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 sees a fifth straight day of declines as Reddit's Fortnite community's token, BRICK, surges.
- An update from Caroline Ellison's explosive second day of testimony against Sam Bankman-Fried.
- Membrane Labs raises $20 million in a Series A round from the likes of Brevan Howard Digital.
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CoinDesk Market Index (CMI): 1,085 −1.6%
Bitcoin (BTC): $26,806 −1.4%
Ether (ETC): $1,550 −1.4%
S&P 500: 4,376.95 +0.4%
Gold: $1,896 +1.2%
Nikkei 225: $1,896 +1.2% |
Bitcoin extended its losing run to a fifth consecutive day, dropping below $27,000. The cryptocurrency fell 2% on Thursday to around $26,600 after starting to drop on Sunday. Equities also dipped after gaining earlier in the week and gold edged higher. September's consumer price index (CPI) is due at 8:30AM ET, and is expected to have slowed slightly. Looking at altcoins, Bricks (BRICK), the native token of Reddit's Fortnite community, surged 110% in 24 hours after having lost over 80% of its value in the past two months. The majority of trading volume occurred on Kraken, with the figure across all exchanges nearing $750,000, an 800% rise from the previous 24-hour period, according to CoinMarketCap. There is no clear catalyst for the increase in price. |
Bitcoin daily chart (TradingView) |
Caroline Ellison wept on the witness stand near the end of her second day testifying against her former boss and ex-boyfriend, the fallen cryptocurrency mogul Sam Bankman-Fried. The diminutive, soft-spoken former CEO of Alameda Research described the unraveling last November of her hedge fund and its sister company, the FTX exchange, and the "relief" she felt as revelations about their fraud became public. "I felt a sense of relief that I didn't have to lie anymore," Ellison testified. Her voice trembled and cracked as she recalled one particular text message exchange between her and Bankman-Fried during what she described as the "overall worst week of my life." "I felt indescribably bad about all the ... people that lost their jobs ... and the people that trusted us that we had betrayed," Ellison told the packed courtroom as she reached for a tissue. Membrane Labs, a cryptocurrency-focused trading and lending platform, raised $20 million in a Series A funding round, with participation from big names like Brevan Howard Digital and Point72 Ventures. The capital will be used to help build the type of grown-up trading infrastructure the crypto space needs in order to avoid further disasters. Other notable names included in the round were Jane Street, Flow Traders, QCP Capital, Two Sigma Ventures, Electric Capital, Jump Crypto, QCP Capital, GSR Markets, Belvedere Trading and Framework Ventures. |
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Market Insight: Chainlink's LINK Is 'Safest Bet' to Profit From RWA Tokenization Trend |
The tokenization of real-world assets (RWA) narrative is gaining steam in crypto, and Chainlink's native token (LINK) might be the "safest bet" for investors who seek to profit from the hype, research firm K33 Research said in a Wednesday report. "If we wish to have exposure to the RWA narrative and avoid being sidelined when it takes off, LINK is the safest bet," analyst David Zimmerman said. Tokenization is the term for placing traditional financial assets such as private equity, credit and bonds on blockchains. The process is touted as a way to reduce cost and operational friction and improve accessibility and transparency. |
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- The chart shows ether staking activation and withdrawal queues since Ethereum implemented the Shanghai upgrade on April 12.
- The activation queue (green), representing the number of validators waiting to begin staking, has declined to just 2,000.
- The empty activation queue indicates a slowdown in the growth of staked ETH, according to FalconX.
- Source: FalconX Research with data from Metrika
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Hear from Key Lawmakers and Regulators at State of Crypto: Policy and Regulation |
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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 Extends Decline for a Fifth Day, Touches $26.6K