What to Know:
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Bitcoin (BTC) and other cryptocurrencies rebounded from a dip, led by a rise in Monero (XMR), XRP, and SUI, as investors await the U.S. nonfarm payroll report, which is projected to show a decline in May hiring.
Analysts at Bitunix commented, “In the short term, weak data may support BTC’s ongoing recovery. Concerns focus on the upcoming non-farm payrolls report; if it indicates continued labor market cooling, it could bolster expectations for interest rate cuts.”
Meanwhile, the public dispute between President Donald Trump and billionaire entrepreneur Elon Musk over tax policies is causing unease among investors, as noted by lead research analyst Valentin Fournier at BRN. “This clash has rattled confidence, spotlighting fractures in leadership across both political and business spheres. Despite traditional markets being steady, the crypto sector experienced significant turmoil with $830M in liquidations.”
On a positive note, shares of USDC issuer Circle surged by 168% during their NYSE debut, closing at $83.23, up from the IPO price of $31, reflecting a market cap increase to $18.5 billion. However, this IPO has rekindled memories of Coinbase’s debut in April 2021, which coincided with a peak in Bitcoin prices.
As of May’s end, the number of significant open interest holders in CME Bitcoin futures hit an all-time record, indicating rising institutional engagement.
Across the world, Uber CEO Dara Khosrowshahi expressed that the company is evaluating the potential use of stablecoins for transactions. Furthermore, the U.S. Treasury has urged the Bank of Japan to consider raising interest rates to combat yen weaknesses.
What to Watch:
Crypto Events:
- June 6: Sia (SC) to activate Phase 1 of their V2 hard fork.
- June 9, 1-5 p.m.: U.S. SEC Crypto Task Force will hold a roundtable on “DeFi and the American Spirit.”
- June 10, 10 a.m.: U.S. House Financial Services Committee hearing for markup of various measures, including the proposed crypto market structure bill.
Macro Events:
- June 6, 8:30 a.m.: Statistics Canada will publish May employment data.
- June 6, 8:30 a.m.: U.S. Bureau of Labor Statistics will release May employment figures.
- June 8, 9:30 p.m.: National Bureau of Statistics of China to issue May inflation statistics.
Noteworthy:
The perpetual funding rates for Bitcoin have shifted to slightly negative, indicating a predominance of short positions. In contrast, the funding rates for Ether remain modestly positive, suggesting differing market sentiment.
Next, observe the significant attention surrounding recent public figures’ engagements as they continue to impact market dynamics in cryptocurrency.
