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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Happy Tuesday! Here’s what you need to know today in crypto: |
- Venezuela is looking to Tether as a means to bypass new U.S. sanctions.
- Shiba Inu raised $12 million in a token sale to build a privacy-focused blockchain.
- FalconX has introduced a new prime brokerage service.
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CoinDesk 20 Index: 2,328 −0.2%
Bitcoin (BTC): $66,176 +0.1%
Ether (ETC): $3,178 −1.1%
S&P 500: 5,010.60 +0.9%
Gold: $2,318 −0.6%
Nikkei 225: $2,318 −0.6% |
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Venezuela's state-owned oil company, PDVSA, is looking to Tether (USDT) as a means to bypass new sanctions placed on it by the United States, Reuters reported. PDVSA is reportedly trying to integrate more usage of USDT as a hedge against the freezing of foreign bank accounts. Tether is the world's largest dollar-pegged stablecoin. Tether did not respond to a request for comment by CoinDesk by press time. Reuters reported that PDVSA uses intermediaries when trading crypto in order to obfuscate the on-chain trail. |
Shiba Inu, the Ethereum-based ecosystem represented by the second-largest canine-themed token SHIB, raised $12 million in a token sale round for building its privacy-focused blockchain, according to a Monday press release. The list of investors participating in the round are Comma 3 Ventures, Big Brain Holdings, Cypher Capital, Shima Capital, Hercules Ventures, Animoca Brands, Morningstar Ventures, Woodstock Fund, DWF Ventures, Polygon Ventures, Stake Capital, Illuminati Digital Capital, Primal Capital, Mechanism Capital and Spirit Dao, who all purchased the new network's upcoming utility and governance token TREAT. The deal was completed by Shiba Inu Mint S.A., an ecosystem development firm incorporated in Panama, the press release added. Cryptocurrency trading firm FalconX has introduced a new prime brokerage service to allow institutions to trade on exchanges while their funds remain in regulated, bankruptcy-remote custody. FalconX’s Prime Connect, unveiled on Tuesday, also includes post-trade settlement, institutional-grade credit, and portfolio margining, the company said in a press release shared with CoinDesk. Deribit, the world's leading crypto options exchange, is the first to integrate FalconX's prime broking and custody solution. In the wake of FTX's collapse, the cryptocurrency industry has realized the need to keep client assets in custodial setups that are completely segregated from those of exchanges, brokers, and trading firms. |
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Market Insight: Bitcoin's Post-Halving Demand to Be 5x Greater Than Supply |
Bitcoin's (BTC) recent mining reward halving has altered the market in such a way that it could potentially lead to the cryptocurrency's demand being five times greater than that of its supply, according to the latest projection by analysts at the crypto exchange Bitfinex. On Saturday, the per-block reward paid to miners was cut in half to 3.125 BTC from 6.25 BTC. Per Bitfinex, the halving of rewards means the notional value of the total number of new coins added to the supply daily could drop to $30 million. That's a significant decrease, equating to five times less than the average daily demand for the U.S. bitcoin spot ETFs. "With the daily issuance rate declining post-halving, we estimate that the new supply added to the market (new BTC mined) would amount to approximately $40-$50 million in USD-notional terms based on issuance trends. It is expected that this could possibly drop over time to $30 million per day, including active and dormant supply as well as miner selling, especially as smaller miner operations are forced to shut down shop," analysts at Bitfinex said in a report shared with CoinDesk. |
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- The chart shows the yield on the two-year U.S. Treasury note has risen to nearly 5%, the highest since mid-November.
- If the yield exceeds 5% for an extended period, risk assets like stocks and cryptocurrencies, could fall out of investor favor.
- Source: TradingView.
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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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