What happened today in crypto markets – and why Was this newsletter forwarded to you? Sign up here. |
|
|
Welcome to Market Wrap! I'm Bradley Keoun, here to take you through the latest news and insights on crypto markets. In today's newsletter: - Bitcoin price fell for a third straight day, nearing $20K.
- There was more carnage and recriminations in the crypto industry as big players cut jobs, fired executives, traded barbs and sold off assets to raise cash.
- Circle continues its push to park the reserves backing its USDC stablecoin at traditional banks, Krisztian Sandor reports.
Today's Market Wrap newsletter was produced by Jimmy He. |
Bitcoin (BTC) fell for a third straight day, drifting back down toward $20,000 and trading in sync with U.S. stocks. There was no shortage of drama in the news as the crypto industry continued to address the fallout from the recent carnage in digital-asset markets. The price of BTC is now trading at less than a third of its all-time high around $69,000 late last year. The CEO of the futures crypto exchange CoinFLEX accused the Bitcoin Cash supporter and noted investor Roger Ver of owing it $47 million in the stablecoin USDC. Ver had tweeted earlier Tuesday that "some rumors have been spreading" that he had defaulted on a debt to a counterparty; instead, he said, the counterparty "owes me a substantial sum of money." And after a report emerged that the crypto exchange Huobi Global might cut over 30% of its workforce, an official at the rival exchange OKX announced plans for the company to increase its headcount by 30%. "Over the past two weeks, we have seen the bear markets bringing out the worst," Walter Teng, digital-asset strategy associate at the independent investment research firm FundStrat, wrote in a newsletter. LINK rally fizzles Arcane Research, the Norwegian analysis firm, totted up a list of dismal indicators and predictions in a weekly report: - Prices for bitcoin mining machines "have fallen off a cliff" and are likely to keep falling, which means the miners may eventually have to "dump their orders" in the face of falling cash flows.
- Bitcoin spot-trading volumes have fallen by 59% over the past nine days.
- The growing industry woes are "leading to a vicious withdrawal cycle on other centralized lending platforms."
In digital-asset markets beyond bitcoin, the blockchain oracle project Chainlink's LINK rallied as much as 8% earlier after the Robinhood (HOOD) trading platform agreed to list the token. However, later in the day the rally fizzled and LINK was down 2.1%. In traditional markets, a sell-off in tech led U.S. stocks lower as a key index of consumer confidence dropped to a 16-month low on growing worries over high inflation. U.S. crude futures rose 2% in New York trading to $111.84 a barrel, and Group of Seven leaders discussed plans for capping oil prices. Gold slid 0.2% to $1,821 an ounce. |
●Bitcoin (BTC): $20,289 −3.1% ●Ether (ETH): $1,162 −3.6% ●S&P 500 daily close: 3,821.55 −2.0% ●Gold: $1,822 per troy ounce +0.0% ●Ten-year Treasury yield daily close: 3.21% +0.01 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. |
New York Community Bank to Hold Assets Backing Circle's USDC |
By Krisztian Sandor New York Community Bank, a New York State-based community bank that also has branches in New Jersey, Florida and Ohio, will serve as a custodian for some of the reserve assets behind the USD coin (USDC) stablecoin, Circle, USDC's issuer, said Tuesday. USDC has distinguished itself from stablecoin competitors by forging closer ties with traditional banks and reportedly being more conservative in the selection of reserves, holding only U.S. dollar-denominated cash and short-term U.S. government bonds. It's the second-largest stablecoin after Tether's USDT, with a circulating supply of $55 billion. USDC has taken market share from USDT since the implosion of the Terra blockchain. Earlier this spring, Circle announced that BNY Mellon (BK), one of the oldest and largest custodian banks in the U.S., would be the primary custodian for USDC reserves. NYCB is a relatively small bank, managing $61 billion in assets, according to its website. By comparison, BNY Mellon's assets under custody amounts to $45 trillion. Read the full story here. |
Biggest Gainers Biggest Losers |
|
|
- Axie Infinity restarts Ronin Bridge: Three months after an exploit saw some $625 million worth of cryptocurrencies stolen from the protocol, Axie Infinity's Ronin bridge has been restarted. Developers say the bridge has undergone an internal audit and two external audits. Read more here.
- Shiba inu (SHIB) and dogecoin (DOGE) lead seven-day returns: The two altcoins, SHIB and DOGE, rallied as bitcoin (BTC) and other major cryptocurrencies broke above resistance levels and stabilized over the weekend. Analysts say speculative investor behavior likely led to meme coins outperforming major cryptocurrencies. Read more here.
- LINK rallies: Chainlink's LINK currency rallied by about 8% Tuesday following its listing on online brokerage platform Robinhood (HOOD). It was the first time Robinhood has listed a new token since mid-April. Read more here.
|
|
|
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. |
|
|
|
No comments:
Post a Comment