• The week started off rocky for BTC as the market sold off Monday evening with price dropping over 5%. The market picked back up as bidders stepped in to support price. 

  • The overall altcoin market performance is negative with many coins being down double digits for the week. 

  • Surprisingly $LUNC has outperformed the market and is currently up 14.8% with buying volume increasing over 600%. Despite the troubles LUNA faced last year, the project is set to release a v2.1.0 parity upgrade, exciting speculators as they entered long. 

  • The majority of other altcoins including CFX & LDO saw an increase in selling volume, both currently down 21% in the past week. 

 

Convert Portal Volume Breakdown

  • Topping the list this week was crypto to stablecoin transactions with a value of 33.35%, slightly lower than what we have seen in previous weeks. With FUD and uncertainty increasing across the industry, speculators look to sideline cash waiting for the next opportuinity. 

  • Stablecoin to crypto transactions placed 2nd with a value of 24.19% as participants look to capitalise on unexpected movements such as LUNC. 

  • Crypto to crypto transactions came in 3rd with a value of 15.14% as speculators rotate their holdings. 

Overall market technicals

BTC

  • Looking at the BTC chart not much has changed, price failed to break below the newly formed range as it quickly repriced back into it. 

  • As it stands the midpoint of the range has acted as a strong resistance capping price below. 

  • BTC would need a steady move to the upside retesting the midrange and breaking through, otherwise there is the potential for further movement to the downside targeting previous lows. 

Macro at a glance 

Last Friday (06/02/23), the US reports Nonfarm Payrolls increased by 339k in May, higher than the estimated 160k and the previous month’s 294k. The annual salary inflation rate, which is measured by the average hourly earning, is up 4.3% YoY, slightly lower than the previous month’s 4.4%. From the data, it shows that the US economy might be heading to a soft landing.

On Monday (06/05/23), the UK released its Composite PMI and Services PMI as 54.0 and 55.2, respectively. The US also released its Composite PMI and Services PMI as 54.3 and 54.9, respectively. Risk assets are in favour but not crypto assets due to the SEC case.

Also the Reserve Bank of Australia raised 25bps on their interest rate surprisingly, aiming to tickle down inflation. On Wednesday, Bank of Canada raised 25bps on their interest rate as well and citing to fight inflation as they are expecting inflation will stay above the 3% level by year-end. Both Bank of Canada and the Reserve Bank of Australia are the first two central banks to pause the rate hike, and other central banks follow after. The resuming of the rate hike from these two central banks might signal that the rate hike cycle is not finished. However, the market is still pricing a 38% chance that the FED will raise 25bps next week.

Next week we have the CPI reading on Tuesday and the Fed rate decision on Wednesday. Now we have an 82% probability of a pause in the June FOMC meeting.

Why trade OTC?  

Binance offers our clients various ways to access OTC trading, including chat communication channels and the Binance Spot Block Trading platform for manual price quotations, or automated price quotations via our Binance Convert and the Binance Convert OTC API. For manual price quotations, you may visit our Spot Block Trading Platform, where you can RFQ (request-for-quote) and trade directly with our OTC trading team via a live chat, or reach out to us via our email at liquidity@binance.com for our trading desk to get in touch with you and get started. 

Alternatively, OTC trades may also be automatically quoted on Binance Convert and via API, offering users a quick and simple way to execute trades across 60,000+ pairs with one simple click. Binance Convert supports over 350 tokens listed on the exchange including fiat pairs. Begin trading from as little as 1 USD. To start, simply navigate to the Binance Convert, select the coins you wish to trade, preview and confirm the quote with settlement reflecting almost instantly in your wallet balance. For details and access to  Binance Convert OTC API, please refer to our Convert Endpoints  and reach out to us at liquidity@binance.com if you have any questions or require assistance.

Visit Binance OTC and Execution Solutions to get more information on our OTC products and solutions. 

Experience the main benefits of Binance Convert and OTC Trading: 

  • Fast & Competitive Pricing 

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Email: Liquidity@binance.com 

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