• Binance is planning to lay off 20% of its workforce in June.
• Bitcoin’s price has been volatile due to a prospective debt ceiling agreement, prompting market rallies and increased Bitcoin dominance and trading volumes.
• Bitcoin is on course for its first monthly drop of 2023, with BTC/USD, ETH/USD, XRP/USD and LTC/USD all experiencing declines.
Binance Layoffs
Binance is reportedly planning to lay off 20% of its workforce in June, contradicting earlier statements that the company would not be laying off any employees.
Bitcoin Price Volatility
Bitcoin’s trading range fluctuated between $25,800 and $28,000 over the last week amid increased volatility. This variation was fueled by a prospective debt ceiling agreement, prompting market rallies as well as increased Bitcoin dominance and trading volumes.
Bitcoin’s Monthly Drop
The crypto rebound is losing steam, leaving Bitcoin on course for its worst month since the FTX exchange collapse in November last year. The approximately 8% drop in May will be Bitcoin’s first monthly retreat of 2023. BTC/USD dove 2.1%, ETH/USD plummeted 1.8%, XRP/USD plunged 1.3%, and LTC/USD dove 2.8%.
Daily Economic Calendar
The US ADP Employment Change will be released at 12:15 GMT, the US ISM Manufacturing PMI at 14:00 GMT, and Germany’s Retail Sales at 06:00 GMT today. These events provide insights into labour market conditions in the US as well as business conditions in the manufacturing sector and overall economic conditions respectively.
Cryptocurrency Prices
The cryptocurrency markets have experienced some volatility over the past week with BTC/USD dropping 2.1%, ETH/USD plummeting 1.8%, XRP/USD plunging 1.3% ,and LTC/USD diving 2.8%. The Stochastic-RSI for BTC indicated a negative signal while the CCI showed an overbought market for XRP and an ROC giving a negative signal for Litecoin-Dollar pair indicating a bearish trend across all cryptocurrencies monitored here today