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 Thursday! Here's what's happening in crypto today: |
- Bitcoin reached $24.8K on Thursday, its highest level since August.
- Binance is reportedly bracing itself for fines from U.S. regulators.
- FTX transferred $7.7B from its Bahamian estate to U.S. units ahead of bankruptcy filing.
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CoinDesk Market Index (CMI): 1,154 +7.2%
Bitcoin (BTC): $24,532 +7.5%
Ether (ETC): $1,685 +5.9%
S&P 500 futures: 4,150.50 −0.2%
FTSE 100: 8,012.76 +0.2%
Treasury Yield 10 Years: 3.81% +0.0 |
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Bitcoin (BTC) surged more than 10% over the past 24 hours, moving to just shy of $25,000. The world's largest crypto ran to as high as $24,898 early Thursday, its strongest level since Aug. 15. It's since retreated to just under $24,500. Bitcoin in recent days had dipped below $21,600 amid growing investor concern over regulatory risk teamed with ideas that the U.S. central bank still had a long way to go to tame inflation. Investors, for now, appear to be shrugging off those concerns. |
As U.S. regulators continue to sniff around Binance, the world's largest crypto exchange is prepared to pay monetary penalties to "make amends" for past regulatory violations, according to The Wall Street Journal. The exchange grew quickly and was not initially aware of the myriad laws and regulations designed to prevent money laundering, sanctions evasion, and corruption, Binance Chief Strategy Officer Patrick Hillmann told The Journal on Wednesday. Binance expects to face fines, said Hillman, and is "working with regulators to figure out what are the remediations we have to go through now to make amends for [past violations]." FTX sent $7.7 billion in assets from the crypto company's Bahamian unit to its U.S. counterparts in the period leading up to its bankruptcy filing last year, a Delaware bankruptcy court was told during a Wednesday hearing. Court-appointed joint provisional liquidators in the Bahamas said that $5.6 billion was transferred from Bahamas unit FTX Digital's custodial accounts to U.S. entity FTX trading, while another $2.1 billion was transferred to FTX's U.S. trading arm, Alameda Research. FTX's new management reached a cooperation agreement in early January with court-appointed liquidators in the Bahamas to iron out disagreements and address the assets in dispute. |
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Market Insight: Bitcoin Primed to Rally to $56K? |
Bitcoin's recent bull move follows a prolonged consolidation at the bear market depths and has legs, according to Emerging Assets Group's William Noble. (William Noble/TradingView) |
Bitcoin (BTC) has rallied nearly 50% in the first seven weeks of the year, reaching a six-month high of $24,900, with outside forces like the sentiment in traditional markets largely supportive. Recently, the crypto market and Wall Street's tech-heavy Nasdaq index have grown resilient to the Federal Reserve's (Fed) angst and the resulting uptick in Treasury yields. One chart analyst expects a continued move higher that could see bitcoin more than double in value in the coming months. "Bitcoin is breaking out from a long basing formation," William Noble, director of research at Emerging Assets Group and former analyst at Goldman Sachs and Morgan Stanley, told CoinDesk. "There is a saying, the bigger the base, the higher into space," he continued. "Bitcoin may move from consolidation to another parabolic move back to $56,000," Noble said. |
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- The chart shows increased activity in bitcoin call options or bullish bets relative to puts or bearish options in the past 24 hours.
- Per Patrick Chu, director of institutional sales and trading at over-the-counter tech platform Paradigm, big call spreads, a bullish strategy, have been traded in the wake of Interactive Brokers' decision to roll out BTC, and ETH trading to professional investors in Hong Kong.
- "Animal spirits waking up in Asia," Chu tweeted while noting the bullish options market flows.
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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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Bitcoin Soars to Highest Level Since August