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 Monday! Here's what you need to know today in crypto: |
- Hedera's token jumps after Fed says it will use a Hedera-based service.
- FTX founder Sam Bankman-Fried is sent back to prison.
- Bank of America says PayPal's new stablecoin won't gain traction soon.
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CoinDesk Market Index (CMI): 1,224 −0.2%
Bitcoin (BTC): $29,397 +0.0%
Ether (ETC): $1,847 −0.1%
S&P 500: 4,464.05 −0.1%
Gold: $1,946 +1.7%
Nikkei 225: 32,473.65 +0.8% |
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Hedera Hashgraph's HBAR token took the lead among major cryptocurrencies on Monday with a gain of 15% over the last 24 hours, after the U.S. Federal Reserve's FedNow added a Hedera Hashgraph-based micropayments platform, Dropp, as a service provider. FedNow is an instant payment service provider developed by the Fed for depository institutions in the U.S. Hedera is a public distributed ledger based on a Hashgraph algorithm that the company says allows users to process transactions quickly and cheaply. Bitcoin and ethereum were trading flat on Monday after trading in a tight range over the weekend. |
HBAR's seven-day price chart |
FTX founder Sam Bankman-Fried has been sent back to jail ahead of his October trial on seven federal charges after a federal judge revoked his release on bond Friday afternoon, saying the former crypto heavyweight appears to have tried to tamper with witnesses. Bankman-Fried is willing "to risk crossing the line in an effort to get right up to [the line], wherever it is," said U.S. District Judge Lewis Kaplan in New York. Bankman-Fried's lawyers said they will appeal the decision and asked that Bankman-Fried remain free on bail until the appeal is heard. The judge rejected that motion. Bank of America wrote in a research report last week that PayPal's (PYPL) new stablecoin, PayPal USD (PYUSD), won't likely to be adopted widely anytime soon and longer term will face more competition from other branded stablecoins. "Investors may have been fine holding non-yield bearing stablecoins such as Tether (USDT) and USD Coin (USDC), when rates were close to zero, but yield-bearing stablecoins will likely become increasingly available and attractive with short-terms rates above 5%," analysts Alkesh Shah and Andrew Moss wrote. |
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Market Insight: SHIB Trading's BTC Warning |
Investors are again pouring money into meme-focused cryptocurrency shiba inu (SHIB) in a sign of caution for bitcoin traders. Open interest in Binance's SHIB futures has more than doubled to $102 million this month, hitting its highest level since Feb. 5, according to data source Coinglass. SHIB futures are sized at 1,000 SHIB per contract with up to 25 times leverage. SHIB's market value has jumped nearly 32% to $6.58 billion amid optimism that an impending layer-2 launch will help the cryptocurrency shed its meme-coin tag. An increase in open interest alongside a rise in market capitalization suggests an influx of new money in the SHIB market. This scenario has historically presaged weakness in bitcoin, the leading cryptocurrency by market value. |
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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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Hedera’s Token Gains on Fed Move