The latest moves in crypto markets, in context By Jamie Crawley, CoinDesk News Reporter Was this newsletter forwarded to you? Sign up here. |
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Happy Wednesday! Here’s what you need to know today in crypto. |
- Bitcoin rallied to over $59,000 during the early European morning.
- Celestia's TIA has jumped over 25% to $7.30 this week.
- BTC miners are attractive AI data center partners, Bernstein says.
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CoinDesk 20 Index: 1,989 +1.7% Bitcoin (BTC): $58,487 +1.7% Ether (ETC): $3,096 +0.3% S&P 500: 5,576.98 +0.1% Gold: $2,380 +0.9% Nikkei 225: $2,380 +0.9% |
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This week CoinDesk is publishing a "theme week" devoted to the emerging field of GameFi - or the fusion of Web3 gaming with decentralized finance. Here, to start off, is an interview with Catizen's Tim Wong about the runaway success of that game on TON and a second article about gaming on TON. (Note: Catizen is also the sponsor of the week). We'll have continuing coverage throughout the week. Catizen’s Tim Wong: 'We Are Here to Build a Business Ecosystem' The Chairman of the Catizen Foundation explains how the team behind the Web3 game attracted 23 million players, and how it hopes to build a lasting franchise. Move Over Hollywood: Why Gaming Is the New King of Entertainment To stay relevant in this dynamic environment, the entertainment industry must integrate emerging technologies like blockchain, or be satisfied with increasingly reduced engagement, says Yemel Jardi, co-founder of Decentraland. |
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Bitcoin rallied to over $59,000 early in the European morning, extending a recovery from below $54,000 at the start of the week. The rally could see BTC reclaim $60,000 but will be short-lived, Markus Thielen, founder of 10x Research, said. "The $55,000-$56,000 range is forming a base from a technical analysis perspective. However, given the medium-term technical damage, we anticipate no more than a short-term tactical bullish countertrend rally," Thielen wrote on Tuesday. At the time of writing, bitcoin was trading at just under $58,500, an increase of 1.7% in the last 24 hours. The broader digital asset market, as measured by the CoinDesk 20 Index, rose about 1.65%. |
Data availability blockchain network Celestia's native cryptocurrency, TIA, has jumped 25% to $7.30 this week, the biggest gain among the top 100 digital assets by market value. Traders seem skeptical about the surge and are taking bearish bets by shorting perpetual futures tied to the cryptocurrency, according to funding rates tracked by CoinGlass. Average funding rates across exchanges flipped negative over the weekend and have dropped to -0.1231% since then, reaching levels last seen in January. In other words, the bias for bearish bets is most pronounced in six months. Bitcoin miners are attractive partners to help build AI data centers due to their available power supplies and operating capabilities, broker Bernstein said in a research report on Tuesday. Recent AI deals including Core Scientific’s (CORZ) 12-year agreement with CoreWeave and Coatue Management’s $150 million investment in Hut 8 (HUT) have become key catalysts for the sector, the report said. Bernstein initiated coverage of miner Iris Energy (IREN) with an outperform rating and a $26 price target. The broker also initiated coverage of Core Scientific with an outperform rating and a $17 objective. CORZ and IREN were up around 3.5 and 6.5% respectively in pre-market trading. |
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Bullish Bitcoin Holds Steady After German State Saxony Moves $300M in BTC |
Bitcoin is holding steady around $58,500 amid German state Saxony's fresh movement of coins on-chain, having failed to keep gains above $59,000 hit during the Asian hours. The state began selling BTC in the second half of June and has since liquidated 30,997 BTC. Bitcoin has dropped over 15% in the past four weeks, with prices hitting a low of $53,550 at one point last week. The steady price action suggests the market is slowly getting comfortable with the divestment and potential selling by Mt. Gox creditors. "The spot Bitcoin ETFs are now seeing strong inflows again, indicating signs of a trend reversal. This is further supported by the RSI, which shows that the undersold level we highlighted a few days ago was seen as an opportunity by investors," Valentin Fournier, an analyst at BRN, said in an email. "We continue to expect positive news from [Thursday's U.S.] CPI, but we anticipate the Fed will delay rate cuts until September. Possible hawkish comments, as seen after the strong PCE on June 28, could lead the market to react as if inflation is not decreasing." |
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- The chart shows the top 10 meme coins by market value.
- Solana-based MONK has replaced dogwifwhat (WIF) as the fourth largest meme coin.
- BONK's treasury on Tuesday proposed to burn 84 billion coins, boosting its market value past WIF.
- Source: Coingecko
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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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