The latest moves in crypto markets, in context By Lyllah Ledesma, CoinDesk news reporter Was this newsletter forwarded to you? Sign up here. |
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Happy Friday! Here’s what you need to know today in crypto: |
- Bitcoin extended its rally on Friday, crossing the $47,000 level.
- Cryptocurrency stocks also gain in pre-market trading.
- A JPMorgan survey found that 78% of traders aren't planning to trade cryptocurrencies.
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CoinDesk 20 Index: 1,778 +3.8%
Bitcoin (BTC): $47,303 +5.5%
Ether (ETC): $2,508 +3.5%
S&P 500: 4,997.91 +0.1%
Gold: $2,047 +0.7%
Nikkei 225: $2,047 +0.7% |
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Looking for the premier Bitcoin ETF? Look for Grayscale Bitcoin Trust ETF (Ticker: GBTC). GBTC is the world’s largest spot bitcoin ETF with $26.6B in AUM as of 1/11/24. It is also the world’s oldest Bitcoin fund, first created in 2013 to give investors secure and familiar access to Bitcoin. GBTC is managed by Grayscale, one of the only asset managers with a decade of experience operating a Bitcoin investment vehicle. Remember, Bitcoin investing begins with GBTC. Find ticker: GBTC in your brokerage account or ask your financial advisor today. Grayscale Bitcoin Trust (BTC) (the “Trust”) has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the Trust has filed with the SEC for more complete information about the Trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the Trust or any authorized participant will arrange to send you the prospectus (when available) if you request it by calling (833) 903 - 2211 or by contacting Foreside Fund Services, LLC, Three Canal Plaza, Suite 100, Portland, Maine 04101. Foreside Fund Services, LLC is the Marketing Agent for the Trust. An investment in the Trust involves risks, including possible loss of principal. The Trust holds Bitcoin; however, an investment in the Trust is not a direct investment in Bitcoin. Extreme volatility of trading prices that many digital assets, including Bitcoin, have experienced in recent periods and may continue to experience, could have a material adverse effect on the value of GBTC and the shares could lose all or substantially all of their value. |
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Bitcoin (BTC) rose for a fifth day, surpassing the $47,000 mark early Friday as the CoinDesk 20 Index (CD20), a gauge of the biggest cryptocurrencies, added 4%. The largest crypto by market cap reached a one-month high as East Asia ushered in its biggest festival of the year, the Chinese new year of the dragon, celebrating the start of what’s believed to be one of the luckiest periods according to the Chinese Zodiac. In Mandarin Chinese, the word for dragon is pronounced similarly to “long,” boosting memetic value among crypto traders. Some analysts predict the cryptocurrency will rise to $50,000 over the weekend. Others have said it might even reach $53,000-$55,000 before the cryptocurrency’s halving in April. |
Cryptocurrency-related publicly traded companies showed healthy gains in pre-market trading on Friday as bitcoin extended its rally. Bitcoin miner CleanSpark (CLSK) led the way, climbing almost 20% as of 10:15 UTC. The company reported fiscal first-quarter profit of $25.9 million on Thursday compared with a $29 million loss the year before. Riot Platforms (RIOT) and Marathon Digital Holdings (MARA) also rallied, adding 7% and 8% respectively. Mining stocks are a recommended entry point for bitcoin exposure ahead of the forthcoming halving, in which the reward miners earn for new coins is cut by 50%, broker Bernstein said. The firm picked CLSK and RIOT as its preferred stocks in a research report on Thursday. Banking giant JPMorgan's survey found that 78% of institutional traders aren't planning to trade cryptocurrencies in the next five years, and just a small group sees blockchain/distributed ledger technology (DLT) as the most influential technology in shaping the future of trading over the next three years. The bank interviewed over 4,000 institutional traders for its 2024 e-Trading annual survey, which covers upcoming trends and hot topics in the trading sector. The participants seemed less enthusiastic about blockchain technology in 2024 than in the previous two years. |
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Market Insight: DeFi Platform Pendle Nears $1B in TVL |
Pendle, a decentralized finance (DeFi) platform that offers yields in the form of tradable digital tokens, has reached $990 million in total value locked (TVL), according to DeFiLlama data. Pendle operates as a price discovery tool by separating DeFi investments into principal tokens (PTs) and yield tokens (YTs), allowing for the trading of future yields and principal on the open market, thus enabling investors to speculate on and lock in future yield rates. “The influx of interest in [Liquid Restaking Tokens] has been the main driver behind Pendle’s recent growth,” Pendle developer RightSide said in an interview on Telegram. |
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Grayscale is the world’s largest crypto asset manager*. We enable investors to access the digital economy through a family of regulated and future-forward investment products. Our decade-long track record and deep expertise as a crypto-specialist means that investors, advisors, and allocators turn to us for both investment insights and innovative products. Crypto investing begins with Grayscale. *By AUM as of 1/16/24. Investing involves risk and possible loss of principal. |
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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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