Bradley Keoun is the managing editor of CoinDesk's Markets team. He owns less than $1,000 each of several cryptocurrencies.

Parikshit Mishra is the news editor for CoinDesk during the mid Asia and early European hours. He does not have any crypto holdings.

Good morning, and welcome to First Mover. I’m Bradley Keoun, here to take you through the latest in crypto markets, news and insights. (Lyllah Ledesma is off.)

  • Price point: Bitcoin finally posts a winning week, snapping record losing streak. Friday's U.S. CPI report for May could show inflation slowing.
  • Market Moves: Decentralized exchanges are winning on-chain flows, Cameron Thompson reports.

Price Point

Bitcoin (BTC) was higher Monday, after snapping a record nine-week losing streak.

As of press time bitcoin was up 6.2% over the past 24 hours, to about $31,500.

During the seven days through Sunday, the bitcoin price inched up 1.5% – barely mentionable for the notoriously volatile cryptocurrency except for the fact that it was the first weekly gain in 10 weeks. From late March through late May, a steady market erosion took bitcoin from about $48,000 to as low as $25,400.

Now analysts are wondering if the latest price bounce might mean the bottom is in.

"The new week is off to a promising start," Alex Kuptsikevich, senior market analyst at FxPro, wrote in an email. "It is worth paying attention to the change in the trend."

Cardano's ADA token, Solana's SOL and Polygon's MATIC tokens were all enjoying double-digit-percentage gains on Monday.

CoinDesk - Unknown

Chart of weekly movements in bitcoin's price shows nine-period losing streak followed by last week's bounce. (TradingView/CoinDesk)

In traditional markets, U.S. stock futures were higher along with European indexes. Traders were awaiting a European Central Bank meeting later this week where officials led by President Christine Lagarde are expected to announce an end to bond purchases and signal rate increases ahead, likely in July – part of a campaign to head off surging inflation.

The big economic data point in the U.S. this week will be the Consumer Price Index report on Friday, June 10. The CPI report could provide clues as to how the economy is responding to the Federal Reserve's campaign to slow inflation.

According to FactSet, economists estimate the CPI for May probably was probably 8.2% higher than 12 months ago, representing a decrease from April's pace of 8.3% and March's 8.5%.

Market moves

Decentralized exchanges are winning on-chain flows, Cameron Thompson reports.

Decentralized exchanges (DEX) are rising in popularity.

From April 2021 to April 2022, Web 3 users sent $224 billion in on-chain value to DEXs, outstripping centralized exchanges like Coinbase which combined for $175 billion over the same period, according to Chainalysis.

Chainalysis Economist Ethan McMahon told CoinDesk that the move from centralized exchanges (CEX) to DEXs began in 2020’s DeFi summer and carried through the NFT boom of 2021. DEXs first cleared 50% market share in September 2020, according to the report. In June 2021, the number hit its peak at 80%. Based on the latest report, the market share now stands around 55%.

If DEXs continue to increase in popularity, a regulatory crackdown might be on the way. “If [regulation] serves as a hindrance, it may actually reduce the market share,” said McMahon.

Latest Headlines

Today’s newsletter was edited by Bradley Keoun and produced by Parikshit Mishra and Stephen Alpher.

CORRECTION (June 6, 15:19 UTC): Changes date of CPI report to June 10. An earlier version of this article incorrectly stated the date as June 4.

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The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

CoinDesk - Unknown

Bradley Keoun is the managing editor of CoinDesk's Markets team. He owns less than $1,000 each of several cryptocurrencies.

CoinDesk - Unknown

Parikshit Mishra is the news editor for CoinDesk during the mid Asia and early European hours. He does not have any crypto holdings.

CoinDesk - Unknown

Bradley Keoun is the managing editor of CoinDesk's Markets team. He owns less than $1,000 each of several cryptocurrencies.

CoinDesk - Unknown

Parikshit Mishra is the news editor for CoinDesk during the mid Asia and early European hours. He does not have any crypto holdings.