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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Welcome to Monday! Here's what's happening in crypto today: |
- Bitcoin falls for a fifth day.
- South Korea issues guidelines for regulating security tokens.
- Bankrupt FTX has asked for its donations back from U.S. politicians.
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CoinDesk Market Index (CMI): 1,093 −2.6%
Bitcoin (BTC): $22,872 −2.2%
Ether (ETC): $1,632 −1.9%
S&P 500 futures: 4,117.50 −0.7%
FTSE 100: 7,836.20 −0.8%
Treasury Yield 10 Years: 3.53% +0.1 |
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Bitcoin, the world's largest cryptocurrency, is trading down for a fifth straight day on Monday, the longest run since falling over six consecutive days in August last year. Bitcoin began to fall on Thursday after posting an upward trajectory in January, when it gained 40%, according to data from TradingView. Monday's drop comes as Wall Street equity futures and European stocks dipped following Friday's unexpectedly strong jobs report from the U.S. The rest of the crypto market was also trading in the red on Monday. |
Bitcoin daily chart. (TradingView) |
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Market Insight: Ethereum Activity Picks Up
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Ethereum has witnessed much healthier on-chain activity recently, with improved interest in non-fungible-tokens led by the launch of a mini-game by Yuga Labs, Bernstein said in a research report Monday. Daily fees on the blockchain have more than doubled since the start of the year from around $2 million to $4 million-$6 million, the report said. Ether has gained around 35%. Bernstein notes that ether inflation has remained negative for over two weeks, with the expectation of further deflation with more on-chain activity and demand. "We do believe BTC [bitcoin] and ETH remain relatively clean here and will see gradual conviction-based spot positioning," analysts Gautam Chhugani and Manas Agrawal wrote. |
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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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