Good morning, Asia. This is what news is doing in the markets:
Welcome to Asia Morning Briefing, a daily summary of the main stories during the US hours and an overview of the movements and market analysis. To obtain a detailed description of the US markets, see Cryptokook from Coindesk America.
Bitcoin
It is quoted above $ 105k when Asia begins its commercial week. The world’s largest digital asset remained relatively stable during the weekend, with a movement of 0.4%, and the negotiation volume was compressed.
While the general market conditions remain optimistic, a new Cryptoquant report suggests that certain metrics indicate that the BTC market is “overheating.”
The report shows that Bitcoin’s demand has increased to 229,000 BTC in the last 30 days, approaching the December 2024 of 279,000 BTC. At the same time, whale controlled balances have increased by 2.8 percent, a rhythm that often indicates the deceleration of accumulation.
These indicators suggest that the current rally, which brought prices to a $ 112,000 record, may be about to be short term.
The report highlights $ 120,000 as the next level of main resistance, linked to the upper band of the price made in the merchants’ chain, where the unrealized profits would reach 40 percent, a threshold that historically has marked local tops.
While the “Toro score index” of Cryptoquant remains strong at 80, the signage continued the bullish impulse, the increase in profit margins and the growth of peak demand suggest that merchants can face a consolidation period before the next highest stage.
News Roundup:
James Wynn are settled, but says that “everything will return to return”
James Wynn, a merchant recognized for his aggressive high -leverage bets on hyperlichids, has been fully liquidated, leaving it with only $ 23 in his account after maintaining losses for a total of more than $ 17 million, he said before.
Wynn, who attracted significant attention with the trades that involved Bitcoin, memecoras such as Pepe and even dark tokens such as Fartcoin, first faced a strong decrease in a massive position of $ 1.25 billion in BTC, resulting in a loss that exceeds $ 37 million after prices down below $ 105,000 Turmilla geopopolitical amid.
Throughout the volatile month, Wynn yields quickly by bicycle through operations, briefly obtaining an unrealized gain of $ 85 million before the market slipped them completely. An account associated with Wynn minimized the dramatic liquidation, challenging challengingly in X: “I will run back, I always do it. And I will enjoy doing it. I like to play the game. I took a large and calculated bet to make billions.”
The Méliuz shares of Brazil sink 8% after announcing a capital increase of $ 78 million to buy Bitcoin
Fintech Méliuz Brazilian plans to raise up to $ 78 million through a public capital offer, with the intention of assigning all income to buy Bitcoin and positioning cryptocurrency as a primary strategic asset in his treasure, Coindesk previously reported.
However, Méliuz’s strategy has not yet impressed the market, since the shares fell more than 8% after the announcement. The initial offer includes 17 million common shares, with the potential to expand up to 51 million, and investors will receive subscription orders that allow future purchases of shares at established prices.
Known for its refund and financial services platform that serves more than 30 million users, Méliuz currently has 320.2 BTC, since it previously committed 10% of its cash reserves to Bitcoin in March. The trade of the subscription orders will begin on June 16, with the settlement of shares and the issuance of the order ended before June 18.
The New York Comptroller rejects the “ Bitbond’s Bitbond, Mayor Adams, warns that deviating from a dollar could undermine the city’s credit reputation
The Comptroller of New York City, Brad Lander, abruptly criticized the plan of Mayor Eric Adams to issue municipal bonds backed by Bitcoin, labeling the “Bitbond” proposed as “legally doubtful and fiscally irresponsible,” said COINDESK.
Lander rejected the idea a few days after Adams introduced it to a Bitcoin conference in Las Vegas, emphasizing that cryptocurrency instability makes it inappropriate to reliably finance critical cities projects such as infrastructure and affordable homes.
Mayor Adams has actively promoted cryptocurrency initiatives since he entered the office, including the conversion of his own payment checks into digital assets and establishing a digital asset advisory council.
However, Comptroller Lander highlighted serious practical concerns with Bitbond’s proposal, noting that federal tax laws and the city’s financial regulations would make the proposal impossible to work, and warned that diverting the municipal loan system based on the dollar could undermine the confidence of investors and the credit reputation of the city of New York.
Market movements:
- BTC: Bitcoin showed resilience, organizing a V -shaped recovery between $ 103,813.37 and $ 105,305.75 amid notable volume peaks.
- ETH: Ethereum formed a bullish investment pattern, bouncing strong support for $ 2,472.84 to $ 2,527.53 amid a high -volume purchase impulse, according to the Coindesk market market market.
- Gold: The gold rose 0.6% to $ 3,311.66, since the merchants weighs their recent retirement of records against inverters ongoing and appetite of the Central Bank promoted by the uncertainty about the American tariffs and the broader economic risks.
- Nikkei 225: Nikkei 225 from Japan fell 0.89% when Asia-Pacific markets were negotiated mixed after the Trump announcement of an increase in steel rates.
- S&P 500 Futures: Shares futures fell on Sunday to begin June after the strongest month of the S&P 500 since November 2023, amid the uncertainty about the tariffs of President Trump after the recent decisions of the contradictory court.
In another part of Crypto:
