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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It's Tuesday! Here’s what you need to know today in crypto: |
- Bitcoin is up nearly 10% in the last week.
- Binance no longer requires traders to keep their assets on the exchange or at its custodial partner, Ceffu.
- Bitcoin-based DEX Portal raises $34 million seed funding.
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GBTC is now an ETF. Grayscale Bitcoin Trust ETF was first created in 2013 as the original Bitcoin fund helping investors gain secure and familiar access to Bitcoin. Today, GBTC is the world’s largest Bitcoin ETF with $26.6B in AUM as of 1/11/24, offering even more investors with convenient exposure to the world’s most popular cryptocurrency. Bitcoin investing begins with GBTC. Find ticker: GBTC in your brokerage account or ask your financial advisor today. Grayscale Bitcoin Trust (BTC) (the “Trust”) has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the Trust has filed with the SEC for more complete information about the Trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the Trust or any authorized participant will arrange to send you the prospectus (when available) if you request it by calling (833) 903 - 2211 or by contacting Foreside Fund Services, LLC, Three Canal Plaza, Suite 100, Portland, Maine 04101. Foreside Fund Services, LLC is the Marketing Agent for the Trust. An investment in the Trust involves risks, including possible loss of principal. The Trust holds Bitcoin; however, an investment in the Trust is not a direct investment in Bitcoin. Extreme volatility of trading prices that many digital assets, including Bitcoin, have experienced in recent periods and may continue to experience, could have a material adverse effect on the value of GBTC and the shares could lose all or substantially all of their value. |
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CoinDesk 20 Index: 1,690 +3.6%
Bitcoin (BTC): $43,359 +3.1%
Ether (ETC): $2,307 +2.3%
S&P 500: 4,927.93 +0.8%
Gold: $2,054 +1.4%
Nikkei 225: $2,054 +1.4% |
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Bitcoin has gained nearly 10% in the last week to climb above $43,000 ahead of the Fed's rate decision tomorrow . The U.S. central bank is expected to keep rates unchanged, which could boost appetite for BTC and its related exchange-traded funds, venture capital firm Tagus Capital said in its daily newsletter. Altcoins SOL and AVAX have led the recent crypto rally, gaining 27% and 25% in the last week. "Altcoins' consistent positive performance over the past six days is setting up optimism, setting up bitcoin for a test of $46,000," Alex Kuptsikevich, a senior market analyst at FxPro, said in an email. "The outperformance in major altcoins points to a broadening of participant interest beyond the two largest coins." |
Binance now allows larger traders to keep their assets at independent banks , the Financial Times reported on Tuesday. Previously, traders had to hold their assets on the exchange or at its custodial partner, Ceffu, but now they can now use crypto-friendly institutions such as Swiss banks Sygnum or FlowBank. This may reflect users' unease about Binance's regulatory dispute in the U.S., which saw it landed with a $4.3 billion fine in November, heightening concerns brought about by the bankruptcy of rival exchange FTX a year earlier. "I'd much rather park my money with a Swiss bank than Binance," said the head of a crypto trading firm cited by the FT. Bitcoin-based decentralized exchange Portal has raised $34 million in seed funding as it exits stealth mode . Investors in the round included Coinbase Ventures, Arrington Capital, OKX Ventures and Gate.io. Portal aims to offer a decentralized infrastructure for peer-to-peer swapping of bitcoin across different blockchains without the need for intermediaries such as wrappers, bridges or centralized exchanges, which heighten the risk of hacks. The healthy size of the funding round is an indicator both of the brightening prospects for raising capital in the crypto industry after a tough couple of years and the growing interest in the use of bitcoin in the DeFi world, which is otherwise dominated by altcoins like ETH and SOL. |
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Market Insight: Bitcoin ETF Has Broken BTC's Pandemic-Era Price Correlation With Luxury Watches |
Much has been written about the relationship between luxury watches and crypto. Prices for both rose during the Covid years as central banks dumped record amounts of cheap money into the economy. The pricing peak came at the end of the bull market of 2021 and the start of the 2022 crypto recession according to WatchCharts.com. Many traders were cashing out at the peak and moving on to other assets. For most of 2023, prices for luxury watches and the CoinDesk 20, an index of the largest digital assets, moved in parallel, before diverging in the second half as excitement around a bitcoin exchange-traded fund (ETF) took hold. Greta Yuan, head of research at VDX, a regulated Hong Kong exchange, points to the institutional interest that bitcoin has – thanks to the ETF – and watches lack as another reason for the pricing bump. "Bitcoin is essentially known as digital gold so it’s no surprise that it has held up better than luxury watches over the past year," she said. "The market has recently bounced back to above 42K, showing strong demand from investors to buy the dip." |
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- The chart shows solana's daily price changes and the momentum indicator called the MACD histogram.
- SOL has broken out of a trendline characterizing a minor price pullback, and the MACD has crossed above zero in a sign of renewed bullish momentum.
- "A daily MACD 'buy' signal shows a positive shift in short-term momentum, and there is room to short-term overbought territory, supporting follow-through to the December high," Fairlead Strategies said in a note to clients Monday.
- Source: TradingView
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- Omkar Godbole We may earn a commission from partner links. Commissions do not affect our journalists’ opinions or evaluations. For more, see our Ethics Policy. |
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Grayscale is the world’s largest crypto asset manager*. We enable investors to access the digital economy through a family of regulated and future-forward investment products. Our decade-long track record and deep expertise as a crypto-specialist means that investors, advisors, and allocators turn to us for both investment insights and innovative products. Crypto investing begins with Grayscale. *By AUM as of 1/16/24. Investing involves risk and possible loss of principal. |
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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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