The latest moves in crypto markets, in context By Lyllah Ledesma, CoinDesk news reporter Was this newsletter forwarded to you? Sign up here. |
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Happy Tuesday! Here’s what you need to know today in crypto: |
- Binance’s market share declined again in December.
- El Salvador’s bitcoin bonds have received regulatory approval.
- Cathie Wood’s ARK Invest sold $13 million worth of GBTC shares.
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CoinDesk Market Index (CMI): 1,634 −0.9%
Bitcoin (BTC): $41,799 −1.1%
Ether (ETC): $2,217 −1.4%
S&P 500: 4,622.44 +0.4%
Gold: $2,003 +1.3%
Nikkei 225: $2,003 +1.3% |
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Binance, the world’s largest cryptocurrency exchange by market volume, has seen its spot market share gradually decline over the year as the company faced an array of charges from regulators that eventually claimed its founder and CEO, Changpeng "CZ" Zhao. According to numbers provided by CCData, Binance's market share so far in December was just 30.1% versus 55% at the start of the year. From January to September, the exchange’s monthly spot volumes declined by over 70% to $114 billion. CCData notes that the trading volumes have been increasing since September even as its market share continues to slide. |
El Salvador’s long-planned Bitcoin bonds have inched closer to reality after apparently receiving regulatory approval for an early 2024 issuance, the country’s Bitcoin-focused office posted on Tuesday. The bonds are set to be offered on Bitfinex Securities, a regulated division of crypto exchange Bitfinex. “The Volcano Bond has just received regulatory approval from the Digital Assets Commission (CNAD),” El Salvador’s National Bitcoin Office posted from its account on X. “We anticipate the bond will be issued during the first quarter of 2024.” Cathie Wood's ARK Invest sold around $12.85 million worth of Grayscale Bitcoin Trust (GBTC) shares from its Next Generation Internet (ARKW) exchange-traded fund (ETF) on Monday, the biggest sale in more than a year. The offload of 395,945 GBTC shares from ARKW leaves the fund with about $112.7 million worth of GBTC, a weighting of 6.95%. ARK aims for no individual holding in its ETFs to exceed a 10% weighting of the fund's total market value. Digital asset manager Grayscale's bitcoin (BTC) investment vehicle dropped 8.6% to $32.46 on Monday, reflecting the 5.8% decline in the value of the largest cryptocurrency by market value. |
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Market Insight: Bitcoin, Ether Drop Spurs $500M in Liquidations |
Monday’s trading session saw crypto futures traders lose over $500 million in liquidations positions as steep volatility impacted highly leveraged longs and shorts, with some majors dropping as much as 12%. Bitcoin (BTC) whipsawed from $43,000 to as low as $40,300, data shows, leading drops across major tokens such as Chainlink (LINK), Cardano’s ADA and Solana’s SOL, which dropped over 8% before slightly recovering. Generally riskier bets shiba inu (SHIB) and dogecoin (DOGE), two dog-themed meme tokens, fared slightly better with a 5% drop. Meanwhile, BNB Chain’s BNB, Avalanche’s AVAX and Celestia’s TIA showed strength with gains of as much as 20%. |
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- Decentralized exchange (DEX) trading volume has picked up in the last month.
- DEX volumes have always been significantly lower than volumes on centralized exchanges such as Coinbase and Binance etc, but the recent crypto rally has caused an increase in activity.
- DEX monthly trade volume rose to $29 billion in November, recovering from a multiyear low hit in September.
- Source: Kaiko
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Disclaimer: The information presented in this message is intended as a news item that provides a brief summary of various events and developments that affect, or that might in the future affect, the value of one or more of the cryptocurrencies described above. The information contained in this message, and any information liked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. The information presented herein is accurate only as of its date, and it was not prepared by a research analyst or other investment professional. You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments. |
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