The latest moves in crypto markets, in context Was this newsletter forwarded to you? Sign up here. |
|
|
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 and ether prices had a flat weekend with little movement. Fantom's FTM token surges 20% on the day. Market Moves: Bitcoin’s 4-hour time frame price chart signals upside, according to one analyst. Feature: The seemingly dormant blockchain project Sparkster's apparent conversion of $22 million of ether into the stablecoin USDC – visible in blockhain data – is raising suspicions among some community members, CoinDesk’s Shaurya Malwa reports.
Today’s newsletter was produced by Parikshit Mishra and Bradley Keoun. Please let us know what you think by replying to this email. |
|
|
Bitcoin (BTC) is stuck trading in the $29,000-$30,000 range after an uneventful weekend. The world’s largest cryptocurrency by market capitalization dipped to lows of $28,900 on Saturday.
Ethereum is up 2.8% on the day, trading at around $3,000 after experiencing a relatively flat weekend.
Altcoins mostly traded in line with BTC’s flat performance over the weekend, apart from layer 1 project Fantom (FTM), which is outperforming. In traditional markets, stocks and the Chinese yuan advanced after President Joe Biden signaled he’d reconsider China tariffs imposed by the Trump administration. U.S. stock futures make a jump start to the week, with the Dow Futures up 340 points, S&P 500 Futures up 1.1% and the NASDAQ Futures up 1% on the day. |
|
|
Until the next U.S. Consumer Price Index data is released (in three weeks) and the next Federal Reserve meeting, sideways movement is expected in the crypto market, according to Florian Giovannacci, head of trading at Covario AG. Marcus Sotiriou, analyst at the UK based digital asset broker GlobalBlock, said in an email to CoinDesk that bitcoin has printed a higher high and higher low on the 4-hour time frame, which is considered a bullish indicator for continuation to the upside. |
Bitcoin's 4 hour price chart. (TradingView) |
Fantom’s FTM was up 20% over the last 24-hours, making it the top performer amongst major digital assets on the day. FTM is also up 48% over the last seven days.
Some analysts have attributed the uptick in Fantom to rumors that DeFi developer Andre Cronje might be returning to the project.
|
Fantom has risen more than 20% over the last 24 hours. (Messari) |
|
|
The SEC wants to hear from investors, like you. As part of Grayscale’s filing to convert Grayscale Bitcoin Trust (Symbol: GBTC) to an ETF, the SEC provides a 240-day review period for anyone to submit comments for consideration.If you support the conversion, write to the SEC by clicking here. Your submission matters because: We can level the playing field. To date, the SEC has only permitted Bitcoin Futures ETFs, while rejecting “physically-backed” or Spot Bitcoin ETFs. The choice should be yours. If you’ve been waiting for the familiarity and protections of a Bitcoin ETF, we believe you should not be forced into a Futures-based product simply because it’s the only one that exists. You can help take GBTC to the next level, conversion to an ETF. It’s already the world’s largest Bitcoin fund and regularly reports to the SEC on a voluntary basis as an SEC-reporting company. Learn more here. This information should not be relied upon as investment advice or a recommendation regarding any security. Visit here for important disclosures. |
|
|
The following are the biggest movers in the CoinDesk 20 digital assets over the past 24 hours: |
|
|
Biggest Gainers Biggest Losers There are no losers in CoinDesk 20 today. |
|
|
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 20 is a ranking of the largest digital assets by volume on trusted exchanges. |
|
|
ICO-Funded Project Sparkster Converts $22M in Ether to USDC After 3 Years, No Product |
The conversion in recent days of nearly $22 million of ether into the stablecoin USD coin (USDC) by the seemingly dormant blockchain project Sparkster has got some observers crying foul and calling on the funds to be blacklisted. Bizarre narratives and ideas claiming world-changing potential peaked at the height of the initial coin offering (ICO) boom in early 2018. While some projects went on to build legitimate products and ecosystems, others have yet to deliver. Sparkster looks to be in the latter camp. The project raised over $30 million in July 2018 in an ICO for what it described as a "no-code" software creation platform. The final tweet from the project’s Twitter account was in 2021 – a link to a demonstration of a supposedly upcoming product. Nothing has been communicated from that account since. The wallets holding the proceeds from the ICO suddenly became active this weekend, however, and by Monday they were sitting on over $22 million of the stablecoin USDC. The move is seen as unusual and is raising suspicions among some community members – especially in the absence of a public explanation from the Sparkster team. Link to full story: ICO-Funded Project Sparkster Converts $22M in Ether to USDC After 3 Years, No Product |
|
|
And check out the CoinDesk TV show “First Mover,” hosted by Christine Lee, Emily Parker and Lawrence Lewitinn at 9:00 a.m. U.S. Eastern time. Alexandre Lores, analyst, Quantum Economics Cheyenne Ligon, U.S. regulatory reporter, CoinDesk Marcus Sotirioua, market analyst, GlobalBlock Arpan Gautam, head of business, Dexterity Capital
|
|
|
Consensus 2022, the must-attend crypto and blockchain experience of the year, is heading to Austin, Texas, from June 9-12. This is the only festival showcasing and celebrating all sides of the blockchain and crypto ecosystems and their wide-reaching effect on commerce, culture and communities. Register now for the lowest price. |
|
|
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. |
|
|
|
