Plus, it's an up day in the dog-themed market.
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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Welcome to Wednesday! Here’s what's happening in crypto today: |
| Crypto conglomerate Digital Currency Group suspends its dividends. Coinbase halts its operations in Japan because of market conditions.SHIB gains on news of upcoming network. |
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CoinDesk Market Index (CMI): 1,018 −0.1%
Bitcoin (BTC): $21,232 −0.2%
Ether (ETC): $1,578 +0.4%
S&P 500 futures: 4,018.50 +0.2%
FTSE 100: 7,851.09 +0.0%
Treasury Yield 10 Years: 3.54% +0.0 |
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Digital Currency Group, a crypto conglomerate that owns CoinDesk, is suspending its dividends until further notice. "In response to the current market environment, DCG has been focused on strengthening our balance sheet by reducing operating expenses and preserving liquidity. As such, we have made the decision to suspend DCG's quarterly dividend distribution until further notice,” the firm wrote in a letter to shareholders on Tuesday. |
DCG CEO Barry Silbert (Digital Currency Group) |
Coinbase said it is halting its operations in Japan, citing "market conditions." Customers have until Feb. 16 to withdraw their fiat and crypto holdings from the exchange, Coinbase announced on Wednesday. Fiat deposits will be halted on Friday. Coinbase entered the Japanese market after completing its registration with the country's Financial Services Agency in June 2021. The exchange is following in the footsteps of rival exchange Kraken, which ended its operations in Japan at the end of last year. Coinbase’s stock was down 1.6% at $53.27 in premarket trading, amid a rally in the shares, which are up 56% since the start of the year. The market’s love affair for all things Shiba Inu is continuing, with gains in SHIB and DOGE during the last 24 hours. The Shiba Inu (SHIB) token is up over 20%, according to CoinGecko data, with Nansen reporting heavy trading on both decentralized and centralized exchanges. Nansen reports that nearly $1.1 billion in SHIB has traded hands between Tuesday and Wednesday. Traders are likely anticipating the launch of layer 2 network Shibarium, which puts a canine-themed twist on building on top of the Ethereum blockchain. A test network is expected to launch in the coming weeks. DOGE was up 2.5%. |
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Market Insight: It's THE Hot Token |
Thena protocol (Thena website) |
Thena, a liquidity layer and decentralized exchange on the BNB Chain, has experienced a massive increase in total value locked to $90 million from $5 million since its launch last week. The protocol offers yields of up to 9.93% for liquidity providers that stake stablecoins, while yields of 222.86% are available to those that stake the platform's native token, THE. At the time of writing, THE was trading at 26 cents with a circulating market cap of just $4.2 million, according to data on blockchain analytics platform Dune. |
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| The chart shows number of bitcoin held in addresses owned by centralized exchanges since May 2020.The tally has dropped by 21% to 2.2 million in the past 12 months, reaching its lowest level in nearly five years."The trend we see for Bitcoin and CEXs is that holders have been taking BTC off exchanges and into self-custody – especially after the collapse of FTX," analysts at Delphi Digital said. "Self-custodied BTC is for holders, and could represent more of the bitcoin supply disappearing into cold storage long term," the analysts added. |
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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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