MEXC Exchange/Learn/Market Insights/Others/MEXC Daily News (June 23) | Bitcoin Rebounds Above $101,000 This Morning as Market Eyes a Short-Lived Impact from Middle East Tensions
MEXC Daily News (June 23) | Bitcoin Rebounds Above $101,000 This Morning as Market Eyes a Short-Lived Impact from Middle East Tensions
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1. Market Overview
The market appears to expect the impact of Middle East tensions to be short-lived. Bitcoin rebounded to a high above $101,000 before pulling back, and is currently trading at 100,996.37 USDT.
Top 10 Trading Pairs by USDT-Margined Perpetual Futures Volume on MEXC。
For more information on cryptocurrency prices and macroeconomic trends, please visit [MEXC Markets].
2. Industry Data Analysis
2.1 Data: $559 Million in Liquidations Across the Market in the Past 12 Hours, with Longs Accounting for $452 Million
According to Coinglass, the total liquidations across the crypto market in the past 12 hours reached approximately $559 million. Of that, long positions accounted for $452 million, while short positions saw $107 million in liquidations. Bitcoin alone saw $223 million in liquidations, while Ethereum accounted for $156 million.
3. Analyst Insights
3.1 Analyst: Bitcoin Demand Slowing Down, Potential Support Around $92,000
Julio Moreno, Head of Research at CryptoQuant, noted that Bitcoin demand is showing signs of cooling after a period of rapid price acceleration that pushed BTC close to $112,000. While spot demand continues to grow, the pace has slowed and now falls below historical trends. Whale and ETF purchases of Bitcoin have halved, and demand from new investors is also waning.
In the futures market, investors have recently opted to take profits and are beginning to build new short positions. If demand remains weak, Bitcoin may find support near $92,000—a level that aligns with traders’ on-chain realized price and typically serves as a support zone during bull markets. Should this support fail, the next key level could be around $81,000, near the lower bound of traders’ on-chain cost basis.
3.2 Arthur Hayes: Market Weakness Will Pass—Bitcoin’s Status as a Safe-Haven Asset Is Undeniable
On June 23, BitMEX co-founder Arthur Hayes shared on social media that "the money printers are spinning faster in the name of patriotic duty." He expressed confidence that the current market weakness is temporary and that Bitcoin will undoubtedly demonstrate its role as a safe-haven asset.
4. Industry News
4.1 Texas Governor Signs HB 4488 to Protect State Bitcoin Reserves as a Permanent Fund
According to Crypto Briefing, Texas Governor Greg Abbott has signed House Bill 4488 (HB 4488), which aims to safeguard certain state government funds—specifically, any Bitcoin reserves created outside the state treasury—by excluding them from the general revenue fund. The bill also exempts the reserve fund and other special-purpose funds from being automatically dissolved in 2025.
Governor Abbott has not yet made a decision on Senate Bill 21 (SB21), which would authorize Texas to invest in Bitcoin and other digital assets with a market cap of at least $500 billion. Currently, only Bitcoin meets that threshold.
SB21 was submitted to the governor on June 1, and he must sign or veto it by June 22. As the bill was introduced near the end of the legislative session, Texas law requires the governor to take action within 20 days after adjournment.
5. Market Highlights
5.1 South Korea’s Kakao Pay Registers Trademarks Related to Stablecoin Business
According to the Seoul Economic Daily, South Korean payment service provider Kakao Pay has registered a series of trademarks related to a potential stablecoin venture. On June 17, the company filed 18 trademark applications with the Korean Intellectual Property Office. These trademarks combine the Korean won symbol (KRW) with letters representing Kakao Pay, such as KRWKP, KWRP, and KPKRW. The trademarks are categorized under virtual asset financial transactions, electronic transfers, and intermediary services.
Kakao Pay stated that it has “not yet finalized specific plans,” but explained the move was made to “secure trademark rights in advance for potential stablecoin-related business.”
6. Project Updates
1）Market News: OKX is reportedly considering an IPO in the United States.
2）UpTop.meme: Launches a “Real User Compensation Program,” offering additional airdrop rewards to verified on-chain user addresses.
3）Nexus: Testnet III is set to launch on June 24.
4）Negentropy Capital: Announces dissolution, with remaining funds and project allocations to be liquidated.
5）Hacken (Web3 Security Protocol): Ethereum and BSC bridges for VET have been suspended.
6）Sources: Revolut is exploring the launch of its own stablecoin.
7）Cointelegraph: Its frontend appears to have been compromised, displaying fake airdrop information. Users are advised to proceed with caution.
Recommended Reading:
For more in-depth insights, visit MEXC Learn.