Trading Desk Insights
Bitcoin climbed to $108,500 on June 10 after Donald Trump revealed a positive phone call with China’s President Xi Jinping. “He was a friend of mine… We spent hours and hours talking. And he’s an amazing guy,” Trump said. The remarks boosted risk sentiment, pushing BTC toward the $109K mark.
Crypto softer overnight despite a weaker dollar and subdued inflation but potentially due to heightened tensions in the middle east. Iran warned it would strike U.S. bases if Israel targets its nuclear sites. Senator Tom Cotton said Iran is actively pursuing a nuclear weapon and must be stopped for the sake of regional and global security.
Stablecoins are back in focus after the GENIUS Act passed the U.S. Senate 68–30, laying the groundwork for federal regulation. Tether CEO Paolo Ardoino responded to IPO rumors by saying a $515 billion valuation is “a bit bearish,” citing the company’s growing Bitcoin and gold reserves. Tether remains the dominant stablecoin and stands to benefit from clearer regulatory frameworks.
ETH on the other has outperformed BTC by 11% since Monday with ETHBTC ratio reaching its highest level since March. Solana is also rising, with renewed optimism driven by expectations of Solana ETFs launching within the next 5 weeks, despite last week's dip following Pump Fun’s $4 billion token reveal. Altcoins are clearly underperforming the overall market on this move despite some like HYPE that are more resilient.
On the macro side, U.S. Core PPI down 0.1%, and headline PPI also down 0.1%, showing modest inflationary pressure. Unemployment claims are also higher than expected at 248k vs 242k. University of Michigan sentiment and inflation expectations are due later this week.
The News Room
GENIUS Stablecoin Bill Advances in Senate with Bipartisan Support
The GENIUS Act, which sets a federal framework for regulating stablecoins, passed a key Senate vote 68 to 30. The bill aims to boost crypto innovation while addressing consumer and financial risks. It is a landmark step toward giving the United States a clear and unified approach to digital asset regulation, positioning the country as a potential global crypto hub. Critics, including Senator Elizabeth Warren, argue it lacks strong safeguards and could benefit Trump-linked crypto interests. The bill now moves to full Senate debate before heading to the House.
Tether CEO Dismisses IPO Talk, Says $515 Billion Valuation Is Too Low
Tether CEO Paolo Ardoino says the company has no plans to go public, despite speculation after rival Circle’s NYSE debut. While a $515 billion valuation would rank Tether among the world's largest companies, Ardoino called it “a bit bearish” given the firm’s growing Bitcoin and gold reserves. He remains focused on expanding Tether’s role in the digital economy, highlighting its dominance in the stablecoin market and recent moves such as acquiring a major stake in Bitcoin treasury firm Twenty One Capital. This signals Tether’s intention to grow as a private powerhouse in the crypto space without relying on public market validation.
Elon Backtracks After Trump Clash as Tesla Sinks $100 Billion
A high-profile clash between Elon Musk and Donald Trump shook markets this week, with Tesla losing over $100 billion in value in a single day. Tensions peaked after Trump claimed Musk had “gone crazy” and threatened to cut government support for his companies. Musk responded with sharp online attacks, including a post linking Trump to Epstein. However, in a surprising reversal, Musk said today, “I regret some of my posts about President Donald Trump last week. They went too far.” The feud drew intense public attention and raised concerns about the influence of personal politics on major tech and financial markets.
Crypto Charts
ETF Flow
Disclaimer
This research is for informational use only. This is not investment advice. Other than disclosures relating to Secure Digital Markets this research is based on current public information that we consider reliable, but we do not represent it is accurate or complete, and it should not be relied on as such. The information, opinions, estimates, and forecasts contained herein are as of the date hereof and are subject to change without prior notification. We seek to update our research as appropriate.
Any forecasts contained herein are for illustrative purposes only and are not to be relied upon as advice or interpreted as a recommendation. The price of crypto assets may rise or fall because of changes in the broad market or changes in a company's financial condition, sometimes rapidly or unpredictably. Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of original capital may occur. Fluctuations in exchange rates could have adverse effects on the value or price of, or income derived from, certain investments. We and our affiliates, officers, directors, and employees, excluding equity and credit analysts, will from time to time have long or short positions in, act as principal in, and buy or sell, the securities or derivatives, if any, referred to in this research.
The information on which the analysis is based has been obtained from sources believed to be reliable such as, for example, the company’s financial statements filed with a regulator, company website, company white paper, pitchbook and any other sources. While Secure Digital Markets has obtained data, statistics, and information from sources it believes to be reliable, it does not perform an audit or seek independent verification of any of the data, statistics, and information it receives.
Unless otherwise provided in a separate agreement, Secure Digital Markets does not represent that the report contents meet all of the presentation and/or disclosure standards applicable in the jurisdiction the recipient is located. Secure Digital Markets and their officers, directors and employees shall not be responsible or liable for any trading decisions, damages or other losses resulting from, or related to, the information, data, analyses, or opinions within the report.
Crypto and/or digital currencies involve substantial risk, are speculative in nature and may not perform as expected. Many digital currency platforms are not subject to regulatory supervision, unlike regulated exchanges. Some platforms may commingle customer assets in shared accounts and provide inadequate custody, which may affect whether or how investors can withdraw their currency and/or subject them to money laundering. Digital currencies may be vulnerable to hacks and cyber fraud as well as significant volatility and price swings.
Contact Us
Sign up to receive more exclusive market coverage:
Start trading with Secure Digital Markets today by e-mailing:
trading@securedigitalmarkets.com