The latest moves in crypto markets, in context By Lyllah Ledesma, CoinDesk reporter Was this newsletter forwarded to you? Sign up here. |
|
|
Happy Wednesday! Here's what you need to know today in crypto: |
- Six firms have filed with the SEC for futures-based ETFs tied to the price of ether.
- MicroStrategy might buy a lot more bitcoin.
- Binance counts China as its largest market despite the ban on crypto in the country.
|
|
|
MicroStrategy (MSTR), the software developer that's amassed a giant bitcoin stash in recent years, filed to raise up to $750 million in share sales, with plans to use the proceeds to in part buy more bitcoin. The news came just after the company announced its second quarter results late Tuesday afternoon. Including some small bitcoin purchases made last month, MicroStrategy's holdings as of July 31 amounted to 152,800 tokens worth about $4.5 billion at current prices. The news seemingly gave a lift to bitcoin, which quickly rose about 3% and briefly breached $30,000. The price has since pulled back to the current $29,500. Binance counts China as its largest market, followed by South Korea, Turkey, Vietnam, and the British Virgin Islands, according to documents reviewed by the Wall Street Journal. The Journal reports that despite the ban on crypto within China, teams from Binance regularly collaborate with Chinese law enforcement to detect potential criminal activity. It also has 900,000 active users in-country, according to the report. A spokesperson for the exchange did not immediately respond to CoinDesk's request for comment. Data from the Journal shows that China is a $80.6 billion futures market and a $9.4 billion spot market for Binance. Second place South Korea provides $56.9 billion in futures volume and $1.39 billion in spot volume, and fifth place British Virgin Islands is responsible for $12.82 billion in spot volume and $5 billion in futures volume. |
|
|
Market Insight: MakerDAO Led Gains in July |
MakerDAO's MKR was the leading gainer among the constituents of the Coindesk Market Index (CMI) in July, advancing 47%. The native token of Ripple Labs, XRP was just behind, adding 46.6% during the month as a U.S. judge ruled the sale of XRP tokens on exchanges as not constituting investment contracts. The two leading cryptocurrencies by market cap, bitcoin (BTC) and ether (ETH) each lost 4% last month. Much of MKR's surge to a near a one-year high price came on July 21 following the introduction of a token buyback program. Ripple at one point during the month had nearly doubled, climbing to as high as 93.8 cents on July 13 immediately after a federal judge said the sale of XRP on digital asset exchanges did not amount to investment contracts. XRP has since pulled back to the $0.70 level, but still sported that big gain for July. |
|
|
- The chart shows the number of addresses with a non-zero bitcoin balance has increased to a new record high of 47.9 million.
- Per Glassnode, it's a sign of continued bitcoin adoption.
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.
|
|
|
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. |
|
|
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. |
|
|
|
Race for Ether ETFs Kicks Off With Six Asset Managers Filing