in public markets, according to a new report from NYDIG, CoinDesk recently reported.
As a growing number of companies adopt MicroStrategy’s strategy of stacking BTC on their balance sheets, analysts are rethinking how to value these so-called bitcoin treasury firms.
While the commonly used modified net asset value (mNAV) metric suggests that investors are paying a premium for BTC exposure, NYDIG’s Greg Cipolaro argues mNAV alone is “woefully deficient.” Instead, he points to the equity premium to NAV, which factors in debt, cash, and enterprise value, as a more accurate gauge.
By that measure, Trump Media and Semler Scientific (SMLR) rank as the most undervalued of eight companies analyzed, trading at equity premiums of -16% and -10% respectively, despite both showing mNAVs above 1.1. In other words, their shares are worth less than the value of the bitcoin they hold.
That’s in stark contrast to MicroStrategy (MSTR), which rose nearly 5% Monday as bitcoin crossed $110,000, while DJT and SMLR remained mostly flat—making them potentially overlooked vehicles for BTC exposure.
Circle Stock Nearly Quadruples Post-IPO as Bitwise and ProShares File Competing ETFs
Two major ETF issuers, Bitwise and ProShares, filed proposals on June 6 to launch exchange-traded funds tied to Circle (CRCL), whose stock has nearly quadrupled since its IPO late last week, CoinDesk previously reported.
ProShares is aiming for a leveraged product that delivers 2x the daily performance of CRCL. At the same time, Bitwise plans a covered call fund that generates income by selling options against held shares, two very different ways to capitalize on the stock’s explosive rise.
CRCL surged another 9% Monday in volatile trading, continuing to draw interest from both traditional finance and crypto investors. The proposed ETFs have an effective date of August 20, pending SEC approval. If approved, they would further blur the lines between crypto and conventional finance, giving investors new tools to play one of the hottest post-IPO names of the year.
Market Movements:
BTC: Bitcoin is trading at $109,795 after a 3.26% breakout fueled by institutional buying, elevated volume, and macro uncertainty from US-China trade talks and an upcoming $22B Treasury auction.
ETH: Ethereum rebounded 4.46% from a low of $2,480 to close at $2,581, with strong buying volume confirming support at $2,580 and setting up a potential breakout above $2,590.
Gold: Gold is trading at $3,314.45, edging up 0.08% as investors watch US-China trade talks in London and a subdued dollar keeps prices attractive.
Nikkei 225: Asia-Pacific markets rose Tuesday, with Japan’s Nikkei 225 up 0.51%, as investors awaited updates from ongoing U.S.-China trade talks.
S&P 500: The S&P 500 closed slightly higher Monday, boosted by Amazon and Alphabet, as investors monitored U.S.-China trade talks.
OpenLedger, a blockchain protocol, has announced a commitment of $25 million to support developers in the AI and Web3 space. This funding will be made available through OpenCircle, a newly launched...
OpenLedger, a blockchain protocol, has announced a commitment of $25 million to support developers in the AI and Web3 space. This funding will be made available through OpenCircle, a newly launched platform aimed at helping developers create AI-focused protocols. The move comes at a time when there is a growing synergy between the blockchain and AI industries.
In a recent development, Telegram revealed a partnership with Elon Musk’s xAI to integrate the Grok AI chatbot into its messaging app, with the added feature of accepting the TON token for cryptocurrency payments.
Ram, a core contributor at OpenLedger, highlighted the importance of changing the current model of the AI industry, stating that “OpenCircle turns that model inside out. We’re building a system where anyone who contributes, whether through code, data, or compute, owns a piece of the value they help create.”
OpenLedger had previously secured $8 million in a seed funding round in 2024 with the goal of establishing itself as the “sovereign data blockchain for AI technology.” Additionally, the company partnered with Ether.fi, a restaking protocol with $6.5 billion in total value locked (TVL), to further advance AI model development and security.
Sony’s Soneium, a layer 2 blockchain connected to the iconic Japanese company Sony, has introduced a new program called Soneium For All. This program aims to boost consumer and gaming applications...
Sony’s Soneium, a layer 2 blockchain connected to the iconic Japanese company Sony, has introduced a new program called Soneium For All. This program aims to boost consumer and gaming applications within its extensive blockchain ecosystem, which currently has 7 million users.
