The latest moves in crypto markets, in context By Lyllah Ledesma, CoinDesk news reporter Was this newsletter forwarded to you? Sign up here. |
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Happy Tuesday! Here’s what you need to know today in crypto: |
| Bitcoin could be set to drop in the coming weeks, according to traders. Ripple must share financial statements requested by the SEC, a court ruled. Solana suffered a network outage and a price drop following the news. |
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CoinDesk 20 Index: 1,639 −1.5%
Bitcoin (BTC): $42,823 −0.8%
Ether (ETC): $2,325 −0.1%
S&P 500: 4,942.81 −0.3%
Gold: $2,043 +0.8%
Nikkei 225: $2,043 +0.8% |
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GBTC is now an ETF. Grayscale Bitcoin Trust ETF was first created in 2013 as the original Bitcoin fund helping investors gain secure and familiar access to Bitcoin. Today, GBTC is the world’s largest Bitcoin ETF with $26.6B in AUM as of 1/11/24, offering even more investors with convenient exposure to the world’s most popular cryptocurrency. Bitcoin investing begins with GBTC. Find ticker: GBTC in your brokerage account or ask your financial advisor today. Grayscale Bitcoin Trust (BTC) (the “Trust”) has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the Trust has filed with the SEC for more complete information about the Trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the Trust or any authorized participant will arrange to send you the prospectus (when available) if you request it by calling (833) 903 - 2211 or by contacting Foreside Fund Services, LLC, Three Canal Plaza, Suite 100, Portland, Maine 04101. Foreside Fund Services, LLC is the Marketing Agent for the Trust. An investment in the Trust involves risks, including possible loss of principal. The Trust holds Bitcoin; however, an investment in the Trust is not a direct investment in Bitcoin. Extreme volatility of trading prices that many digital assets, including Bitcoin, have experienced in recent periods and may continue to experience, could have a material adverse effect on the value of GBTC and the shares could lose all or substantially all of their value. |
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Bitcoin dropped on Tuesday after experiencing low volatility over the past few days, and traders are expecting the cryptocurrency to fall more in the coming weeks. Ethereum was little changed while Optimism’s OP jumped 5% on the day. According to B2C2, an over-the-counter market maker, BTC has witnessed a preference for buyers in the past weeks and could be set to drop in the short-term. “In recent market observations, bitcoin has shown a noticeable preference for buyers, despite the cryptocurrency’s price hovering within a tight range between $42,000 and $43,500 for much of last week,” said Ed Goh, head of trading at B2C2. “Without any immediate news on the horizon and the Ethereum launch now fully behind us, one might expect that the short-term range of Bitcoin could be reduced in the coming weeks, especially with Chinese New Year on the horizon.” Crypto Finance AG analyst Matteo Bottacini said due to the lightness of the current macroeconomic landscape, “any potential flash-crash is a favourable buying opportunity, especially a downturn towards the $40K level.” |
A New York judge ordered Ripple Labs to produce certain financial statements and information on the institutional sale of XRP tokens at the request of the U.S. Securities and Exchange Commission (SEC), court filings from Monday show. The SEC request, made in early January, follows a pivotal judgment in the lawsuit that accuses the crypto firm of selling unregistered securities in the country. Judge Analisa Torres' ruling last July that only Ripple's institutional sales of XRP broke U.S. law was celebrated by the crypto industry as a victory in its efforts to clarify how regulators treat digital assets. Having found Ripple liable for violations before the lawsuit was filed in 2020, the requested documents will aid Torres in determining whether the court should order injunctions or civil penalties for the period since then and, if warranted, decide how much, the SEC said in its request. Solana suffered a “major outage” on Tuesday, the network’s system status page shows. “Solana Mainnet-Beta is experiencing a performance degradation, block progression is currently halted, core engineers & validators are actively investigating,” said Laine, a Solana validator, in an X post. Blocks seem to have last processed at 09:52 UTC, data from Solana blockchain trackers show. Solana’s SOL token was down just over 4% to $93 over the past 24 hours and dropped 2% after the news surfaced. The halt comes nearly a year after the Solana network went down for almost two days in April 2023. |
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Market Insight: BTC ETFs Pose Risk for Coinbase Stock, Leverage Shares Says |
Coinbase (COIN) shares could benefit from growing adoption of bitcoin exchange-traded funds (ETFs), but the crypto exchange needs to put in “a lot of effort” to maintain its financial growth, analysts at exchange-traded product provider Leverage Shares said in a note. COIN was one of 2023's best-performing stocks, appreciating more than 390% over the year, with the business recording strong financial results as crypto assets rallied. This year, however, the shares have fallen 32%. Bitcoin, meantime, is up 2.65%, data from MarketWatch show. The advent of ETFs and their attraction for professional investors endangers some of the sources of Coinbase's revenue, the analysts led by Sandeep Rao said. Previously the investors could gain exposure to bitcoin only through regulated exchanges; now they can do so through the ETFs at lower cost. |
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Grayscale is the world’s largest crypto asset manager*. We enable investors to access the digital economy through a family of regulated and future-forward investment products. Our decade-long track record and deep expertise as a crypto-specialist means that investors, advisors, and allocators turn to us for both investment insights and innovative products. Crypto investing begins with Grayscale. *By AUM as of 1/16/24. Investing involves risk and possible loss of principal. |
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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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