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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Welcome to a new week! Here’s what you need to know today in crypto: |
- Bitcoin breaks a new all-time high above $71,000.
- Crypto trading volume soared in South Korea over the weekend.
- Mudrex is now offering U.S. spot bitcoin ETFs to investors in India.
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CoinDesk 20 Index: 2,717 +2.1%
Bitcoin (BTC): $71,788 +2.8%
Ether (ETC): $4,024 +1.9%
S&P 500: 5,123.69 −0.7%
Gold: $2,184 +0.2%
Nikkei 225: $2,184 +0.2% |
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Bitcoin (BTC) moved past $71,000 during the Asian hours, setting a new lifetime high. The leading cryptocurrency has been steadily rising since the approval of the spot bitcoin exchange-traded funds in the U.S. The token crossed $70,000 for the first time ever last week. Ether (ETH) also crossed $4,000 on Monday. Meanwhile, the broader CoinDesk 20 index (CD20) jumped nearly 1%. The rally has lifted the annualized three-month futures premium on major exchanges, including Binance, to above 25%. The elevated premium could attract cash and carry traders, boosting market liquidity. |
Rising bitcoin prices have revived a crypto trading frenzy in South Korea, with volumes on local exchanges crossing those in the local stock market last week. Local media reported that trading volumes on South Korea-based crypto exchanges totaled a record 11.8 trillion won (KRW) on Sunday, or $9 billion at the going USD-KRW exchange rate. These topped Friday’s South Korean stock trading volume of 11.47 trillion won, or $8.7 billion. This figure is the combined transaction amount of Korea’s five largest won markets, including Upbit (8.8 trillion won), Bithumb (2.7 trillion won), Coinone (176.4 billion won), Gopax (55.2 billion won), and Coinone (32 billion won). Indian cryptocurrency investment platform Mudrex plans to offer U.S. spot bitcoin exchange-traded funds (ETFs) to institutional and retail investors in India, CEO and co-founder Edul Patel said. “This is much more valuable to institutions, as this was already available to retailers,” Patel said in an interview with CoinDesk. Retail clients in the country could access spot-bitcoin ETFs through U.S. stock investing companies, but “as far as we know,” we are the first in India to offer this service to institutions, Patel said. “We are certainly the first Indian crypto platform to offer this service.” In the first phase, Mudrex will list four spot ETFs – BlackRock, Fidelity, Franklin Templeton and Vanguard. |
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Market Insight: ARK Invest Sold Nearly $150M Coinbase Shares |
Cathie Wood’s investment management firm, ARK Invest, sold over 580,000 shares of cryptocurrency exchange Coinbase (COIN) in the week ended March 8, worth $149.85 million at Friday’s closing price of $256.62. ARK sold COIN shares from three of its exchange-traded funds (ETFs): Innovation ETF (ARKK), Next Generation Internet ETF (ARKW), and Fintech Innovation ETF (ARKF). The total marks the largest offload of Coinbase stock by ARK since the week ended Feb. 16 when it sold shares worth $151 million at the time. It is also the second-highest weekly total since July 2023. |
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- The chart shows annualized funding rates in the bitcoin perpetual futures market.
- Funding rates spiked to to 276% on Deribit early Monday as prices surged to new record highs above $71,000.
- The elevated funding rate suggests an overheated market.
- Source: Velo Data
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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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