Plus, Binance to allow institutional investors to keep collateral off exchange
The latest moves in crypto markets, in context By Lyllah Ledesma, CoinDesk reporter Was this newsletter forwarded to you? Sign up here. |
|
|
Welcome to Monday! Here’s what's happening in crypto today: |
| Bitcoin climbed above the $21,000 mark in early trading hours. Binance will allow institutional investors to keep their collateralized crypto off the platform. The Department of Justice objects to FTX’s choice of lawyers. |
Want our 5 p.m. ET market update? |
|
|
CoinDesk Market Index (CMI): 1,001 +0.7%
Bitcoin (BTC): $20,860 +0.8%
Ether (ETC): $1,545 +0.9%
S&P 500 futures: 4,008.50 −0.2%
FTSE 100: 7,856.94 +0.2%
Treasury Yield 10 Years: 3.51% +0.1 |
|
|
Bitcoin, the largest cryptocurrency by market capitalization, briefly reached the $21,000 mark for the first time since the FTX collapse in early November on Monday in early trading hours. The cryptocurrency has since retreated slightly, and is trading around $20,880. Ether also made gains over the weekend and is trading up 17% over the last seven days. While crypto assets surged on Monday, U.S. futures slipped. European stocks rose. |
Bitcoin daily price chart (CoinDesk) |
Binance will allow institutional investors to keep their collateralized crypto used for leveraged positions off the platform, Bloomberg reported on Monday. The exchange will let investors post collateral with Binance Custody, which will hold the assets off the internet in cold storage wallets, the report added. The U.S. Trustee has voiced objections to FTX hiring New York law firm Sullivan and Cromwell, citing conflict of interest, in a Jan. 13 legal filing. The complaint echoes those made by a bipartisan grouping of U.S. Senators and by the crypto exchange’s founder Sam Bankman-Fried, and expresses concern the firm might tread on the toes of future work by an independent examiner. |
|
|
Market Insight: Bitcoin Options Flip
|
Expectations for bitcoin's (BTC) price over the next six months have turned positive after a long time, in another sign of confidence in the cryptocurrency's latest bull revival. Bitcoin's 180-day call-put skew has crossed above zero for the first time since the start of 2021, indicating that bullish call options expiring in six months have become pricier than bearish put options, according to chart sourced from digital assets data provider Amberdata. The skew measures the price for calls relative to puts and is a good measure of the consensus for six months ahead, as both institutions and retail investors use options to speculate and hedge against future shifts in the price of the cryptocurrency. |
|
|
| The chart shows cryptocurrencies outperformed stocks and commodities by a significant margin last week. The safe-haven U.S. dollar depreciated, while government bonds were the worst-performing asset class.Crypto's outperformance comes after nearly two months of FTX-induced panic that saw market leaders bitcoin and ether wilt amid the risk revival on Wall Street. |
Consensus 2023 is a call to action for developers, investors, founders, policymakers, brands and others to come together and find solutions to crypto's thorniest challenges and finally deliver on the technology's transformative potential. Use code FM15 for 15% off your pass. Register now. |
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. |
|
|
|
