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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Happy Tuesday! Here's what you need to know today in crypto: |
- Grayscale's bitcoin trust discount to net asset value continues to decrease.
- Crypto data firm Arkham Intelligence has stirred controversy with its new service aimed at unmasking the owners of digital wallets.
- Bitcoin could rise to $120,000 by the end of 2024, according to Standard Chartered Bank.
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CoinDesk Market Index (CMI): 1,278 +0.8%
Bitcoin (BTC): $30,448 +0.8%
Ether (ETC): $1,871 +0.4%
S&P 500 futures: 4,452.00 +NaN%
FTSE 100: 7,265.21 −0.1%
Treasury Yield 10 Years: 4.01% −0.0 |
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The discount to net asset value (NAV) for the $19 billion-plus Grayscale Bitcoin Trust (GBTC) continues to narrow in the wake of asset manager BlackRock's application to open a spot bitcoin ETF in the United States. The discount to NAV fell to as low as 26% at one point last week – the trimmest level since May 2022 – and currently sits at about 27%, according to data from Ycharts. BlackRock's move for a spot bitcoin ETF set off a number of filings and re-filings for similar funds from a number of other industry actors, including from fellow asset management giant Fidelity. |
Crypto data firm Arkham Intelligence stirred controversy Monday by announcing a new service aimed at unmasking the owners of digital wallets, angering privacy-focused crypto advocates. It turns out Arkham has already been leaking its own customers' private information, a revelation that also seems to have emerged Monday, putting a spotlight on the companys own approach to user privacy just as it was rolling out a service meant to unmask crypto wallet owners on a massive scale. The issue stems from the way Arkham set up its weblink referral program. Users of Arkham's wallet tracking dashboard can invite others onto the platform by sharing their unique referral URL. Those URLs appear to end with a meaningless jumble of characters. In reality, they're an easy-to-decipher version of the user's email address written in Base64, which is trivial to decode. Bitcoin (BTC) could rise to $50,000 by the end of this year and up to $120,000 by end-2024, Standard Chartered Bank said in a research report on Monday. The British multinational bank in April had put out a $100,000 forecast for the end of 2024, noting at that time the banking crisis, among other factors. "We now think this estimate is too conservative, and we therefore see upside to our end-2024 target," yesterday's report said, this time pointing to increased miner profitability as among the bullish catalysts. |
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Market Insight: Bitcoin NFTs Back in Spotlight
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Activity in Bitcoin Ordinals, a method of generating Bitcoin non-fungible tokens (NFTs) through a process called inscribing, has picked up in the wake of the BRC-69 token standard launch. The number of new inscriptions rose to over 350,000 on Monday, according to data tracked by blockchain analytics firm Glassnode. The daily tally has surged by over 250% since Ordinals launchpad Luminex unveiled the Bitcoin Request for Comment (BRC)-69 token standard on July 3. The modified version of the BRC-20 standard was launched to reduce the cost of inscriptions for Ordinals by over 90%. |
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- The 30-day simple moving average of the number of bitcoin moved from miner wallets to centralized exchanges surged to a record high of 2581.98 BTC on Monday.
- In other words, miners have transferred over 77,000 BTC ($2.3 billion) to exchanges in the past 30 days, adding to selling pressure in the market.
Disclaimer: This article was written and edited by CoinDesk journalists with the sole purpose of informing the reader with accurate information. If you click on a link from Glassnode, CoinDesk may earn a commission. For more, see our Ethics Policy .
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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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GBTC Discount Narrows to Lowest Since May 2022