First Mover Americas: BTC Crosses $30K and Bitcoin Layer 2 Stacks Networks Gains 15%
The latest price moves in crypto markets in context for June 22, 2023.
This article originally appeared in , CoinDesk’s daily newsletter putting the latest moves in crypto markets in context..
Bitcoin extended its rally on Thursday after for the second time this year the day before. Bitcoin rose almost 5% in the past 24 hours to $30,219. The cryptocurrency has been on an upward trajectory since last week after BlackRock it had applied to the U.S. Securities and Exchange Commission for a spot bitcoin exchange-traded fund (ETF). Amongst altcoins, Stacks (STX), the native token of Bitcoin layer 2 Stacks Network, gained 16% on the day. Some traders have been that with the recent positive news for bitcoin from , other assets related to bitcoin have also performed well. For example, litecoin and bitcoin cash are also up on the week.
CACEIS, the asset servicing arm of banking giants Credit Agricole and Santander, has been by French regulators to provide crypto custody services. CACEIS Bank, which provides services to asset managers such as insurers, pension funds and private equity, was registered by the Financial Markets Authority (AMF) as of Tuesday, June 20, according to the . It joins other traditional finance firms such as and in being recognized under one of the most advanced crypto regulatory frameworks in Europe, as the European Union prepares to impose new crypto licensing rules known as as of 2024.
Three Arrows Capital (3AC) is up the crypto community again, this time with a surprise comeback using the same name, only in the guise of a venture capital (VC) firm. On Wednesday, OPNX, the bankruptcy claims exchange co-founded by CoinFLEX executives and two people behind the defunct 3AC hedge fund, said it has a new partner: 3AC Ventures. The partners will “invest in projects building in the OPNX ecosystem and working toward a decentralized future,” . 3AC Ventures has a that says the new firm "is focused on superior risk-adjusted returns without leverage.” Hedge fund 3AC after suffering heavy losses during the implosion of Terra’s LUNA stablecoin.
Edited by Sheldon Reback.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Matrixport’s Cactus Custody partners with Singapore Gulf Bank (SGB) to upgrade compliant fiat custody and 24/7 instant access capabilities
This article reports on the collaboration between Cactus Custody, the compliant digital asset custody institution under Matrixport, and Singapore Gulf Bank (SGB). The partnership aims to provide institutional clients with compliant and efficient fiat custody and instant deposit and withdrawal services to meet the needs of connectivity between digital assets and traditional finance.
VIPBitget VIP Weekly Research Insights
As the crypto market recovers in 2025, Digital Asset Treasury (DAT) firms and protocol token buybacks are drawing increasing attention. DAT refers to public companies accumulating crypto assets as part of their treasury. This model enhances shareholder returns through yield and price appreciation, while avoiding the direct risks of holding crypto. Similar to an ETF but more active, DAT structures can generate additional income via staking or lending, driving NAV growth. Protocol token buybacks, such as those seen with HYPE, LINK, and ENA, use protocol revenues to automatically repurchase and burn tokens. This reduces circulating supply and creates a deflationary effect. Key drivers for upside include institutional capital inflows and potential Fed rate cuts, which would stimulate risk assets. Combined with buyback mechanisms that reinforce value capture, these assets are well-positioned to lead in the next market rebound.
Data: Bitcoin spot ETF saw a net inflow of $741.79 million yesterday
Trending news
MoreCrypto prices
More
