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 Tuesday! Here’s what you need to know today in crypto: |
- Solana’s SOL token leads the way in terms of gains in October.
- SBF’s defense team made a last-ditch bid to get ‘English Law’ detail in jury instructions.
- Quality bitcoin mining stocks offer good exposure to the next bull run, said Bernstein.
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CoinDesk Market Index (CMI): 1,332 +0.1%
Bitcoin (BTC): $34,490 −0.1%
Ether (ETC): $1,807 −0.3%
S&P 500: 4,166.82 +1.2%
Gold: $2,008 +0.6%
Nikkei 225: $2,008 +0.6% |
Solana’s SOL outperformed other top crypto assets in October with a 50% gain. SOL is also up over 250% year-to-date. The surge comes after last year’s downturn when investors speculated the future of Solana after the collapse of the ecosystem’s top backer, FTX, threw the blockchain’s future in disarray. The Solana community is currently hosting its annual conference Breakpoint in Amsterdam. According to a growth report on Solana by Messari, “if Solana’s growth story is to continue, a constant stream of new experiments will have to flood in, with a few grand slams finding product market fit.” Bitcoin witnessed a 23% gain in October after hitting a 16-month high of $35,000 on Oct. 23. Ether had a less impressive month, gaining just 3%. Chainlink’s LINK followed behind Solana with a 42% uptick over the same period. |
Sam Bankman-Fried’s attorneys are trying again to have the jury overseeing his trial consider the role of English law in governing FTX’s terms of service, hoping it may lead to a “not guilty” verdict on some of the fraud charges the exchange founder faces. “For misappropriation to have occurred, under the Government’s theory, there must have existed a trust, fiduciary relationship, or a similar relationship between FTX and its customers,” a filing including a proposed jury instruction said. The proposed jury instruction would tell the 12 individuals deciding Bankman-Fried’s fate that "FTX’s relationship with its customers was governed by the Terms of Service," which are "governed by ... English law.” An additional set of filings provides example cases from the U.K. Bitcoin (BTC) miners are evolving into industrial-scale enterprises, with North America gaining market share over China, broker Bernstein said in a research report on Monday as it initiated coverage of the sector in the U.S. Bernstein says it prefers Riot Platforms (RIOT), giving it an outperform rating and a $15.60 price target, and also rated CleanSpark (CLSK) outperform with a $5.30 price target. These miners are “market share consolidators with strong operational edge (self-mining model), low cost of production (low power cost), high liquidity and unlevered balance sheets,” wrote analysts Gautam Chhugani and Mahika Sapra. |
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Market Insight: Tokenized U.S. Treasury Market Grows Nearly 600% |
Tokenized versions of U.S. Treasuries grew nearly seven-fold in 2023 as competition between investment offerings and blockchain venues intensified. According to real-world asset (RWA) monitoring platform RWA.xyz, the tokenized Treasury market surged to $698 million as of Monday from around $100 million at the start of the year. The expansion was spurred by new entrants into the space and from existing platform growth, Charlie You, co-founder of RWA.xyz, noted in the Our Network newsletter. Existing protocols including Ondo Finance, Maple and Backed enjoyed a sizable increase over the past few months, RWA data shows. Meanwhile, new protocols launched just in September such as Tradeteq and TrueFi's Adatp3r offering attracted $4.5 million and $8.5 million deposits, respectively. |
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- The total value locked in layer 2 scaling solutions has hit a new record high of nearly $12 billion, surpassing the previous peak of $11.8 billion.
- Layer 2 networks accounted for two-thirds of transactions on Ethereum in the third quarter.
- Source: L2Beat
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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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