First mover Asia_ Bitcoin jumps above $31K; Ether gas fees fall

First mover Asia_ Bitcoin jumps above $31K; Ether gas fees fall

Crypto analysts are starting to wonder if the market is finding a bottom after the recent downtrend.

Good morning. Here's what happened:

Prices: A day after bitcoin posted its ninth consecutive weekly record decline, the price of the largest cryptocurrency rose the most since early March.

Insights: Ethereum's gas fees are at a record low, reports Sam Reynolds.


(BTC): $31,646 +8.4%

Ether (ETH): $1,990 +11%

Biggest Winners

Asset Ticker Income DACS Sector
Cardano ADA +17.8% Smart contracts platform
Internet Computer ICP +15.7% Data processing
Chain link LINK +12.2% Data processing

Biggest Losers

There are no losers today in CoinDesk 20

.Bitcoin posts biggest daily price gain in two months as crypto markets r

ally across the board

Traditional markets were mostly closed in the U.S. on Monday for a holiday, but Bitcoin (BTC) did not rest.

The largest cryptocurrency jumped more than 7% to around $31,500, its biggest rise since March 9.

The sudden upward breakout came at a time when bitcoin had just ended a record nine-week losing streak that saw its price drop from $37,600 to about $29,400.

Now crypto analysts are wondering if the market has found a bottom after the recent downtrend.

According to blockchain analytics firm Glassnode, the recent selling pressure may be easing. "Price action seems to have bottomed out for now," Glassnode wrote in its Uncharted newsletter on Monday.

Nearly all major cryptocurrencies were in the green on Monday, with Cardano's ADA up about 17% and leading the CoinDesk 20.


(Most traditional markets were closed Monday in the U.S. for an official holiday.)


drivers complain about gasoline prices being too high (expletive deleted), crypto traders are struggling with the opposite: Ethereum fuel fees are at a record low, Sam Reynolds reports


The average transaction fee is currently $3.70, according to on-chain data. Earlier this year, that number ranged from $38 to $52, depending on the congestion on the chain at the time.

As a result, gas-heavy transactions such as selling an NFT on OpenSea or completing a UniSwap transaction are at historic lows.

Traders appear to be spooked by the impact of Terra and are hesitant to re-enter the market. Data from the trading chain shows that in May, key dates related to Terra's demise saw massive swings in gas consumption and then a surge in UniSwap activity as traders repositioned to protect themselves from market volatility.

The problem is that they are not getting back into the market: The gas price is low, UniSwap is (comparatively) idle, and the ether price continues to trend downward. The Ether price is recovering, but demand is weak because there aren't that many active traders right now.

While Solana and Avalanche prices are starting to recover, the number of daily active users is not. Both chains were founded in an era of high Ethereum gas fees. So it could be that low gas is not causing a run on the Chains - but it is more likely that there is no reason to do anything at all until the situation stabilizes.

One impact of all this will be how quickly the Ethereum merger will happen. After all, without high gas fees, there will be less urgency to move to Proof of Stake, and that means controlled, more predictable fees. What was once expected to happen in June has been pushed back to "fall," and the prediction markets see that date between October and the end of the year. Let's see if gas fees stay low and this is delayed again.

Key EventsJapan

:Jobs, industrial production, retail sales: 3:50 p.m. HKT/SGT (7:30 a.m. UTC)


Chinese manufacturing purchasing managers' index: 5 a.m. HKT/SGT (9 a.m. UTC).

U.S. consumer confidence index: 10 p.m. HKT/SGT (2 p.m. UTC )

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