First Mover Americas: Bitcoin Still Stuck in Limbo

The latest price moves in crypto markets in context for Sept. 6, 2023.

AccessTimeIconSep 6, 2023 at 12:04 p.m. UTC
Updated Sep 6, 2023 at 2:46 p.m. UTC
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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 prices Sept. 06 2023 (CoinDesk)

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Bitcoin (BTC) has remained almost entirely locked below the $26,000 mark since Sept. 1, showing little to no signs of life. BTC is basically unchanged over 24 hours, down 0.1% at around $25,700. The CoinDesk Market Index (CMI) is down by a negligible 0.04%. Investors are seemingly holding off making any substantial moves until further developments emerge, both in the cryptocurrency market and the wider economy. “It seems as though most of the speculative money has already fled the crypto space and the market participants are waiting for the Fed’s next move,” Yuya Hasegawa, a crypto market analyst at Japanese exchange Bitbank said.

Ether (ETH) will outperform bitcoin in September and October, according to crypto analytics firm K33. Given the high chances that the U.S.’ first ether ETF will be approved in mid-October, investors can ride the momentum that will drive ETH as the deadline approaches, according to senior analyst Vetle Lunde. September is a historically difficult month for BTC, having recorded negative returns in that month every year since 2016. The odds, therefore, are “stacked in favor of ETH,” Lunde said, citing the 60% gain that bitcoin made in the three weeks prior to its first U.S. futures-based ETF winning approval in 2021.

The first legally issued digital security could be available to retail investors later this month. SOMA Finance, a joint venture between decentralized autonomous organization (DAO) MANTRA and FINRA-registered broker dealer Tritaurian Capital, plans to sell up to $5 million in tokens that will give the holders the right to a dividend on profits. The SOMA tokens will actually represent a financial interest, given the token would be a non-cumulative, participating preferred stock of SOMA.finance, the company said. This would address the criticism that crypto tokens don’t represent a financial claim on the equity or debt of the issuer.

Chart of the Day

COD Sept. 06, 2023 (FRNT Financial)
  • Despite lingering regulatory risks, Binance remains the dominant exchange in the crypto market.
  • Binance's bitcoin-tether (BTC/USDT) pair accounts for 86% of the global BTC spot market trading volume this year, according to data tracked by FRNT Financial.
  • The data shows why Binance is often considered too big to fail.
  • Source: FRNT Financial

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Edited by Sheldon Reback.

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Jamie Crawley

Jamie Crawley is a CoinDesk news reporter based in London.

Omkar Godbole

Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team.


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