As cryptocurrency gains more traction in mainstream society, traditional technology giants such as Apple and Uber are turning to blockchain technology to streamline their future business operations.
Sony Block Solutions Labs (SBSL), the team behind Soneium, utilized the Optimism OP stack, a quick and cost-effective layer connected to Ethereum, to cater to both Web2 and Web3 audiences. The aim is to engage creators, fans, and communities.
The new accelerator, set to launch in the third quarter, is a collaboration between Sony Block Solutions Labs, Astar Network, and Startale Cloud Services, with funding from the Sony Innovation Fund. Ryohei Suzuki, Director of Sony Block Solutions Labs, expressed the company’s commitment to empowering global creators through blockchain technology. By reducing barriers for developers and facilitating faster access to users, Soneium For All is a step towards a more inclusive and creator-driven internet.
The cryptocurrency market is currently experiencing increased volatility due to a growing feud between President Donald Trump and former Department of Government Efficiency head, Elon Musk, regarding the state of the...
The cryptocurrency market is currently experiencing increased volatility due to a growing feud between President Donald Trump and former Department of Government Efficiency head, Elon Musk, regarding the state of the U.S. economy.
Cardano’s ADA has also been affected by market uncertainty, with the price fluctuating significantly. After dropping to $0.621 from $0.688, ADA found strong support and rebounded, forming an ascending channel with resistance at $0.644, as per our technical analysis model. The indicators suggest a potential bullish momentum as ADA reclaims the $0.640 level with decreasing volatility.
Currently, ADA is trading at $0.66, down about 1.8% in the last 24 hours, while the CoinDesk 20 Index fell by 1%.
Recent developments within the ADA ecosystem, such as institutional interest in the Cardano blockchain from companies like Franklin Templeton and NBX partnering with Cardano for Bitcoin-based DeFi, have provided potential catalysts for the token. Additionally, the successful execution of the first Bitcoin-to-Cardano transaction by Ordinals marks a significant milestone that could open up $1.5 trillion in cross-chain trading opportunities.
Key technical analysis highlights of ADA include a sharp decline from $0.688 to $0.621, establishment of a strong support zone at $0.620-$0.623, formation of an ascending channel with resistance at $0.644, and the potential for renewed bullish momentum as ADA reclaims the $0.640 level with decreasing volatility.
Disclaimer: This article contains information generated with the assistance of AI tools and has been reviewed by our editorial team to ensure accuracy and compliance with our standards. For more information, refer to our AI Policy.
The growth of the U.S. labor market slowed modestly in May, but it was not enough to push up the unemployment rate. Nonfarm payrolls increased by 139,000 last month, according to...
The growth of the U.S. labor market slowed modestly in May, but it was not enough to push up the unemployment rate. Nonfarm payrolls increased by 139,000 last month, according to a report released by the Bureau of Labor Statistics on Friday. This figure exceeded economist forecasts of 130,000, although it was slightly lower than April’s revised job growth of 147,000.
The unemployment rate for May remained steady at 4.2%, in line with expectations and unchanged from April.
The price of bitcoin BTC saw a small increase to above $104,000 following the news, as the cryptocurrency market rebounded from previous declines.
The May payrolls data was closely watched this time, as other economic reports during the week hinted at a weakening economy. Metrics such as slow ADP jobs growth, ISM Services slipping towards economic contraction levels, and a rise in initial jobless claims contributed to concerns.
At the beginning of the week, the 10-year U.S. Treasury yield dropped to 4.32% from 4.50%, and the likelihood of a rate cut by the Fed in the summer had increased. However, the yield climbed back up to 4.44% after the release of the report, and the probability of a July rate cut fell to 16% from 30%, according to CME FedWatch. The odds of one or more rate cuts by the Fed’s September meeting also decreased to 65% from 75%.
Following the report, U.S. stock index futures showed gains, with the Nasdaq up by 0.8% and the S&P 500 by 0.75%.
In terms of other details from the report, average hourly earnings in May rose by 0.4%, surpassing estimates of 0.3% and higher than April’s 0.2%. On a year-over-year basis, average hourly earnings were up by 3.9%, exceeding forecasts of 3.7% and matching April’s figure.
