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First Mover Americas: Bitcoin Fluctuates Around $71K, Consolidating This Week's Rally
The latest price moves in crypto markets in context for June 6, 2024.
This article originally appeared in First Mover, CoinDesk’s daily newsletter, putting the latest moves in crypto markets in context. Subscribe to get it in your inbox every day.
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Bitcoin fluctuated around $71,000 throughout the Asian and European mornings, following its rally earlier this week. BTC's price is little changed over 24 hours, trading in a range of $70,900-$71,100 for much of the morning in Europe, an increase of around 0.1%. Elsewhere, the broader digital asset market, as measured by the CoinDesk 20 Index (CD20) is similarly unmoved, up about 0.25% at the time of writing. Among the crypto majors, only ether is showing a change in excess of 1%. ETH is priced at just under $3,850, a rise of around 1.25% in the last 24 hours.
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Robinhood agreed to buy crypto exchange Bitstamp in a $200 million all-cash deal. Bitstamp, founded in 2011, is one of the largest crypto exchanges in Europe, and will therefore provide a boon to Robinhood's global expansion plans. “The acquisition of Bitstamp is a major step in growing our crypto business," said Johann Kerbrat, general manager of Robinhood Crypto " Through this strategic combination, we are better positioned to expand our footprint outside of the U.S. and welcome institutional customers to Robinhood.” HOOD shares rose 2.5% to $22.15 in pre-market trading following the announcement of the acquisition.
Van Eck set a 2030 target of $22,000 for ether, the native token of the Ethereum network. The firm, one of the prospective providers of a spot ether ETF in the U.S., wrote in a recent report that ether will soar to that level thanks to Ethereum's disruptive power and cash flow generated for token holders as well as the anticipated approval of the ETFs. VanEck wrote that the fuel driving the rally is that Ethereum-based technology can offer lower costs, increased efficiency and greater transparency. This shift could threaten to transfer significant market share from traditional financial and tech institutions, which cumulatively have a $15 trillion total available market, to blockchain-based services.
Chart of the Day
- The chart shows the correlation between BTC's price and the chances of a Donald Trump victory in the U.S. presidential election in November, according to Standard Chartered.
- Trump is regarded as the more bitcoin-friendly candidate, given Biden's vetoing of Congress' efforts to repeal SAB 121.
- Standard Chartered's head of crypto research, Geoff Kendrick, is predicting BTC to reach $100,000 by the election and $150,000 by year-end in the event of a Trump victory.
- Source - Standard Chartered
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- Jamie Crawley
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Exchange Review - March 2025
CoinDesk Data's monthly Exchange Review captures the key developments within the cryptocurrency exchange market. The report includes analyses that relate to exchange volumes, crypto derivatives trading, market segmentation by fees, fiat trading, and more.
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Trading activity softened in March as market uncertainty grew amid escalating tariff tensions between the U.S. and global trading partners. Centralized exchanges recorded their lowest combined trading volume since October, declining 6.24% to $6.79tn. This marked the third consecutive monthly decline across both market segments, with spot trading volume falling 14.1% to $1.98tn and derivatives trading slipping 2.56% to $4.81tn.
- Trading Volumes Decline for Third Consecutive Month: Combined spot and derivatives trading volume on centralized exchanges fell by 6.24% to $6.79tn in March 2025, reaching the lowest level since October. Both spot and derivatives markets recorded their third consecutive monthly decline, falling 14.1% and 2.56% to $1.98tn and $4.81tn respectively.
- Institutional Crypto Trading Volume on CME Falls 23.5%: In March, total derivatives trading volume on the CME exchange fell by 23.5% to $175bn, the lowest monthly volume since October 2024. CME's market share among derivatives exchanges dropped from 4.63% to 3.64%, suggesting declining institutional interest amid current macroeconomic conditions.
- Bybit Spot Market Share Slides in March: Spot trading volume on Bybit fell by 52.1% to $81.1bn in March, coinciding with decreased trading activity following the hack of the exchange's cold wallets in February. Bybit's spot market share dropped from 7.35% to 4.10%, its lowest since July 2023.
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What to know:
- Ethena's USDe becomes fifth stablecoin to surpass $10 billion market cap in just 609 days, while Tether's dominance continues to slip.
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