The latest moves in crypto markets, in context By Lyllah Ledesma, CoinDesk Markets Reporter Was this newsletter forwarded to you? Sign up here. |
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Good morning. Here's what's moving in crypto today: |
- Ether has surged over the past week, beating bitcoin by a country mile.
- Dogecoin is having a moment in the wake of Elon Musk’s Twitter acquisition.
- Hong Kong is getting friendlier to digital assets.
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● CoinDesk Market Index (CMI): 1,041.51 +1.17% ● Bitcoin (BTC): 20,733 +0.0% ● Ether (ETH): $1,624 +1.49% ● S&P 500 Futures: 3,893 -0.23% ● FTSE 100: 7,056.62 +0.13% ● US 10 Year Treasury Yield: 4.045% +0.028 CMI, BTC, ETH prices mark the 24hr change; S&P and FTSE are since Friday close |
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Ether (ETH) rallied 16% last week, registering its biggest weekly gain since July. It appears that Ethereum’s recent technological overhaul (aka the “Merge”) is beginning to have a bullish effect on the token price.ETH rose over 16% in the seven days up to Sunday, topping bitcoin's (BTC) 5% rise. Furious dogecoin trading over the weekend saw the shiba inu-themed coin reach a market capitalization of over $10 billion, almost doubling its value over what it was a week ago and making it one of the most liquidated coins among futures that track major cryptocurrencies. Dogecoin futures racked up over $89 million in liquidations since Friday, the same day Elon Musk — the self-proclaimed “dogefather” — confirmed his purchase of social network Twitter (TWTR). |
Hong Kong is warming up to digital assets, according to a statement the city’s Legislative Council released to kick off FinTech week. The government is “open to the possibility” of virtual-asset exchange traded funds as well as tokenized securities, the statement says, pledging to protect investors with the right regulatory framework. The government says it’s ready to engage with virtual-asset service providers and invite them to the city. |
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Market Insight: HUSD's Troubles |
Shortly after crypto exchange Huobi delisted its stablecoin HUSD, the value of the coin fell dramatically from its $1 peg. HUSD is down 72%, dropping to a low of 28 cents following the delisting on Friday. Huobi said users can still exchange HUSD for tether (USDT), which is also a stablecoin. HUSD’s fall comes in the wake of a shake-up in the stablecoin sector, which began months ago with the collapse of terra USD (UST) and the implosion of the $60 billion Terra ecosystem. It’s not the first sign of trouble for HUSD, which is issued by Stable Universal – it began to fluctuate away from its peg during the summer. HUSD has a market cap of $63 million, down from its all-time high of over $1 billion in 2021. Read the full story by Oliver Knight. |
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Chart of the Day: ETH in Motion |
- The above chart shows ether's daily price action going back to September 2021.
- Ether has recently outperformed bitcoin on the back of positive changes in demand-supply dynamics and now looks set to rise past a descending trendline, characterizing the 12-month bear market.
- A breakout may bring more chart-based traders to the market.
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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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