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 Thursday! Here’s what you need to know today in crypto: |
- Bitcoin appears strong as Japan and U.K. economies shrink.
- Ether rises to levels not seen since May 2022.
- Telefonica partners with Chainlink to ensure security against hacks and exploits.
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CoinDesk 20 Index: 1,951 +1.6%
Bitcoin (BTC): $52,330 +1.2%
Ether (ETC): $2,793 +1.6%
S&P 500: 5,000.62 +1.0%
Gold: $2,009 +0.9%
Nikkei 225: $2,009 +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) rose 1.5% on Thursday as two of the world's largest economies said they slipped into recession at the end of last year. Ether, the second-largest cryptocurrency by market value, added a similar amount. Impressive inflows into spot bitcoin exchange-traded funds (ETFs) are persuading analysts to anticipate a bull cycle in the next 1-2 years. Cryptocurrencies tend to remain resilient even as global economies struggle. The U.K.'s Office for National Statistics said gross domestic product (GDP) shrank 0.3 percent in the last three months of 2023. Japan lost its spot as the world’s third-largest economy to Germany after the nation unexpectedly slipped into a recession. |
The ether price rose through $2,700 for the first time since May 2022 as traders bet on the possibility of a spot ETH exchange-traded fund approval in the U.S., a move that could boost its institutional appeal. As of Thursday, Franklin Templeton, BlackRock, Fidelity, Ark and 21Shares, Grayscale, VanEck, Invesco and Galaxy, and Hashdex, had all submitted applications for an ether ETF. The firms already offer spot bitcoin ETFs, which were introduced mid-January. Since then, the funds have accumulated $11 billion worth of BTC and helped propel the price of the largest cryptocurrency through $52,000. One of the world's largest telecommunication services providers, Telefónica (TEF), is partnering with decentralized oracle network Chainlink (LINK) to ensure security against Web3-related hacks and exploits , including "SIM Swap" attacks. The partnership will provide security for smart contracts that will connect with other Application Programmable Interfaces (APIs) on the "GSMA Open Gateway," according to a statement published on Thursday. GSMA – an organization that consists of over 1,000 mobile operators and businesses – started the GSMA Open Gateway, which introduced APIs to help bring telecom technologies onto the Web3 ecosystem, the statement said. |
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Market Insight: Jump in Ether's RSI Warrants Your Attention |
Crypto traders may want to pull up ether’s (ETH) relative strength index (RSI) on their screens as the popular technical analysis tool is signaling uptrend acceleration ahead. RSI, developed by J. Welles Wilder, is a momentum indicator that measures the speed and change of price movements over a set period, usually 14 days or 14 weeks. The indicator oscillates between 0 and 100, with readings above 70, indicating strong upward momentum rather than "overbought" conditions, as popularly perceived. Readings below 30 show strong downward momentum. |
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- The chart shows the probability of a global economic recession based on key indicators like consumption, employment, manufacturing, finance and raw materials.
- The recession probability has dropped to 22%, the lowest since December 2021.
- Dwindling recession fears support risk-taking across all corners of the financial markets, including cryptocurrencies.
- Source: MacroMicro
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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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