Chart of the Day
The recent recovery is brought to an abrupt end as the price of Bitcoin topped near $36.7k before sliding into the early June range and correcting gains. Notwithstanding the brief yet shattering dip below $30k, the market seems determined to end this eventful June with a stronger note. While crypto newbies experienced yet another bloodbath on spot capitulation, whales have been stacking their hands in an outrageous manner (just look at the sheer size of those green circles). A big hurdle near the $37k awaits as the market charges into July.
Talk of the Town
Largo al Factorum (lalala, la!). Enter the big player as the world’s largest interdealer broker, TP ICAP, is to launch a new crypto trading platform with equally big-shot partners, including Fidelity and Standard Chartered’s Zodia Custody. The platform caters primarily to institutional investors by bringing crypto trading in line with other traditional assets. The move will likely attract more institutional investors, who deem the existing execution and settlement system, where both trading and custodian services are combined, highly risky.