The latest moves in crypto markets, in context By Lyllah Ledesma, CoinDesk reporter Was this newsletter forwarded to you? Sign up here. |
|
|
Happy Friday! Here's what you need to know today in crypto: |
- BlackRock files paperwork with the SEC for the formation of a spot bitcoin ETF.
- Polygon's MATIC posted the worst weekly losses amongst altcoins.
- Binance leaves the Netherlands.
|
|
|
CoinDesk Market Index (CMI): 1,090 +2.1%
Bitcoin (BTC): $25,489 +2.0%
Ether (ETC): $1,665 +1.4%
S&P 500 futures: 4,432.25 +0.1%
FTSE 100: 7,656.33 +0.4%
Treasury Yield 10 Years: 3.73% −0.1 |
|
|
Whether you are a crypto expert or a newcomer to the world of digital currencies, PayPal provides a secure and convenient platform for converting dollars into crypto. Start exploring new web3 applications with peace of mind knowing that PayPal has your back. Buy, Sell, Hodl, Transfer, Send and Checkout with Crypto. All with PayPal.
Get Started at paypal.com/crypto – Terms and conditions apply.
|
|
|
The iShares unit of fund management giant BlackRock (BLK) filed paperwork Thursday afternoon with the U.S. Securities and Exchange Commission (SEC) for the formation of a spot bitcoin (BTC) ETF. To be named the iShares Bitcoin Trust, the fund's assets will "consist primarily of bitcoin held by a custodian on behalf of the Trust," according to the filing, which said that the custodian will be crypto exchange Coinbase (COIN). Though approving a number of futures-based bitcoin ETFs, the SEC has notably rejected other fund management company attempts at opening a spot bitcoin ETF, including those from Grayscale, VanEck, and WisdomTree. |
Altocoins suffered losses over the last week, with the tokens called out as securities in the SEC's lawsuits against Binance and Coinbase witnessing some of the worst drops. Among them is Polygon's MATIC which is down 19% for the week even after posting a gain early Friday. Avalanche's AVAX lost 17% and Solana (SOL) 15%. Ether, unmentioned in the suits, held up slightly better, losing 9%. Bitcoin declined 3% for the week, though it's higher by 2% over the past 24 hours to the current $25,500. |
Binance, the world's largest cryptocurrency exchange, is leaving the Netherlands, after failing to persuade the Dutch regulator to issue a virtual asset service provider (VASP) license, which attests that it meets anti-money laundering (AML) guidelines. As of July 17, Dutch residents will only be able to withdraw their funds from the platform, according to a statement from the exchange. "We regret to announce that Binance is leaving the Dutch market," Binance said on its website. "This unfortunately means that no new users residing in the Netherlands will be accepted as of today … No further purchases, trades or deposits will be possible. We encourage those users to take appropriate action by withdrawing assets from their accounts." |
|
|
Market Insight: Trading Volumes Drop in Q2 |
Crypto trading volumes have hit yearly lows throughout the second quarter as market makers scale back on trading, according to data from Kaiko. Average daily volumes for Q2 2023 were $10 billion for the top 10 tokens (excluding stablecoins), compared to $18 billion in average daily volumes in the first quarter of the year. This comes as a regulatory crackdown has heightened in the last month, perhaps prompting traders and market makers to pull back. Last week, Binance and Coinbase, two of the largest cryptocurrency exchanges, were the targets of lawsuits from the U.S. Securities and Exchange Commission (SEC). |
|
|
NFTs may be dead, but the technology lives. WineChain is a marketplace for NFTs backed by wine physical bottles from coveted wineries. Tap into the potential of fine wines—one of the best performing alternative assets—with unmatched traceability and liquidity. The wines are protected in an insured facility while the NFTs are made tradeable in a peer-to-peer marketplace powered by Polygon. Create your account at winechain.co to access our most exciting drops of the summer! |
|
|
By the way, want to claim DESK, our social token, which is a mechanism for returning the value of engagement directly to the users who create it? Read this newsletter everyday and earn. |
|
|
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. |
|
|
|
BlackRock Files for a Spot Bitcoin ETF