The latest moves in crypto markets, in context By Lyllah Ledesma, CoinDesk reporter Was this newsletter forwarded to you? Sign up here. |
|
|
Welcome to a new week! Here’s what you need to know today in crypto: |
- The crypto market begins the week on a positive note.
- Binance was charged with tax evasion by Nigerian authorities.
- The market remains fixated on spot ETFs, said Coinbase.
|
|
|
CoinDesk 20 Index: 2,596 +3.2%
Bitcoin (BTC): $66,840 +2.8%
Ether (ETC): $3,436 +2.0%
S&P 500: 5,234.18 −0.1%
Gold: $2,172 +0.7%
Nikkei 225: $2,172 +0.7% |
|
|
The crypto market began the week in the green as traders cheered BlackRock's foray into asset tokenization and the beginning of the global central bank easing cycle. Bitcoin (BTC), the world's largest digital asset, traded at $67,000, up 3% on a 24-hour basis, and ether traded 2.3% higher above $3,400. The CoinDesk 20 (CD20), a measure of the most liquid cryptocurrencies, was up around 3.2% at press time. Bradley Park, an analyst at CryptoQuant, attributes the gains to the market digesting BlackRock's fund targeting tokenized products (BUIDL) on Ethereum. Other tokens gaining on Monday were Internet Computer (ICP), which added 20%, Ondo Finance’s ONDO, rising 15%, and Near protocol (NEAR), also about 15% higher over 24 hours. |
Binance, the world's largest crypto exchange, was charged with tax evasion by Nigerian authorities as a weekslong standoff between the two parties intensified, local media outlets reported Monday, citing a statement from the country's tax watchdog. The charges, which also name two Binance executives detained by the government, were announced by the Federal Inland Revenue Service (FIRS) and filed at the Federal High Court in Abuja, one outlet reported. The exchange is being charged with four counts of tax evasion, including "non-payment of Value-Added Tax (VAT), Company Income Tax, failure to tax returns, and complicity in aiding customers to evade taxes through its platform." The cryptocurrency market remains fixated on spot bitcoin (BTC) exchange-traded fund (ETF) flows rather than fundamentals, as the recently approved products saw their first week of net outflows in two months, Coinbase (COIN) said in a research report on Friday. Coinbase noted that net outflows amounted to $836 million between March 18 and March 21. Bitcoin slipped below $63,000 last week as the outflows sped up. It was recently trading at around $66,800. There is little insight into what drove the surge in outflows from the Grayscale Bitcoin Trust (GBTC), which reached $1.83 billion in total over four days, the report said. |
|
|
Consensus is the biggest and most established hub for everything crypto, blockchain and Web3. Join us at the 10th annual Consensus May 29-31 in Austin, Texas for dialogue, discovery and dealmaking alongside developers, investors, startups, executives and more. Save 15% with code FM15. Grab your pass. |
|
|
Market Insight: Nobody Wants to Sell BTC |
Bitcoin's (BTC) price recently rose to new record highs above $70,000. Still, the real economic activity on the Bitcoin blockchain is limping along, not sprinting. The divergence partly represents strong holding sentiment in the market, according to one research firm. "Average on-chain transfer volume (USD Denominated) is well below the 2021 bull market peak. Hardly any value is being moved on-chain," analysts at Blockware Solutions said in the latest edition of the Blockware Intelligence newsletter. "Nobody wants to sell." Data tracking firm Glassnode defines transfer volume as the U.S. dollar value of the total BTC transferred on-chain. The metric considers only successful transfers. |
|
|
- The chart shows the number of new Solana-based tokens created per day.
- The daily count surged to nearly 10,000 early this month.
- The increased network activity, fueled by memecoins and politically-themed tokens, has users rushing to purchase the token to access the Solana ecosystem, 21Shares said.
- That's creating a reflexive demand for Solana's SOL token analogous to the impact on ETH during 2017's ICO craze, 21Shares added.
- Source: Solscan
|
|
|
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. |
|
|
|
