The latest moves in crypto markets, in context By Krisztian Sandor, CoinDesk Markets Reporter Was this newsletter forwarded to you? Sign up here. |
|
|
Happy Monday! Here’s what you need to know in crypto to start the week. |
- Crypto prices bounce after Fed Chair Powell's Jackson Hole symposium.
- AI tokens lead gains ahead of Nvidia earnings report.
- U.S. spot bitcoin ETFs saw over $250 million inflows amid strong trading volume
|
|
|
CoinDesk 20 Index: 2,077 +0.3%
Bitcoin (BTC): $63,982 −0.0%
Ether (ETH): $2,745 −0.5%
S&P 500: 5,634.61 +1.1%
Gold: $2,557 +1.9%
Nikkei 225: 38,110 -0.7% |
|
|
Meet ETHA, The iShares Ethereum Trust ETF. ETHA enables investors to access Ethereum, the second-largest cryptocurrency, within a traditional brokerage account.1Learn More 1 Source: The Block, as of May 21, 2024. Ethereum’s market capitalization, which stands at $450 billion is measured using its native token, ether. For an ETHA prospectus, click here iCRMH0824U/S-3782218 |
|
|
Bitcoin traded near $64,000 early Monday, briefly hitting $65,000 over the weekend boosted by Federal Reserve Chair Jerome Powell's dovish remarks at the Jackson Hole symposium. On Friday, Powell signaled that an interest rate cut might be coming in September. Solana showed relative strength among crypto majors, up 3% over the past 24 hours, shrugging off diminishing odds of a SOL-based spot ETF in the U.S. The broad-market benchmark CoinDesk 20 advanced 0.6% during the same period. The recovery of crypto prices was supported by a strong stablecoin expansion, with $1 billion of tokens minted at a 7-day average, 10x Research founder's Markus Thielen noted. "Technically speaking, it’s looking more and more like we are in a bullish consolidation ahead of the next big push higher," Joel Kruger, market strategist at LMAX group said in a Monday report. "This would translate to bitcoin making fresh record highs and ETH breaking out to another yearly high on its way to challenge its own record high from 2021." |
Toncoin plummeted following the weekend arrest of Telegram CEO Pavel Durov. Durov's arrest stems from a warrant issued by France's OFIM, an office that works to prevent violence against minors, as part of a complaint into Telegram's lack of moderation and cooperation with law enforcement. Telegram said in a statement that it is compliant with all EU laws. TON was trading $5.6 early Monday, nearly 17% down since Durov's arrest. The network was originally started by Telegram before spinning out due to regulatory pressure. Spot bitcoin ETFs booked $250 million inflows on Friday amid Powell's remarks. The inflows happened amid strong trading activity, with the eleven products notching over $3 billion in trading volume, the highest in more than a month. BlackRock's IBIT and Fidelity's FBTC led in inflows, while Grayscale's GBTC experienced outflows. |
|
|
Market Insight: AI Tokens Lead Crypto Market Ahead of Nvidia Earnings |
Artificial intelligence (AI) tokens led the market on Monday, as traders in Asia poured money into FET, the token of the 'Artificial Superintelligence Alliance', as well as Bittensor’s TAO. The move into AI tokens comes ahead of Nvidia's widely anticipated earnings on August 28. FET is up 8.8% as of early afternoon Hong Kong time, while TAO is up 4.7%. Historically, Nvidia has been a bellwether for the growing AI token space with tokens edging up in anticipation of its earnings. Analysts polled by FactSet expect this quarter's earnings per share to be a blockbuster event with earnings of 65 cents per share, a 141% increase from the previous year, with revenue expected to reach $28.72 billion, up 113%. This would be Nvidia's fifth consecutive quarter of triple-digit growth, with the tech sector expected to perform strongly throughout the rest of the year given that the Fed will likely cut rates in September. |
|
|
- Digital asset exchange-traded products saw $533 million of inflows last week, CoinShares' James Butterfill reported.
- That was the largest inflow in five weeks, underpinning the recovering investor sentiment since the August 5 crash.
- Bitcoin was the primary focus, seeing US$543m of inflows, with the majority of those inflows recorded on Friday, while Ethereum funds saw $36 million in net outflows during the week.
- Source: CoinShares
|
|
|
Since 2015, Consensus has set the stage for the most pivotal moments in digital assets, blockchain and Web3. Now, this unparalleled event is coming to Hong Kong. Join global leaders from East and West as they gather for groundbreaking discussions, key announcements and game-changing deals. Don’t miss your chance to be part of the event that defines the next era of innovation.
Register todaybefore prices increase and use code FM15 for an additional 15% off.
|
|
|
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. |
|
|
|
