The latest moves in crypto markets, in context By Lyllah Ledesma, CoinDesk Markets Reporter Was this newsletter forwarded to you? Sign up here. |
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Happy Friday. Here’s what matters in the crypto world today. |
- Fidelity opened up its waiting list for Fidelity Crypto.
- Twitter is killing plans to build a crypto wallet, pushing DOGE down 10%.
- Polygon's MATIC is showing some bullish chart patterns.
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● CoinDesk Market Index (CMI): 1,037.98 +2.72% ● Bitcoin (BTC): $20,576.64 +2.14% ● Ether (ETH): $1,580.09 +3.08% ● S&P 500 futures: 3,753.50 +0.69% ● FTSE 100: 7,294.10 +1.46% ● Ten-year Treasury yield: 4.16% +0.03 Bitcoin, ether and gold prices are taken at approximately 4pm New York time. Bitcoin is the CoinDesk Bitcoin Price Index (XBX); Ether is the CoinDesk Ether Price Index (ETX); Gold is the COMEX spot price. Information about CoinDesk Indices can be found at coindesk.com/indices. |
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Fidelity Investments has opened the waiting list for Fidelity Crypto, which will offer commission-free bitcoin and ether trading for retail users. Fidelity already offers crypto investing to institutional clients and previously issued a bitcoin exchange-traded fund (ETF) in Canada and has several crypto ETFs in the U.S., although spot-bitcoin ETFs are yet to be approved in the U.S. |
Justin Sullivan/Getty Images |
Twitter has halted its plans to build a crypto wallet, and, on cue, the price of dogecoin sank more than 10% following the announcement. The cancellation is part of a new roadmap being aggressively implemented by Twitter’s new owner, Elon Musk. The wallet is reportedly meant to enable users to deposit and withdraw their funds without relying on third-party services. Chaos ensnared Gala Games late Thursday, as fears of a potentially billion-dollar hack – or maybe a rug pull – drove its native GALA token down 20%, while a firm apparently related to the crypto play-to-earn platform said that they had actually effectively attacked themselves to prevent bad actors from absconding with users' money. |
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Market Insight: Crossing MATIC |
Polygon's native cryptocurrency, MATIC, is showing some bullish chart patterns in the wake of positive news. MATIC has jumped 30% in two days, reaching a six-month high of $1.15 on Friday. |
The MATIC/USD daily price chart, shown above, points to the 50-day simple moving average (SMA) crossing above the 200-day SMA, confirming what chart analysts call a golden crossover – where the recent average price is higher than the long-term average price, and a potential indicator of a major rally. The uptick could be attributed to Meta's announcement of a toolkit allowing users of Instagram to mint and sell Polygon-powered NFTs. Also possibly contributing to the price rise: This week JPMorgan successfully executed its first decentralized finance trade over Polygon. Read the full story by Omkar Godbole. |
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Chart of the Day: The Meta Effect |
- AR, the native token of the decentralized storage protocol Arweave, surged over 40% the past 48 hours thanks to Meta's decision to utilize the Web3 platform to archive Instagram creators' digital collectibles.
- The above chart shows open interest or the total dollar amount locked in futures tied to AR, which blew up 190% to $40 million in two days, indicating an influx of new money into the market.
- An increase in open interest, along with an increase in the underlying asset's price, is a strong indicator of a bullish trend.
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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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