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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Happy Wednesday! Here's what you need to know today in crypto: |
- Bitcoin drops back below $43,000.
- NFT gains have outstripped ETH in January.
- Solana-based Jupiter is set to unveil its native token, JUP.
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GBTC is now an ETF. Grayscale Bitcoin Trust ETF was first created in 2013 as the original Bitcoin fund helping investors gain secure and familiar access to Bitcoin. Today, GBTC is the world's largest Bitcoin ETF with $26.6B in AUM as of 1/11/24, offering even more investors with convenient exposure to the world's most popular cryptocurrency. Bitcoin investing begins with GBTC. Find ticker: GBTC in your brokerage account or ask your financial advisor today. Grayscale Bitcoin Trust (BTC) (the "Trust") has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the Trust has filed with the SEC for more complete information about the Trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the Trust or any authorized participant will arrange to send you the prospectus (when available) if you request it by calling (833) 903 - 2211 or by contacting Foreside Fund Services, LLC, Three Canal Plaza, Suite 100, Portland, Maine 04101. Foreside Fund Services, LLC is the Marketing Agent for the Trust. An investment in the Trust involves risks, including possible loss of principal. The Trust holds Bitcoin; however, an investment in the Trust is not a direct investment in Bitcoin. Extreme volatility of trading prices that many digital assets, including Bitcoin, have experienced in recent periods and may continue to experience, could have a material adverse effect on the value of GBTC and the shares could lose all or substantially all of their value. |
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CoinDesk 20 Index: 1,642 −2.9%
Bitcoin (BTC): $42,655 −1.9%
Ether (ETC): $2,303 −0.4%
S&P 500: 4,924.97 −0.1%
Gold: $2,056 +1.2%
Nikkei 225: $2,056 +1.2% |
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Bitcoin drifted around the $42,500 level during the European morning after dipping below $43,000 during the Asian session. At the time of writing, BTC is trading around $42,580, down 2.25% in the last 24 hours. Bitcoin looks set to end the month roughly midway between its high of around $47,000, hit after the first spot BTC ETFs listed in the U.S., and the low of about $38,500, which it hit two weeks later. The CoinDesk 20 Index, which measures the performance of the top digital assets, is down 3.11%. Solana's SOL, Cardando's ADA and Avalanche's AVAX have been among the biggest decliners, down 6.7%, 5.4% and 6.2% respectively. |
Indexes tracking NFTs have risen almost 10% in January . Meanwhile ether, the cryptocurrency in which many of them are denominated, has gained just over 2%. The gains stand out because NFT prices in ether initially did not keep up with the cryptocurrency's year-end advance. Traders, however, seem to have changed their minds as the hunt for utility, or real-world uses, is on. NFT-focused VC firm Animoca Brands' founder, Yat Siu, told CoinDesk in an interview that he attributed the rally to the newfound maturity and diversity of the sector. "The majority of the speculators in the NFT space have left, which strengthened the foundation as the remaining people are genuinely interested," he said. Solana-based decentralized trading aggregator Jupiter will unveil its native token at 10.00 EST (15:00 UTC) with an initial circulating supply of 1.35 billion . With JUP-USD perpetuals trading at around 67 cents on Aveo this morning, the token could open with a market cap of around $700 million. Of the initial circulating supply of 1.35 billion, 1 billion coins are for airdrops, 50 million each for loans to market makers on centralized exchanges and liquidity pool needs, and 250 million for a launch pool. About 955,000 wallets that interacted with Jupiter before Nov. 2 are eligible for the airdrop, according to data source Airdrop Official. |
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Grayscale is the world's largest crypto asset manager*. We enable investors to access the digital economy through a family of regulated and future-forward investment products. Our decade-long track record and deep expertise as a crypto-specialist means that investors, advisors, and allocators turn to us for both investment insights and innovative products. Crypto investing begins with Grayscale. *By AUM as of 1/16/24. Investing involves risk and possible loss of principal. |
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Market Insight: Sui Becomes a Top 10 DeFi Blockchain in Less Than a Year |
Layer 1 blockchain Sui, created by the team that led Meta's Diem crypto project, climbed into the top 10 decentralized finance (DeFi) rankings Tuesday, less than a year after inception, the project said. The total value locked (TVL) has jumped by more than 1,000% in four months, catapulting the blockchain above more established incumbents such as Bitcoin and Cardano, as well as Coinbase's layer-2, Base. Sui is home to 22 DeFi protocols, two of which had a TVL of over $100 million and four protocols with more than $40 million each, according to DeFi Llama. The SUI price surged 109% in January, extending a two-month winning streak to hit a record-high $1.65, according to CoinDesk data. Sui's mainnet went live in May 2023. It's a layer-1 blockchain, much like Ethereum or Bitcoin, but with a specific type of proof-of-stake consensus named delegated proof-of-stake. Its native token, (SUI), is used for validator and delegator staking, to pay gas fees and as a right on governance. |
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- The chart shows annualized three- and six-month U.S. core PCE measures. The core PCE is defined as personal consumption expenditures (PCE), excluding food and energy prices, and is the Fed's preferred inflation gauge.
- Both measures have dropped below the Fed's 2% target, strengthening the case for renewed rate cuts by the central bank.
- The Fed is set to announce its rate decision later Wednesday. Dovish hints could bode well for bitcoin, analysts told CoinDesk.
- Source: Credit Agricole
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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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