The latest moves in crypto markets, in context Was this newsletter forwarded to you? Sign up here. |
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Good morning, and welcome to First Mover. I'm Lyllah Ledesma, here to take you through the latest in crypto markets, news and insights. - Price Point: Bitcoin was up 2% on Thursday, following gains in the U.S. stock markets on Wednesday as investors returned to risky assets.
- Market Moves: Surging bitcoin-sterling trading volume points to hedging demand for crypto.. Or does it? Omkar Godbole unpacks the debate whether rising BTC/GBP trading volume represents hedging demand or speculative interest.
- Chart of the Day: The U.K. Google search volume for bitcoin remains flat amid heightened volatility in the British pound.
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Bitcoin (BTC) was hovering at around the $19,500 mark on Thursday, up 2% the day after U.S. stock markets gained, although stock futures were down early Thursday. Ethereum (ETH), the second-largest cryptocurrency by market value, was up 3%. In traditional markets, stock futures are falling in the U.S. as sentiment in the U.K. appears to be weak, a day after the Bank of England stepped in to stabilize bond markets. Privacy token Monero (XMR) gained ground, up 5% on the day. Solana (SOL) was up 3%, and Chainlink’s CHAIN lost 4%. On Wednesday, data provider CryptoCompare unveiled a new group of staking yield indexes with blockchain infrastructure platform Blockdaemon. The index group will feature five individual gauges that capture the annualized daily staking yield of the top performing proof-of-stake digital assets. Jack Dorsey’s TBD teams up with Circle CoinDesk’s Krisztian Sandor reported that TBD, the bitcoin-focused subsidiary of Twitter co-founder Jack Dorsey’s Block, is teaming up with Circle Internet Finance, to bring cross-border dollar-linked stablecoin transfers and savings to investors globally. Cardano's Emurgo to invest over $200 million to boost ecosystem Emurgo, a development lab for the Cardano blockchain, will invest over $200 million to support the network’s growth over the next three years, founder Ken Kodama told CoinDesk at the sidelines of the ongoing Token 2049 conference in Singapore on Thursday. Crypto thrives in Sub-Saharan Africa A report by data firm Chainalysis showed that small retail payments in Sub-Saharan Africa are powering exceptional crypto adoption and usage, with the region conducting the world’s highest proportion (80%) of crypto retail payments of under $1,000. |
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Surging Bitcoin-Sterling Trading Volume Points to Hedging Demand for Crypto, or Does It? |
The bitcoin-British pound (BTC/GBP) pair listed on major cryptocurrency exchanges, including Bitstamp and Bitfinex, is more active than ever. Analysts, however, are divided on whether the surge stems from investors switching to the largest cryptocurrency to protect against the sterling slide or from traders looking to profit from the volatility. On Monday, the day the pound crashed to a record low $1.035, trading volume in the pair listed on those two exchanges climbed to a record $881 million. That's 12 times the $70 million average daily volume of the past two years, according to data tweeted by James Butterfill, head of research at CoinShares, early this week. The pound's weakness was prompted by concerns over the U.K.'s fiscal health stemming from the new government's tax-cut plans. This month, the currency has weakened 7% against the dollar, the steepest drop since December 2016. "An explosion in bitcoin trading against the pound underlines the potential of the biggest cryptocurrency to benefit from an apparent fragility in fiat currencies," analysts at Bitfinex said in an email. Read the full story here. |
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From crypto autodidacts to student blockchain clubs and even university PhD programs, we're witnessing a sea change as the emerging technology of blockchain becomes more popular and the masses seek to understand, program, operate and use it. Follow us all week as we track the changing education opportunities in blockchain, crypto and Web3. Why Would Anyone Take a College Course on Urbit? Neal Davis taught the first graduate-level seminar on the controversial computing platform Urbit. Here’s why. The Quick and Comprehensive Guide to Blockchain for Corporate Executives Companies are predicting blockchain will be key to driving innovation and economic growth. Here’s what business leaders need to know about the technology. |
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Biggest Gainers Biggest Losers |
Sector classifications are provided via the Digital Asset Classification Standard (DACS), developed by CoinDesk Indices to provide a reliable, comprehensive, and standardized classification system for digital assets. The CoinDesk Market Index is a broad-market index of digital assets, weighted by market capitalization. A full description of the methodology is here. |
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U.K. Google Search for Bitcoin |
The pound's slide is yet to spur general interest in bitcoin. |
The U.K. Google search volume for bitcoin remains flat amid heightened volatility in the British pound. The lack of interest in the general British populace may be disappointing for a bitcoin proponents anticipating a pickup in the hedging demand for the cryptocurrency. Bitcoin believers consider their favorite digital asset an antithesis of fiat currencies. Google Search trends are widely used to gauge general or retail interest in trending topics.
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Check out the CoinDesk TV show “First Mover,” hosted by Christine Lee, Emily Parker and Lawrence Lewitinn at 9 a.m. U.S. Eastern time. - Jack Mallers, CEO and founder, Strike
- Spencer Reeves, creative director, Space and Time
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The Investing in Digital Enterprises and Assets Summit reveals the most scalable and fastest-growing market opportunities in blockchain, digital assets, Web3 and the metaverse for traditional asset managers and institutional investors. Learn directly from the founders and developers pioneering breakthrough innovations that will drive large-scale adoption. Use code FM_20 for 20% off the General Pass. Register now. |
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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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