The latest moves in crypto markets, in context By Jamie Crawley, 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 in crypto today. |
- Crypto prices are muted to end the week.
- DOGE lifts 1% on the dismissal of a Musk lawsuit.
- Crypto startup raises $40 million for global stablecoin network.
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CoinDesk 20 Index: 1,891 −1.6% Bitcoin (BTC): $59,574 −0.6% Ether (ETC): $2,516 −1.5% S&P 500: 5,591.96 −0.0% Gold: $2,553 +1.1% Nikkei 225: 38,647.75 +0.74% |
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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 |
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Crypto prices were muted as the week drew to an end, with bitcoin 0.7% lower in the last 24 hours at $59,500. The broader digital asset market, as measured by the CoinDesk 20 Index, has dropped 1.5%. Bitcoin extended its week-long slide after last week’s rally, with major exchange-traded funds (ETFs) recording net outflows amid signs of waning demand. BTC is on track to end August at an 8% haircut (with one day to go), the steepest drop since April. Overall bitcoin demand growth remains low and has even turned negative in the last few weeks. |
Dogecoin is one of the few tokens to buck the trend, rising nearly 0.7%. A Manhattan judge dismissed a lawsuit that alleged Elon Musk and Tesla manipulated the price of DOGE by exploiting Musk's social media influence and public statements. Statements cited in the suit included his claims to "become Dogecoin's CEO," put a "literal Dogecoin in SpaceX and fly it to the moon," and that "Dogecoin might become the standard for the global financial system." Judge Alvin Hellerstein said the statements were "aspirational and puffery," not factual claims, and thus, no reasonable investor would rely on them. Crypto startup Bridge, which wants to build a global stablecoin-based payments network, recently raised $40 million in fresh funding, taking the total raised to $58 million. The startup, which was founded by Square and Coinbase alumni Zach Abrams and Sean Yu, aims to "enable companies to use a stablecoin rail without thinking about it," Abrams said in an interview with Fortune. Bridge, whose customers include SpaceX and Coinbase, aspires to become a Web3 version of payments processor Stripe, operating as a global payments system into which other developers can integrate seamlessly. Earlier this year, Stripe itself said it planned to add crypto payments through Circle's USDC stablecoin. |
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Market Insight: IBIT Sees Net Outflows for Only Second Time |
U.S.-listed BTC ETFs recorded net outflows on Thursday for the third consecutive day, losing a combined $71 million, SoSoValue data shows, in a sign of professional funds leaving the market. The biggest losers were Fidelity’s FBTC at $31 million and Grayscale’s GBTC at $22 million. However, a shock move for traders came as BlackRock’s IBIT – the world’s largest bitcoin fund by assets under management – recorded outflows of $13 million. That's only the second time the fund has posted net withdrawals. The other occasion was May 1, when BTC hit a local bottom of around $58,000. Bitcoin would then rise to over $67,000 over the course of the ensuing month. “Crypto had an uneventful week as BTC and ETH hovered around +/- 1.5% compared to last week's levels. ETF inflows remain subdued,” Augustine Fan, head of insights at SOFA, said in a weekly note to clients. “We expect market action to pick up after US Labour Day and into next week's NFP to kickstart a busy Fall season, and political headlines to start gaining importance." |
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- The chart shows that every single MSCI country stock index is currently above its 200-day moving average.
- When this figure surpasses 90%, it can be a signal for exuberant bullishness and thereby potential correction risks.
- Stock market movement can be seen as an indicator of crryptocurrency movement as the two are affected by many of the same factors.
- Source: MacroMicro
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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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