The latest moves in crypto markets, in context By Jamie Crawley, CoinDesk news reporter Was this newsletter forwarded to you? Sign up here. |
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Happy Friday! Here’s what you need to know today in crypto: |
- Binance has withdrawn its investment-management license application in Abu Dhabi.
- El Salvador is targeting crypto millionaires in its latest push to attract long-term residents.
- Robinhood has started letting European Union customers trade crypto.
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CoinDesk Market Index (CMI): 1,685 +2.2%
Bitcoin (BTC): $43,515 +0.6%
Ether (ETC): $2,369 +5.9%
S&P 500: 4,585.59 +0.8%
Gold: $2,046 +0.8%
Nikkei 225: $2,046 +0.8% |
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Cryptocurrency exchange Binance withdrew its bid for an investment-management license in Abu Dhabi, deeming it unnecessary to the company's "global needs." The exchange still has an application to offer custody of digital assets to professional clients. "When assessing our global licensing needs, we decided this application was not necessary," a Binance spokesperson said in an emailed statement. Binance is licensed in Dubai, and that is the company's Middle East and North Africa headquarters, CEO Richard Teng said in an interview for a Financial Times conference on Tuesday. The decision is unrelated to the exchange's legal settlement in the U.S., where it agreed to pay a $4.3 billion fine for violating anti-money laundering and money transmitter rules. |
El Salvador is targeting bitcoin (BTC) and crypto millionaires in its latest push to attract long-term residents to the country. The nation kickstarted its "Freedom VISA" program on Thursday, doling out residency to a maximum of 1,000 people per year who invest at least $1 million worth of bitcoin or tether (USDT) stablecoins. Eligible participants receive a long-term residency permit and have a path to full citizenship. An application costs a non-refundable $999 in BTC or USDT, and the process is live as of Friday. Popular U.S.-based brokerage platform Robinhood (HOOD) on Thursday started letting customers in the European Union (EU) trade crypto, hailing the region's comprehensive digital asset rules. To spur customers to use the service, Robinhood will credit a percentage of their trading volume back every month, paid in bitcoin (BTC), according to a Thursday blog post. And users can earn more BTC for referring new customers. This expansion debuts as cryptocurrencies have been rallying after a brutal bear market, recovering to a $1.5 trillion total market capitalization, the highest level since May 2022. Rising trading volumes also mean more revenue for trading platforms. |
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Market Insight: BTC, ETH Options' Value on Deribit Reaches Record High of $23B |
Bitcoin (BTC) and ether (ETH) options trading on Deribit are hotter than ever. As of Friday, the cumulative dollar value locked in the number of open or outstanding BTC and ETH options contracts, also known as notional open interest, was $23.6B, the highest ever, Chief Commercial Officer Luuk Strijers told CoinDesk. Bitcoin options accounted for 67% of the tally, with ether contributing the rest. On Deribit, one options contract represents one BTC and one ETH. “Deribit options notional open interest has reached a new ATH with $16 billion in BTC options and $7.6 billion in ETH options outstanding, resulting in a total of $23.6 billion. When adding the $2.2 billion in perpetuals and futures OI, Deribit has for the first time reached the $25 billion milestone (total now $25.8B!),” Strijers said. |
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- The chart shows LINK's funding rate or cost of holding tether or USD-margined long (buy)/short (sell) positions in the perpetual futures market.
- The funding rate has surged to its highest since at least June, indicating a bias for long positions. The token has more than doubled to $16.3 since mid-October.
- Deeply negative or positive funding rates often act as a precursor to trend reversals.
- Source CoinGlass
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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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