The latest moves in crypto markets, in context By Lyllah Ledesma, CoinDesk reporter Was this newsletter forwarded to you? Sign up here. |
|
|
Happy Thursday! Here's what you need to know today in crypto: |
- Binance CEO Changpeng "CZ" Zhao denied that he is the owner of CommEX, the company that has bought Binance's business in Russia.
- Blockchain activity tied to MakerDAO's MKR is signaling caution to bulls.
- The EU seeks more data on crypto's 'significant' environmental harm.
|
|
|
CoinDesk Market Index (CMI): 1,097 +0.3%
Bitcoin (BTC): $26,487 −0.1%
Ether (ETC): $1,626 +0.3%
S&P 500: 4,274.51 +0.0%
Gold: $1,893 +1.1%
Nikkei 225: $1,893 +1.1% |
Changpeng "CZ" Zhao on Thursday denied that he is the owner of CommEX, the mysterious company that has bought Binance's business in Russia. Binance, of which CZ is the founder and chief executive officer, this week announced it was quitting Russia after reports of a U.S. Department of Justice investigation into sanctions violations. That led to questions around the identity of CommEX – a company with similar user look and feel to Binance, and which appears to just be a few days old. "I am not their UBO [ultimate beneficial owner], nor do I own any shares there," CZ said of CommEx in a post on X, formerly Twitter, adding that a few former Binance staff from the region have gone to work for CommEX, or may do so in future. |
Blockchain activity tied to MakerDAO's maker (MKR) token is signaling caution to bulls following MKR's 45% price surge in four weeks. The number of MKR held in wallets controlled by centralized exchanges has increased by 5% to 71,190 MRK ($106 million) in the past 24 hours, taking the total exchange balance to the highest since Sept. 3, according to Coinglass. MakerDAO is one of the largest crypto lending protocols and issuer of the $5 billion stablecoin DAI. MakerDAO's sDAI represents DAI deposited in the protocol's DAI Savings Rate (DSR) module. The notable spike in the exchange balance may breed price volatility, mainly to the downside. An increase in the so-called exchange balance is widely taken to represent investors' intention to sell or liquidate their holdings or deploy coins as a margin in derivatives markets. The European Commission issued an 800,000 euro ($842,000) contract on Tuesday as it seeks to mitigate what it calls "significant harm" of crypto on the environment. The study, for which bids close on Nov. 10, will develop standards that feed into potential future EU policies to curb the impact of crypto on climate change, and to new energy efficiency labels for blockchains. "There is evidence that crypto-assets can cause significant harm on the climate and environment," potentially undermining the bloc's goal to cut greenhouse gas emissions, the European Commission said in tender documents, which suggest that new sustainability standards may be taken up in future laws. |
|
|
Market Insight: Listed Bitcoin Miners Could be the Ultimate Bet for 2024: Matrixport |
The underperformance of listed digital asset companies means that there could be compelling investment opportunities in the bitcoin (BTC) mining space, crypto services provider Matrixport said in a report on Thursday. If bitcoin were to climb to a new all-time high of $70,000 an investor would realize a return of only 167%, the report said. Investors could see larger gains by buying a diversified portfolio of publicly listed bitcoin mining companies including firms, such as HIVE Digital (HIVE), Bitfarms (BITF) and Iris Energy (IREN). Based on bitcoin's current price, these stocks are trading at a 33% discount, and offer 52% upside, the note said. |
|
|
- The chart shows market price for oracle protocol Tellar Network's TRB token, open interest in perpetual futures tied to TRB, cumulative volume delta (CVD) in spot and futures markets since March.
- The token's price has surged by 33% to $50 in four weeks, with rising CVD in the futures market and a declining CVD in the spot market.
- In other words, the rally has been predominantly led by derivatives traders.
- A positive and rising CVD means more buyers are in action, while a negative CVD implies sellers are aggressive.
- Source: Game of Trades, Federal Reserve Board
|
|
|
Senator Lummis, Representative Hill and More to Join CoinDesk's State of Crypto Event |
Several legislators shaping the future of digital assets policy have committed to joining CoinDesk's inaugural State of Crypto: Policy and Regulation, including Sen. Lummis, Rep. Hill, Rep. McHenry, Rep. Thompson, Rep Torres and many more.
State of Crypto is a one-day boutique event uniting key policymakers, regulators and government officials with legal, policy and compliance executives representing the largest and most influential TradFi and DeFi leaders in asset management and financial services.
The gathering provides an unprecedented opportunity to evaluate, dissect and ultimately shape crypto regulatory frameworks that support a vibrant, secure and healthy future for the digital economy.
Are you a GC, CCO, CLO, COO or head of policy or government affairs evaluating or actively investing in digital assets? Join State of Crypto: Policy and Regulation to help drive crypto policy forward collaboratively. 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. |
|
|
|
MakerDAO Exchange Balance Jumps; CZ Denies He Owns CommEx