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: |
- The VeChain altcoin leads crypto gains over the past seven days, rallying 65%.
- MicroStrategy’s bitcoin bet tops $4 billion in profit.
- Coinbase surges after beating analysts' fourth-quarter earnings estimates.
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CoinDesk 20 Index: 1,955 +0.1%
Bitcoin (BTC): $52,192 −0.4%
Ether (ETC): $2,826 +1.1%
S&P 500: 5,029.73 +0.6%
Gold: $2,019 +0.9%
Nikkei 225: $2,019 +0.9% |
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GBTC is now an ETF. Grayscale Bitcoin Trust ETF was first created in 2013 as the original Bitcoin fund helping investors gain secure and familiar access to Bitcoin. Today, GBTC is the world’s largest Bitcoin ETF with $26.6B in AUM as of 1/11/24, offering even more investors with convenient exposure to the world’s most popular cryptocurrency. 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) had a strong week, adding 11% in the past seven days, but altcoins surged even more, with some rallying in excess of 50%. The top gainer was VeChain’s VET, which climbed some 65%. VeChain is a blockchain that aims to improve supply-chain management and business processes for enterprises. Besides following bitcoin’s pump, the catalyst for VET’s surge is unclear, though the company announced earlier in the week that "Account Abstraction" had gone live, improving interoperability and unlocking programmable smart contract wallets. According to Kenny Hearn, chief investment officer at SwissOne Capital, the chain is a close second to Chainlink (LINK) in the on-chain oracle market. "VeChain meeting multiple X2Earn projects this past week must've given an extra kick of bullish sentiment to catalyze the move,” he said. Sei Network (SEI) rose almost 50% and ether, the second-largest cryptocurrency by market value, advanced 15%. |
With bitcoin's price rising to just shy of $53,000, MicroStrategy (MSTR), the largest corporate owner of the crypto, has seen its holdings climb above $10 billion, amassing a profit of more than $4 billion. According to the company’s most recent investor presentation, at the end of January the company held 190,000 bitcoins purchased for a total of $5.93 billion, or $31,224 per coin. MicroStrategy began acquiring bitcoin in second-quarter 2020, and has bought tokens every quarter since. In December last year, the company was sitting on a profit of nearly $2 billion, a figure that's doubled thanks to bitcon's more than 20% rally since the start of 2024. Coinbase (COIN) shares surged after the U.S.-listed cryptocurrency exchange beat analysts' estimates for fourth-quarter earnings and revenue, benefiting from soaring crypto prices. The company said it earned $1.04 per share, beating the average analyst estimate of $0.02 per share, according to FactSet data. Revenue of $953.8 million exceeded the analyst forecast of $826.1 million. Shares of the crypto exchange rose about 13% in post-market trading on Thursday after adding about 3% during the regular session. COIN shares had fallen about 4% this year, even as the price of bitcoin (BTC) surged about 23%. |
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Market Insight: Crypto Traders See 20% Chance of Bitcoin Topping $70K by April End |
There is a 1-in-5 chance of bitcoin (BTC) crossing $70,000 by the end of April, according to options data from decentralized marketplace Lyra Finance. "Lyra’s markets are implying a roughly 20% chance of bitcoin hitting fresh all-time highs (trading higher than $70,000) by April 26," Nick Forster, Lyra's founder and a former Wall Street options trader, told CoinDesk in an interview. Traders on Lyra had correctly positioned themselves for bitcoin’s recent move above $50,000. Their latest view – the low probability of a record move above $70,000 by the end of April – might be a surprise. |
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- The chart shows a collection of bid and ask orders in dollar terms within 2% of the mid-price across cryptocurrency exchanges.
- The ratio of asks to bids rose to the highest in over a year early this week.
- When the ask is higher than the bid, the price is more likely to move higher than lower.
- The ask is a price the seller is ready to accept, while the bid is a price the buyer is willing to pay.
- Source: Kaiko
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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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