The latest moves in crypto markets, in context By Jamie Crawley, CoinDesk news reporter Was this newsletter forwarded to you? Sign up here. |
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Welcome to a new week! Here's what you need to know today in crypto: |
- Bitcoin starts the week above $34,000 as investors look to the Fed's interest-rate decision on Wednesday.
- Mainstream financial exchange CME is now the largest bitcoin futures exchange after Binance.
- Thai bank K-Bank said it bought 97% of crypto exchange Satang.
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CoinDesk Market Index (CMI): 1,331 +1.1%
Bitcoin (BTC): $34,528 +0.7%
Ether (ETC): $1,814 +1.3%
S&P 500: 4,117.37 −0.5%
Gold: $2,004 +0.8%
Nikkei 225: $2,004 +0.8% |
Bitcoin (BTC) has started the week in the same buoyant mood that saw it gain around 15% last week. The world's largest cryptocurrency has held steady above $34,000 in Asian and European trading hours, sitting at just over $34,500, up about 1% in the last 24 hours. The CoinDesk Market Index (CMI), a broad-based tracker of hundreds of tokens, is up around 1.4% on the day and over 11% in the past week. The crypto market's upward trajectory has been carried by enthusiasm at the prospect of a BTC spot ETF finally being approved in the U.S., though this week eyes may turn to the Fed's interest-rate decision. "While a pause seems the most likely scenario, with cuts seemingly still a while away, crypto watchers will no doubt be seeing this as another pivotal milestone as the crypto winter continues to thaw," Simon Peters, a markets analyst at eToro wrote in an emailed bulletin. Should crypto's rally hold firm against a neutral Fed announcement, it could be a sign of further thawing and of increased resilience in digital assets. |
The Chicago Mercantile Exchange (CME) is now the second-largest bitcoin futures exchange, with only Binance holding a greater market share, according to data from Coinglass. Notional open interest (OI) – the value locked in the number of active or open contracts – on CME reached $3.54 billion compared with Binance's $3.83 billion. Open interest in CME's cash-settled futures contracts surpassed 100,000 BTC for the first time and the exchange's share in the BTC futures market rose to a lifetime high of 25%. The ascent of a regulated, mainstream financial exchange is a sign for some observers that the recent rally in the crypto market is institutionally led. Thai bank Kasikorn, also known as K-Bank, said it has acquired a 97% stake in crypto exchange Satang at a valuation of 3.705 billion Thai baht ($102.8 million), a month after the creation of its $100 million fund targeting Web3 and fintech investments. Following the closure of the deal, Satang will be rebranded to Orbix, along with three new subsidiaries: Orbix Custodian, fund manager Orbix Invest and blockchain tech developer Orbix Technology. K-Bank rival Siam Commercial Bank has also been targeting inroads into the digital asset industry, last month inking a partnership with Hashed, one of Thailand's biggest Web3 investors. |
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Market Insight: Bitcoin Whales Take Charge as Number of $100K Transactions Surge |
Bitcoin whales were active in the recent rally that saw BTC rise above $35,000 for the first time in 18 months, according to data from blockchain analytics firm IntoTheBlock. The number of transactions on the Bitcoin network of at least $100,000 rose to 23,400 last week, the highest level this year. The volume of large transactions may be seen as a proxy for bitcoin appetite among those individuals and institutions with the capital supply required to influence market trends. "Transactions of over $100k had previously spiked in late June after Blackrock's ETF filing and have now surpassed that level as Bitcoin sets new yearly highs," IntoTheBlock said in a newsletter on Friday. "The recent rise in institutional activity might be a harbinger for what comes in 2024," Retail investors have also become more active in recent weeks, with Deutsche Digital Assets' data showing small entities' on-chain activity also reaching a year-to-date high last week. |
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- The year-on-year percentage change in the U.S. consumer price index from 2013 to date looks eerily similar to the 1970s.
- If history is a guide, inflation may rebound in the coming months, boosting demand for perceived store-of-value assets.
- Bitcoin, widely considered digital gold, is set to undergo its fourth mining reward halving in April next year. Reward halvings have historically presaged major bull runs.
- Source: Game of Trades
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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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