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First Mover Americas: Crypto Assets Rally With BTC Returning to $66K
The latest price moves in crypto markets in context for June 20, 2024.
Updated Jun 20, 2024, 12:04 p.m. Published Jun 20, 2024, 12:03 p.m.
This article originally appeared in First Mover, CoinDesk’s daily newsletter, putting the latest moves in crypto markets in context. Subscribe to get it in your inbox every day.
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Crypto assets enjoyed a rally during the European morning, lifting bitcoin around 1.5% over 24 hours to $66,300 and ether 2% to $3,600. The broader digital asset market, as measured by the CoinDesk 20 Index (CD20) has climbed about 1%, with Avalanche's AVAX the biggest gainer at just under 3.9%. XRP has risen by 1.5%, while Solana's SOL gained 1.3%.SOL, as the closest thing to an ether competitor in the altcoin market, may be experiencing downside as traders anticipate the listing of spot ETH ETFs in the U.S., an event thought likely sometime in the next few months.
The VanEck Bitcoin ETF (VBTC) started trading on the Australian Securities Exchange (ASX). This is the first exchange-traded fund to list on the ASX, the country's largest stock exchange. VBTC rose 1% from its opening price to end the day at A$20.06 ($13.4) after trading 99,791 shares. The ETF is a feeder fund that provides exposure to bitcoin by investing in the company's Bitcoin Trust (HODL), a U.S. ETF listed on Cboe. At the start of this month, the first Australian spot bitcoin ETF, Monochrome Asset Management’s IBTC, debuted on Cboe Australia, a smaller rival to ASX.
Tokens said to be using AI technology have surged as much as 35% in the last 24 hours. Fetch.ai’s FET, SingularityNET’s AGIX and Ocean Protocol’s OCEAN led the advance while the sector added 15% on average. The growth followed gains in chipmaker Nvidia (NVDA)'s stock, which has risen 5% since Monday, making it the most valuable company in the world. "AI as a sector is hot in both traditional markets and crypto,” Edward Wilson, an analyst at Nansen.ai told CoinDesk. “It should come as no surprise that on the back of Nvidia becoming the world's most valuable company AI tokens are rallying.”
Chart of the Day
- The number of bitcoin held in wallets associated with miners has declined to 1.802 million BTC, the lowest since April 2019.
- Faster selling by miners is one of the factors stopping bitcoin from keeping pace with Nasdaq.
- Source: Glassnode
- Omkar Godbole
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Jamie Crawley
Jamie joined CoinDesk as a news reporter in February 2021 after writing widely about crypto and blockchain for two years in other roles. Away from crypto, Jamie runs a lot and loves all things sport. He holds small amounts of BTC, ETH, ADA and LTC.
Omkar Godbole
Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team based in Mumbai, holds a masters degree in Finance and a Chartered Market Technician (CMT) member. Omkar previously worked at FXStreet, writing research on currency markets and as fundamental analyst at currency and commodities desk at Mumbai-based brokerage houses. Omkar holds small amounts of bitcoin, ether, BitTorrent, tron and dot.
