The latest moves in crypto markets, in context By Jamie Crawley, CoinDesk News Reporter Was this newsletter forwarded to you? Sign up here. |
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Happy Wednesday! Here’s what you need to know in crypto today. |
Bitcoin fell to nearly $56,000 following the Harris-Trump debate.Harris was perceived to have won the debate, which didn't touch on crypto.Mining was much less profitable in August than July, Jefferies says. |
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CoinDesk 20 Index: 1,791.61 −1.35% Bitcoin (BTC): $56,496.83 −1.1% Ether (ETH): $2,314.39 −1.45% S&P 500: 5,495.52 +0.45% Gold: $2,521.60 +0.11% Nikkei 225: 35,619.77 −1.49% |
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Bitcoin slid to just over $56,000 after Kamala Harris was perceived to have bettered Donald Trump in their first presidential debate. BTC recovered to over $56,500 during the European morning, but remained around 1.3% lower over 24 hours. The broader digital asset market, as measured by the CoinDesk 20 Index, dropped about 1%. The Japanese yen rallied to 140.70 per U.S. dollar, its strongest since January, appreciating beyond the early August level of 141.68 in a sign of a move away from riskier assets. The yen picked up a strong bid in late July after the Bank of Japan hiked interest rates for the first time in decades. |
Vice President Kamala Harris appears to have beaten Donald Trump in the first debate between the U.S. presidential candidates on Tuesday, based on the direction of prediction bets on Polymarket, while crypto policy went unmentioned. Despite Harris' performance, the two are effectively tied in the Polymarket contract for who will win the election, with Harris' odds increasing slightly during the course of the debate. The debate did not delve into crypto, or even general technology or finance issues beyond a section on the economy. Trump, as he has been doing in recent weeks, touted the benefit of tariffs during his time on the stand, saying he would have "substantial tariffs." Harris pushed back, saying Trump left the Biden administration with a trade deficit, "one of the highest we've seen in history." Mining was much less profitable in August than July as BTC slid and the average network hashrate rose about 2.7%, investment bank Jefferies said. Miners' average daily revenue per exahash fell by 11.8% from the previous month as a result, the report said. "September is shaping up to be another difficult month as BTC remains below $60K and the network hashrate continues to climb," analysts wrote. Jefferies notes that there were fewer days of extreme heat this summer, which meant better uptime for the largest miners. The bitcoin mined by Marathon Digital last month implies roughly 88% uptime, compared with 75% in August last year. For the 10 largest bitcoin miners the bank tracks, implied uptime last month was around 83% versus 76% a year ago and 79% in August 2022. |
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Market Insight: AI Tokens Buck Crypto Market Drop |
AI tokens have bucked the trend of the broader market pullback after Apple showcased its efforts to bring the technology to its smartphones. AI-focused decentralized blockchain platform Internet Computer Protocol's ICP token is about 10% higher on a 24-hour basis, the best-performing token among the 100 biggest cryptocurrencies by market value, according to Coingecko. Artificial Superintelligence Alliance's FET ranked fifth, adding 5%. Apple's "It's Glowtime" event on Monday focused on bringing AI capabilities to the smartphone. The company said it would introduce AI features including writing tools, smarter Siri responses and advanced photo and video editing facilities under the banner of Apple Intelligence. The features will be available in the iOS 18.1 update and beyond. The event did not mention crypto or blockchain. Still, market participants are confident Apple Intelligence will have a positive effect on all things AI, including blockchain projects. "Just like everyone's buzzing about Apple Intelligence in phones now, soon it'll be all about crypto," Pranav Maheshwari, an engineer at the Graph Protocol, said on X. "People will want blockchain and crypto payments baked into their phones. Watch the shift happen. Slowly, then suddenly." |
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The chart shows the distribution of open interest or active positions in bitcoin options listed on Deribit.Most open interest is concentrated in call options at higher strikes, with the $100,000 bet being the most popular.It shows the sentiment remains bullish despite the recent price swoon.Source: Amberdata |
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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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