June 21, 2024

The biggest crypto news and ideas of the day

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Welcome to The Node! This is Ben Schiller to take you through the latest crypto news.

In today's news: Bitcoin shows negative sentiment; but Bitcoin options point to higher prices ahead; House members call for Nigeria Binance execs to be released; Standard Chartered sets up BTC and ETH spot trading desk.

BTC slumps

Bitcoin's (BTC) slow bleed lower over the past weeks has sped up Friday, the price dipping more than 3% in the past 24 hours to slide to about a five-week low of $63,700, now lower by 9% over the past month. Indicators tracked by analysis firm Santiment show that crowd sentiment for BTC is now in its fourth week of “extreme negative” reading. Some traders expect bitcoin to reach the $60,000 level in the near-term due to the lack of growth catalysts, although the long-term outlook remains bullish, as previously reported.

Bitcoin options brighter

Crypto options traders are strategically placing bets that diverge from the ongoing downtrend in bitcoin's (BTC) price.

In the past 24 hours, the leading cryptocurrency by market value has declined over 1% to $64,500, extending the pullback from recent highs near $72,000, CoinDesk data show.

Still, the flow in bitcoin options listed on leading exchange Deribit has been biased toward call options at levels (strikes) well above the cryptocurrency's going market rate, perhaps a sign sophisticated investors expect the ongoing price weakness to set the stage for a more extensive run higher.

StanChart starts BTC desk

Standard Chartered (STAN) is establishing a spot trading desk for buying and selling bitcoin and ether.

The new London-based desk will start operations soon and be part of the bank's FX trading unit, Standard Chartered told CoinDesk. The news was first reported by Bloomberg, citing people familiar the matter.

Standard Chartered would become one of the first global banks to enter spot cryptocurrency trading, though others have been trading crypto derivatives for several years.

A message from

Embracing Crypto Regulation and Fun

For the crypto industry to advance, embracing regulation and taking a structured approach to developing the future of finance is essential. Still, the industry must retain the internet’s inherent oddities by continuing to incorporate its playful and unconventional spirit into crypto projects.

CoinW is a perfect example of a company that strikes a balance between both. While the leading global exchange continues to adopt best practices and obtain regulatory licenses in key demographics, it also leans into the fun of crypto and the internet with trading competitions and memes. Continue reading

Off-Chain Signals

What does FDIC Chair Nominee Christy Goldsmith Romero think of crypto? – Unchained
Lens offered millions to build on ZKSync – DL News
LayerZero’s Airdrop Drives Record Arbitrum Fee Revenue – The Defiant
Influencer ghosted Logan Paul NFT lawsuit to ‘save six figures’ – Protos
Pantera exploring second TON investment - The Block

Screen strategy