What to know:

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Bitcoin has recently shown resilience as it climbed over the weekend, currently hovering around $106,600 after a 1.2% increase within the past 24 hours. The CoinDesk 20 index also made a modest gain of approximately 1.7%.

The observed recovery seems less influenced by specific news events and more due to a lack of troubling headlines, especially given the previous tension between U.S. President Donald Trump and Tesla CEO Elon Musk, which had unsettled investors. With the easing of such concerns, the markets are seeing a correction.

Even negative news, such as the confirmation of a hack at Taiwan’s crypto exchange BitoPro and a slowdown in Bitcoin transactions to a yearly low, didn’t significantly disturb the market’s recovery.

In stock market developments, the Hang Seng index surged 1.6% as Trump expressed optimism over upcoming trade discussions with China in London, stating that the meeting ‘should go very well.’ However, there are mounting fears concerning deflation in China, with consumer prices falling slightly in May, marking the sharpest decline since late 2022.

The People’s Bank of China has reacted by decreasing interest rates and injecting liquidity into the financial system, measures that may support cryptocurrencies which often fluctuate with liquidity in traditional markets.

Attention is shifting to Wednesday, when the U.S. will reveal its latest inflation numbers, with predictions indicating that the core inflation rate will rise from 2.8% to 2.9%. Should the actual figures exceed expectations, it could defer the Federal Reserve’s next anticipated rate decrease, leading to volatility in the markets.

What to Watch

• Crypto
  • June 9, 1-5 p.m.: U.S. SEC Crypto Task Force roundtable on “DeFi and the American Spirit”.
  • June 10, 10 a.m.: U.S. House committee hearing for various legislative measures impacting the crypto sector. …

Token Events

• Governance votes & calls
  • ApeCoin DAO is considering changing its governance model.
  • Optimism DAO is voting on new eligibility criteria for its council.
  • Ether.fi will host a call followed by a Q&A session on June 10.

For a more detailed account of all developments, please refer to the full article.