Good morning, Asia. Here’s what makes news in the markets:
Welcome to Asia Morning Briefing, a daily overview of top stories during the US HOURS and an overview of market movements and analysis. For a detailed overview of US markets, see Coindesk’s Crypto Doybook Americas.
Bitcoin
is trading over $ 105,000 as Asia begins its business week. The world’s largest digital asset remained relatively stable over the weekend, with a movement of 0.4%, and trading volume was compressed.
While the overall market conditions remain bullish, a new report from Cryptoquant suggests that certain measurements indicate that the BTC market is “overheating.”
The report shows that Bitcoin demand has risen to 229,000 BTC over the past 30 days and approached December 2024 tap of 279,000 BTC. At the same time, whale -loaded balances have risen by 2.8 percent, a pace that often signals slow accumulation.
These indicators suggest that the current rally pushing prices for a record $ 112,000 may be approaching a short -term top.
The report highlights $ 120,000 as the next major resistance level, tied to the top band in the traders’ on-chain realized price, where unrealized profits would hit 40 percent, a threshold that has historically marked local peaks.
While Cryptoquant’s “Bull Score Index” remains strong at 80, significantly continued Bullish Momentum, rising profit margins and top -notch demand growth suggests that dealers may face a period of consolidation before the next leg higher.
News Monitoring:
James Wynn gets liquidated but says he wants to ‘run it all back’
James Wynn, a trader known for his aggressive bets with high leverage on Hyperliquid, has been fully liquidated, leaving him with only $ 23 in his account after maintaining losses totaling more than $ 17 million, Coindesk reported earlier.
Wynn, who attracted considerable attention with trades involving Bitcoin, Memecoins like Pepe and even unclear tokens like Fartcoin, first stood steep reduced from a massive $ 1.25 billion -long position on BTC, resulting in a loss exceeding $ 37 million after prices diped under $ 105,000 in the middle of Geopolitan Turmoil.
During the unstable month, Wynn quickly cycled through trades and shorted cards an unrealized gain of $ 85 million before marketing fluctuations wiped out to him completely. A story associated with Wynn, neglected the dramatic liquidation, and said defiantly at X, “I run it back, I always do. And I will enjoy doing it. I like to play the game. I took a great and intended effort to make billions.”
Brazil’s Méliuz shares sink 8% after announcing $ 78 million.
Brazilian Fintech Méliuz plans to raise up to $ 78 million through a public share offering intended to allocate all revenue to buy Bitcoin and place cryptocurrency as a primary strategic asset in its treasury, Coindesk reported earlier.
However, Méliuz’s strategy has not impressed the market yet, as shares fell more than 8% after the announcement. The original offer includes 17 million joint shares with the potential to expand up to 51 million, and investors will receive subscription options that allow future share acquisitions at the prices set out.
Méliuz, known for his cashback and financial service platform, serving over 30 million users, currently has 320.2 BTC after he previously committed 10% of his cash reserves to Bitcoin in March. Trade in subscription options is expected to begin on June 16 with equity settlement and warranty issuance completed before June 18.
NYC Comptroller rejects Mayor Adams’ ‘Bitbond’, warns that deviating from dollar could undermine city’s credit reputation
New York City Comptroller Brad Lander criticized sharply Mayor Eric Adams’ plan to issue municipal bonds supported by Bitcoin, and felt the proposed “Bitbond” as “legally questionable and financially irresponsible,” Coindesk reported earlier.
Lander, the idea, just rejected the idea days after Adams introduced it at a Bitcoin conference in Las Vegas, emphasizing that Cryptocurrency’s instability makes it unfit to reliably fund critical urban 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 paychecks to digital assets and the establishment of an advisory advice on digital asset.
However, Comptroller Lander highlighted serious practical concerns with the Bitbond proposal, noting that federal tax law and the city’s financial rules would make the proposal unusable, warning that deviation from the dollar-based municipal borrowing system could undermine the investor’s confidence and New York City’s credit reputation.
Market Movement:
- BTC: Bitcoin showed resilience, staging a V-shaped recovery between $ 103,813.37 and $ 105,305.75 in the middle of remarkable volume tips.
- ETH: Ethereum formed a Bullish Reversing pattern that rebounded from strong support to $ 2,472.84 to $ 2,527.53 in the middle of the high -volume shopping momentum, according to Coindesk’s market insight bot.
- Gold: Gold rose 0.6% to $ 3,311.66 as dealers weigh their recent retreat from record highs against the ongoing investor and central bank’s appetite driven by uncertainty over US customs and wider financial risks.
- Nikkei 225: Japan’s Nikkei 225 fell 0.89%as the markets in Asia and the Pacific acted mixed after Trump’s announcement of increased steel tariffer.
- S&P 500 Futures: Stock Futures dipped Sunday to start June after S&P 500’s strongest month since November 2023, in the midst of uncertainty about President Trump’s tariffs following the recent contradictory court decisions.
Elsewhere in crypto:
