Good morning, Asia. What is the news in markets here:
Welcome to Asia Morning Breifeing, a daily summary of top stories during American hours and observation of market tricks and analysis. For detailed observation of American markets, see the Crypto DeBook America of Coindesk.
Bitcoin
Starting its trade week in Asia, trading above $ 105k. The world’s largest digital property remained relatively stable over the weekend, with 0.4% movement, and trading volume compressed.
While the overall market situation remains fast, A new report by Cryptoctive suggests This indicates some matrix that the BTC market is “overheating”.
The report shows that the demand for bitcoin has climbed 229,000 BTC in the last 30 days, reaching the peak of 279,000 BTC in December 2024. At the same time, the whale-accepted balance has increased by 2.8 percent, a speed that often indicates slowing the accumulation.
These indicators suggest the existing rally, which pushed prices to a record of $ 112,000, near a short -term top.
The report highlights $ 120,000 as the next major resistance level, connected to the up-chain up-chain bands of traders, where unrealistic profits will be 40 percent hits, a threshold that historically marked the local top.
While the “bull score index” of the cryptoctive remains strong at 80, signaling continues rapidly speed, increasing profit margin, and an increase in extreme demand suggests that traders may face a period of consolidation before the highest of the next leg.
News roundup:
James Vyan becomes liquid, but says that he will ‘run back’
James Veen, a businessman famous for his aggressive, high-foot stake on hyperlicid, has been completely liquid, left in his account with just $ 23, which was after maintaining a loss of more than $ 17 million, the coindsk stated earlier.
WYNN, who attracted significant attention to the trades involving bitcoins, memecoins such as pepes, and even fartcoins such as fartcoins, faced a huge decline from a huge decline from a $ 1.25 billion long position on BTC, which resulted in a decrease of over $ 37 million, which fell below $ 105,000.
During the volatile month, WYN rapidly cycled through trades, briefly that market swings completely erased it before reducing an unrealistic profit of $ 85 million. An account associated with WYNN reduced the dramatic liquidation, clearly said: “I will run it back, I always do it. And I enjoy doing it. I like to play the game. I took a big and calculated condition to make billions.”
Brazilian Meleuz shares sink 8% after an announcement to increase $ 78m equity to buy bitcoins.
Brazil’s Fintech Meleuz plans to raise up to $ 78 million through a public equity offering, which intends to allocate all income to buy bitcoin and allocate Cryptocurrency as a primary strategic property in its treasure.
However, Méliuz’s strategy has not yet affected the market, as the stocks fell over 8% after the announcement. The initial offer includes 17 million general shares, which has the ability to expand up to 51 million, and investors will receive membership warrants, which allow future stock purchases.
Known for their cashback and financial services platforms serving over 30 million users, Méliuz currently holds 320.2 BTC, which was 10% of its cash reserves for bitcoins in the first March. Trading for membership warrant is expected to begin on June 16, with share disposal and warrant issuing till 18 June.
NYC Comptroller rejected Mayor Adams “Bitbond”, warning to distract from dollars can reduce the city’s credit reputation
New York City Comptroller Brad Lander rapidly criticized the plan of Mayor Eric Adams for issuing municipal bonds supported by Bitcoin, labeled the proposed “Bitbond” as “legally suspected and butts was non -responsible”, the coindsk stated earlier.
Lander dismissed the idea a few days after ADMS introduced it at a bitcoin conference in Las Vegas, emphasizing that the instability of cryptocurrency makes the infrastructure and affordable housing inappropriate to fund important city projects such as infrastructure and affordable housing.
Mayor Adams has actively promoted the Cryptocurrency initiative since entering the office, including converting its own salary in digital assets and setting up a digital asset advisory council.
However, the Competroller Lander highlighted serious practical concerns with a bitbond proposal, making the proposal unnatural keeping in mind the federal tax laws and the city’s financial rules, and warned that the deviation from the dollar-based municipal lending systems could reduce the trust of the investor and New York City’s credit reputation.
Market movement:
- BTC: Bitcoin showed flexibility, staging V-shaped recovery between notable volume spikes between $ 103,813.37 and $ 105,305.75.
- Eth: According to coindsk’s market Insight Bot, the Etharium formed a rapidly reverse pattern, rebounding at $ 2,527.53 with a strong support between $ 2,472.84 to $ 2,527.53.
- Sleep: Gold climbed 0.6% to $ 3,311.66, as traders weighed their recent retreat from the record high -to -high retreat against the ongoing investor and central bank hunger inspired by uncertainty on American tariffs and comprehensive economic risks.
- Nikkei 225: Nikkei 225 of Japan declined by 0.89% as the Asia-Pacific markets mixed after Trump’s announcement of increased steel tariffs.
- S&P 500 Futures: Stock futures began on Sunday on Sunday, amid uncertainty on President Trump’s tariff after recent contradictory court decisions, on November 2023 since November 2023.
