The latest moves in crypto markets, in context By Lyllah Ledesma, CoinDesk reporter Was this newsletter forwarded to you? Sign up here. |
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Happy Thursday! Here’s what you need to know today in crypto: |
- Bitcoin drops, Reuters report dashes ETH ETF hopes.
- BlackRock's BTC ETF snapped a 71-day inflow streak.
- Stablecoin bill could be ready for the U.S. House soon, according to Democrat Maxine Waters.
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CoinDesk 20 Index: 2,206 −6.0%
Bitcoin (BTC): $63,543 −4.3%
Ether (ETC): $3,087 −5.6%
S&P 500: 5,071.63 +0.0%
Gold: $2,341 +0.7%
Nikkei 225: $2,341 +0.7% |
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Bitcoin, the world’s largest cryptocurrency by market value, has dropped 4% over the last 24 hours to less than $64,000. Ether also saw a significant downside, losing 6%, and the CoinDesk 20 Index, a measure of the broader crypto market, lost 6% as well. Reuters reported that U.S. issuers expect the Securities and Exchange Commission to deny their applications to launch spot ether exchange-traded funds (ETFs) after discouraging meetings with the agency in recent weeks.In traditional markets, tech stocks declined after Meta failed to live up to high expectations for its first-quarter earnings report. |
BlackRock’s spot bitcoin exchange-traded fund (ETF), which trades under the ticker IBIT on Nasdaq, fell out of favor on Wednesday, preliminary data published by Farside Investors showed. For the first time since going live on Jan. 11, the fund did not draw any investor money, snapping a 71-day inflows streak. Seven of the other 10 funds followed IBIT’s lead. Fidelity’s FBTC and the ARK 21Shares Bitcoin ETF (ARKB) registered inflows of $5.6 million and $4.2 million, respectively, while Grayscale’s GBTC bled $130.4 million, leading to a net cumulative outflow of $120.6 million, the highest since April 17. U.S. House Representative Maxine Waters (D-California) indicated that the final version of a stablecoin bill could be ready soon. "We are on our way to getting a stablecoin bill in the short run,” the top Democrat on the House Financial Services Committee told Bloomberg on Wednesday. Waters has previously called a version of the stablecoin bill “deeply problematic and bad for America." “It’s about making sure investors and that the people are protected,” Waters told Bloomberg. “We have to ensure that they have those assets to back up stablecoins,” she said. The latest development strengthens hopes that the U.S. can get a new stablecoin law before the elections this year, which was considered a longshot at the start of the year. |
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Market Insight: Morgan Stanley May Soon Allow Brokers to Pitch Bitcoin ETFs to Customers |
Morgan Stanley (MS) is considering allowing its 15,000 brokers to recommend bitcoin (BTC) exchange-traded funds (ETF) to their customers, according to a report from AdvisorHub. The Wall Street giant opened up bitcoin ETF purchases after they were approved earlier this year. However, this was done only on an unsolicited basis. The bank is now looking to let its brokers pitch bitcoin ETFs directly to its customers, the report added. The move is a testament to the demand for the spot ETFs and could bring additional inflows into the funds. The ETFs allow the customers to reap the benefits of investing in the oldest cryptocurrency without direct exposure. |
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- The chart shows CryptoQuant's Coinbase premium index, which tracks the spread between bitcoin’s prices on the Nasdaq-listed Coinbase (COIN) exchange and the offshore giant Binance.
- The indicator shows bitcoin is again trading at a discount on Coinbase, reflecting a weaker net buying pressure from U.S. investors.
- Source: CryptoQuant.
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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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