The latest moves in crypto markets, in context By Jamie Crawley, CoinDesk news reporter Was this newsletter forwarded to you? Sign up here. |
|
|
It's Thursday! Here’s what you need to know today in crypto: |
- Bitcoin, ether consolidate recent gains.
- BlackRock, Grayscale, Bitwise remove staking provisions from ETF filings.
- Nvidia shares reach record high, signaling a potential rally for AI tokens.
|
|
|
CoinDesk 20 Index: 2,502 −0.5%
Bitcoin (BTC): $69,592 −0.8%
Ether (ETC): $3,836 +2.6%
S&P 500: 5,307.01 −0.3%
Gold: $2,368 −0.9%
Nikkei 225: $2,368 −0.9% |
|
|
A message from RockWallet |
New to crypto trading or seeking advanced tools? RockWallet is designed to elevate your trading experience! Our secure and intuitive platform makes managing your digital assets effortless. With RockWallet, you’ll have the confidence and security to navigate the crypto world with ease. For those looking for more, RockWallet PRO offers advanced features, low fees, and top-tier security—all within the same trusted wallet. Join the RockWallet community and transform your crypto journey with powerful features and unbeatable protection. Start trading smarter today! Try RockWallet now! |
|
|
Bitcoin (BTC) and ether (ETH) consolidated recent gains early this morning ahead of the SEC's decision on VanEck's spot ETH ETF application later today. BTC is little changed, down about 0.8% in the last 24 hours at $69,600, while ETH has risen nearly 2.75% to over $3,800. The wider digital asset market, as measured by the CoinDesk 20 Index (CD20) is down just over 0.5%. The general outlook for the two largest cryptocurrencies remains bullish. BTC and ETH options on derivatives exchange Deribit continue to reveal a bias for calls, or contracts that allow traders to profit from price rises, according to data tracked by Amberdata. |
BlackRock, Grayscale and Bitwise filed amended 19b-4 forms with the SEC for their proposed spot ether ETFs, removing the staking provisions some commentators said were causing regulatory roadblocks. Staking is the process of locking specific cryptocurrencies for a set period to help support the operation of a blockchain for a reward. These rewards are considered mainly passive income among crypto traders. All ether ETF hopefuls have now filed their amended proposals ahead of an approval or disapproval decision expected today. Fidelity filed earlier this week, with VanEck, Franklin Templeton, Invesco Galaxy and ARK 21Shares following suit. Hashdex is the only issuer yet to file an amendment to its Ethereum ETF. Shares in Nvidia reached a record high during Wednesday's post-market hours after the company beat analyst estimates to report record revenue of $26.04 billion for the first quarter. The rally might be a positive signal for cryptocurrencies, including tokens supposedly associated with AI technology. This is because, historically, the inflow of money into the crypto market and the so-called AI coins has been partly contingent on outsized gains in NVDA and the tech-heavy Nasdaq index. Top AI coins such as FET, ICP, RNDR and GRT traded mixed, having rallied in the lead-up to the NVDA announcement, according to data by CoinGecko. |
|
|
Market Insight: Ether Could Rally as Much as 60% After ETF Approval |
Approval of a spot ether ETF in the U.S. could see the token rally as much as 60% in the coming months, QCP Capital said in a broadcast on Telegram. The forecast is based on bitcoin's rise from $42,000 to $73,000 in the two weeks after BTC ETFs started trading on Jan. 11. "With Friday's implied volatility above 100%, the market is expecting fireworks," QCP said. "We think approval is now highly likely with trading expected as early as next week.” Implied volatility measures the market's expectation of future price fluctuations for a financial instrument. Buying activity increased on both centralized and blockchain-based crypto exchanges, on-chain analytics firm CryptoQuant said in a Wednesday report. Open interest on ether-tracked futures spiked in tandem to a record $14 billion. That's 67% of bitcoin open interest as of Wednesday, an unusually high level. “Traders seem to be getting more exposure now to ETH relative to Bitcoin,” CryptoQuant said. "The largest daily spot buying from ETH permanent holders so far in 2024." |
|
|
Get access to best-in-class on- and off-chain analytics tools powered by AI and understand where your Web3 audience is. Cookie3 is Google Analytics and Galxe in one. Tailored to Web3. Grow your reach through KOL rounds and referral campaigns with over 17K+ KOLs spanning a 400M+ audience. Find quality users with conversion potential based on their off- and on-chain quality measured in relation to your project and campaign needs. Over 250 projects trusted Cookie3, bringing down their marketing costs by up to 64%, eliminating bots from airdrops, automating KOL management processes, and increasing quality conversion. Cookie3 is a must-have for every Web3 founder, CEO, marketer, and CBDO.
Book a demo and get a 1-month free trial at cookie3.com. |
|
|
- The chart shows SOL's seven-day put options on Deribit are again trading at a premium relative to calls.
- Investors seem to be preparing for prices to fall in case the U.S. SEC rejects spot ether applications this week.
- A put option provides insurance against price drops.
- Source: Amberdata
|
|
|
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. |
|
|
|
