The latest moves in crypto markets, in context By Lyllah Ledesma, CoinDesk reporter Was this newsletter forwarded to you? Sign up here. |
|
|
Happy Friday! Here's what you need to know today in crypto: |
- The approval of a bitcoin spot ETF is partially priced in, said Coinbase.
- Voyager's ex-CEO has been charged by U.S. regulators with fraud.
- Caroline Ellinson wrapped up her testimony on Thursday.
|
|
|
CoinDesk Market Index (CMI): 1,086 +0.2%
Bitcoin (BTC): $26,815 +0.1%
Ether (ETC): $1,547 −0.1%
S&P 500: 4,349.61 −0.6%
Gold: $1,907 +2.0%
Nikkei 225: $1,907 +2.0% |
Bitcoin (BTC) has outperformed other cryptocurrencies amid macroeconomic uncertainty, partially due to traders pricing a potential approval of spot-based exchange-traded funds (ETFs), according to Coinbase Institutional. "We think the divergence in the performance of bitcoin and other tokens shows that the potential approval of one or more spot bitcoin ETPs has already been partially priced in. That makes it less clear how much more bitcoin could outperform if a favorable U.S. Securities and Exchange Commission (SEC) decision occurs," David Duong, head of institutional research at Coinbase Institutional, said in the latest monthly report sent to subscribers on Thursday. |
Coinbase CEO Brian Armstrong (Coinbase). |
U.S. regulators have targeted former Voyager Digital CEO Steve Ehrlich with lawsuits claiming he engaged in fraud and deliberately misrepresented his customers' government protections. The Commodity Futures Trading Commission (CFTC) and Federal Trade Commission (FTC) announced related actions against Ehrlich on Thursday, with the CFTC also including in its court filing that Circle's USDC stablecoin and bitcoin as commodities. The CFTC accused Ehrlich of defrauding customers by misleading them about the strength of the company and doing business without proper registrations. The FTC said he lied about customers' funds being protected by the Federal Deposit Insurance Corp. Caroline Ellison, 28, wrapped up her testimony on Thursday, her third day of questioning in the Sam Bankman-Fried trial. Sporting the same gray blazer as the last two days, Bankman-Fried's ex-girlfriend was asked about her company's accounting. Alameda engaged with a few accountants in 2021 to 2022, but after those firms reviewed Alameda's books, "they found they couldn't or wouldn't do it," Ellison said, as she faced questions from Attorney Mark Cohen. Former FTX Digital Markets CEO Ryan Salame initially prepared Alameda's balance sheets, but at some point, Ellison took over this task, she testified. The company's financials are at the center of Bankman-Fried's demise. An award-winning CoinDesk story in November 2022 that cited Alameda's confidential balance sheet caused many to doubt the viability of Alameda and FTX. |
|
|
Become part of the world's most extensive crypto copy trading platform! Bitget enables everyone to trade like a professional by offering free access to proven strategies from over 100,000 elite traders. You can harness the market's potential without the need for years of crypto expertise. Join Bitget today to seize up to 1,000 USDT in welcome bonuses and embark on a "hands-off, gains-up" journey right away. Don't miss out on this opportunity! |
|
|
Market Insight: Traders Are Neither Bearish or Bullish |
Crypto markets seemed to stabilize in the past 24 hours following a nearly week-long drop as ongoing geopolitical conflicts seemed to weigh down on prices of riskier assets. Markets slumped since Monday as traders priced in rising oil prices and a drop in traditional equities as the turmoil could impact international trade, analysts told CoinDesk. Bitcoin hovered just over the $26,8000 mark after losing 3% in the past week, with ether (ETH) traded over $1,500 after a 5% weekly hit. Other major tokens stabilized after seeing some losses: XRP and Solana's SOL had dumped as much as 8%, while BNB Chain's BNB and dogecoin (DOGE) had performed slightly better with a 3% loss. |
|
|
- The chart shows the Ethereum mainnet's daily fee revenue since early 2020.
- Fees have reached the lowest since the DeFi boom of Summer in 2020.
- The decrease is putting ETH's "ultra sound money" thesis to a test, according to IntoTheBlock.
- Source: IntoTheBlock
|
|
|
A message from MultiversX |
Europe's leading Web3, AI & Metaverse conference comes to Bucharest between 19-21 October. More than 3,000 participants, including government officials, venture capitalist funds, and key industry players will be present at xDay2023 to unveil the latest technical innovations, strategic partnerships and products. In parallel with xDay, within the grand Palace of Parliament, MultiversX, the organizer of xDay, will host a hackathon offering prizes totaling up to $1 million. Meet the builders that write the future of technology: xday.com |
|
|
Hear from Key Lawmakers and Regulators at State of Crypto: Policy and Regulation |
Several lawmakers and regulators shaping the future of digital assets policy have committed to joining CoinDesk's inaugural State of Crypto: Policy and Regulation, 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 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. |
|
|
|
Bitcoin Spot ETF Partially Priced in: Coinbase