The latest moves in crypto markets, in context By Lyllah Ledesma, CoinDesk reporter Was this newsletter forwarded to you? Sign up here. |
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Welcome to Thursday! Here’s what's happening in crypto today: |
- Two U.S. senators propose a bill to crack down on crypto money laundering.
- Cathie Wood buys on Coinbase’s dip.
- PayPal teams up with MetaMask.
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CoinDesk Market Index (CMI): 876 −1.4%
Bitcoin (BTC): $17,719 −0.8%
Ether (ETC): $1,290 −3.0%
S&P 500 futures: 3,959.25 −1.0%
FTSE 100: 7,462.50 −0.4%
Treasury Yield 10 Years: 3.5% +0.0
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U.S. Sens. Elizabeth Warren (D-Mass.) and Roger Marshall (R-Kan.) have introduced a bill to crack down on money laundering and financing of terrorists using cryptocurrencies. If it becomes law, the Digital Asset Anti-Money Laundering Act would bring know-your-customer rules to crypto participants such as wallet providers and miners and prohibit financial institutions from transacting with digital-asset mixers, which are tools designed to obscure the origin of funds. |
Cathie Wood’s ARK Invest continues to buy on Coinbase’s dip, adding $3.2 million of the crypto exchange’s shares to its portfolio. The investment firm now holds 5.8 million shares. This comes on top of two recent purchases, as the fund increases its holdings of the stock while the share price hits all-time lows. Year to date, the stock is down nearly 84%, underperforming bitcoin, which is down 61%. ARKK is down 64%. PayPal is integrating its buy, sell and hold crypto services with the MetaMask wallet. The partnership between the payments firm and MetaMask developer ConsenSys is intended to enable users to select their PayPal accounts as a payment option to buy ether on the MetaMask app. MetaMask hopes the offering will help bring more users into the Web3 ecosystem at a time when the sector is looking for a way forward during the crypto winter. |
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Market Insight: Telegram Sends Toncoin Up |
Messaging app Telegram recently unveiled a new privacy-boosting feature, lighting a fire under toncoin (TON), the native token of the decentralized layer one blockchain The Open Network, formerly known as Telegram Open Network. On Dec. 6, Telegram announced that users can purchase an anonymous number on the Telegram founder's Fragment blockchain with toncoin. Users can then use the unknown number to sign up for Telegram, bypassing the need to use a SIM card to apply for the service as previously required. Other end-to-end messaging applications like Signal and WhatsApp still require users to use their own mobile numbers. TON has rallied 30% since the official announcement. Bitcoin, the leading cryptocurrency by market value, has gained 4.5% during the same period, CoinDesk data shows. |
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- The chart shows correlations between the year-over-year change in the price of bitcoin and backward-looking inflation measures like the Consumer Price Index, Producer Price Index, forward-looking metrics like University of Michigan inflation expectations, the five-year break-even rate, the M2 money supply and S&P 500 and Case-Shiller housing index.
- Bitcoin closely tracks inflation expectations and appears to be negatively correlated to core CPI, real estate prices and M2 money-supply changes.
- "Bitcoin changes are leading changes in realized CPI inflation and appear to be more correlated to changes in inflation expectations," analysts at Deutsche Digital Assets wrote in a deep dive published early this month.
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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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