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 Thursday! Here's what you need to know today in crypto: |
- Bitcoin overnight sunk to its lowest level since June 21.
- PayPal will temporarily pause crypto purchases in the U.K.
- An AI project that harnesses blockchain technology has raised $25 million.
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CoinDesk Market Index (CMI): 1,214 −2.3%
Bitcoin (BTC): $28,479 −2.3%
Ether (ETC): $1,784 −2.2%
S&P 500 futures: 4,429.75 +0.2%
FTSE 100: 7,345.93 −0.1%
Treasury Yield 10 Years: 4.26% +0.0 |
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Bitcoin (BTC) has broken out from its very tight trading range, but not in ways the bulls would have liked to see. The leading cryptocurrency slipped to as low as $28,346 early Thursday, its weakest level since June 21. The decline extended a slide that began earlier this week and mirrored risk aversion on Wall Street. The formerly red-hot stock market averages have been slumping in August, with interest rate fears, banking sector concerns and worry heading the reasons to sell. The downside volatility in BTC comes days after the U.S. Commodity and Futures Trading Commission's (CFTC) Commitment of Traders (COT) report showed leveraged funds – hedge funds and commodity trading advisors – ramped up bearish bets in the CME-listed cash-settled bitcoin futures in the week ended Aug. 8. |
Payments giant PayPal will temporarily pause crypto purchases in the United Kingdom until early 2024, the company said Wednesday, citing stricter rules by the country's financial regulator. Customers who have previously purchased crypto assets through their PayPal account can keep them on the platform or sell them at any time, said the company. Starting October 1, however, the ability to make new purchases will be disabled. "We're taking this measure in response to new rules enacted by the U.K. Financial Conduct Authority (FCA) that require crypto firms to implement additional steps before customers can purchase crypto," PayPal said in a statement. This comes as the company has accelerated its footprint in crypto in recent weeks, specifically in the United States with the launch of a stablecoin, PayPal USD (PYUSD), which the payments giant announced earlier this month. Jada AI, an artificial intelligence project that harnesses blockchain technology, has raised $25 million from alternative investment group LDA Capital. The project aims to offer AI services that aid decision-making for organizations and scale up their operations, according to an emailed announcement shared with CoinDesk. The capital will be used to grow the project's team of developers and add new organizations. Jada operates in a blockchain-based environment where AI computations are executed among the nodes participating in the network. "This allows for the AI's processing to be untampered, cross-verified and equally distributed to enable an efficient allocation of compute resources," Jada AI founder Diego Torres told CoinDesk in an email. |
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Bitget KCGI 2023: Battle to Win a Share of 2,650,000 USDT! The highly anticipated Bitget KCGI (King's Cup Global Invitational) is back! As our largest trading competition throughout the year, the 2023 KCGI has a prize pool of 2,650,000 USDT, and various giveaways including an Airbus H135 helicopter, Tesla Cyberquad for Kids, and iPhone 15 Pro Max! KCGI 2023 features four competitions: spot trading, futures copy trading, demo trading, and futures trading. Grab a share of the $300,000 BGB when you sign up! |
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Market Insight: Users Frustrated Over Sei Airdrop |
Sei, a new trading-focused blockchain backed by Jump Crypto and Multicoin Capital, went live Tuesday, setting off a flurry of trading for the project's just-launched SEI token and pushing its first-day market capitalization to more than $400 million. Trading volume for SEI has topped $1.6 billion in the past 24 hours according to CoinMarketCap, with major crypto trading venues like Coinbase, Binance and Kraken all listing SEI in tandem with the network's debut. However, posters on X (formerly Twitter) lobbed complaints about apparent delays in the token's hotly-anticipated airdrop – a planned giveaway of tokens to early users and community members. |
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- The chart shows the share of U.S.-based crypto exchanges and their global counterparts in the 2% market depth or global liquidity in bitcoin and ether trading pairs.
- The U.S. exchanges are losing liquidity, meaning traders can now execute large orders at stable prices on offshore exchanges.
- Liquidity is commonly tracked with the help of an indicator called the 2% market depth. Its a collection of buy and sell orders within 2% of the mid-price or the average of the bid and the ask/offer prices.
- Source: Kaiko
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State of Crypto: Policy & Regulation |
It is now more important than ever to set industry standards and align on practical short-term and long-term objectives through pointed conversations with the best legal minds and Washington D.C.'s most important decision makers.
Join us at State of Crypto: Policy and Regulation on October 24 in Washington D.C. for an unprecedented opportunity to evaluate, dissect and ultimately shape crypto regulatory frameworks that support a vibrant, secure and healthy future for the digital economy. Save 10% with code FM10. Learn more and register. |
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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 Drops to Lowest Level Since June