The latest moves in crypto markets, in context By Jamie Crawley, CoinDesk News Reporter Was this newsletter forwarded to you? Sign up here. |
|
|
It's Thursday! Here’s what you need to know in crypto today. |
| BTC rises above $64,000.Bitcoin ETFs post second straight day of $100 million inflows.Celo challenges Tron's position as leader for stablecoin use. |
|
|
CoinDesk 20 Index: 2,056.03 +1.34%
Bitcoin (BTC): $64,350.91 +1.14%
Ether (ETH): $2,6424.48 +0.09%
S&P 500: 5,722.26 -0.19%
Gold: $2,678.25 +0.8%
Nikkei 225: 38,925.63 +2.79% |
|
|
The Crypto Minis from Grayscale: BTC & ETH. Considering an investment in crypto but looking to start small? How about with a Mini. A Grayscale Crypto Mini. Grayscale Bitcoin Mini Trust (ticker: BTC) Grayscale Ethereum Mini Trust (ticker: ETH) The Trusts are not funds registered under the Investment Company Act of 1940, as amended (“1940 Act”), and are not subject to regulation under the 1940 act, unlike most exchange traded products or ETFs. An investment in the Trusts are subject to a high degree of risk and heightened volatility. Digital assets are not suitable for an investor that cannot afford the loss of the entire investment. The Grayscale Crypto Minis offer: Mini fee: BTC and ETH offer some of the lowest fees1 among Bitcoin and Ethereum spot funds (Brokerage fees and other expenses may still apply). Mini share price: BTC and ETH both have very low share prices, allowing investors to get extremely precise with their exposure. Mini commitment: You don’t need an entire Bitcoin or thousands of dollars' worth of Ethereum to get crypto exposure — as exchange-traded products, BTC or ETH allows you to allocate as much or as little as you want to crypto. Turns out, a Mini gets you a lot. Crypto investing begins with Grayscale. |
|
|
1Low cost based on gross expense ratio at 0% for the first 6 months of trading for the first $2.0 billion. After the fund reaches $2.0 billion in assets or after 6-month waiver period, the fee will be 0.15%. Brokerage fees and other expenses may still apply. See prospectus for additional fee waiver information. Disclosures: Investing involves risk, including the loss of principal. Investments in the Trust involve a high degree of risk and heightened volatility. Digital assets are not suitable for an investor that cannot afford the loss of the entire investment. An investment in ETH or BTC is not an investment in Ethereum or Bitcoin. Foreside Fund Services, LLC is the Marketing Agent for the Trusts. Please read the ETH prospectus and BTC prospectus carefully before investing. Digital Asset Risk Disclosures Extreme volatility of trading prices that many digital assets, including Bitcoin and Ethereum, have experienced in recent periods and may continue to experience, could have a material adverse effect on the value of the Trust and the shares could lose all or substantially all of their value. Digital assets represent a new and rapidly evolving industry. The value of the Trust depends on the acceptance of the digital assets, the capabilities and development of blockchain technologies and the fundamental investment characteristics of the digital asset. Digital asset networks are developed by a diverse set of contributors and the perception that certain high-profile contributors will no longer contribute to the network could have an adverse effect on the market price of the related digital asset. Digital assets may have concentrated ownership and large sales or distributions by holders of such digital assets could have an adverse effect on the market price of such digital assets. |
|
|
Bitcoin rose above $64,000 during the European morning to around $64,300, trading just over 1% higher in the last 24 hours. Other major tokens also registered gains, with ether adding 0.4% to $2,630. The CoinDesk 20 Index, a weighted measurement of the digital asset market at large, rose nearly 1.2%. In other markets, gold hit a record high and Asian stocks surged amid reports that China's central bank will inject around $142 billion of stimulus into the biggest state banks to increase their capacity to support the struggling economy. |
Bitcoin ETF inflows cracked $100 million for the second consecutive day on Wednesday and stretched their winning streak to five days. That flipped an indicator tracking 30-day net holdings among ETFs to positive for the first time this month, data from CryptoQuant shows, suggesting a rising trend of accumulation as opposed to sales. Ether ETFs enjoyed a second consecutive day of inflows, netting $43.2 million. While the ETH products remain over $500 million in the red since they listed in July, ether has outperformed bitcoin since the Fed's rate cut last week, which coincided with an increase in network transactions and rising Ethereum transaction costs, known as gas fees. Ethereum layer 2 Celo is challenging Tron's position as the blockchain with the most daily active addresses using stablecoins. The seven-day moving average of the measure on Celo has climbed to nearly 700,000, nearly matching Tron's tally, according to data tracked by Artemis. The surge follows Tether's decision to deploy its industry-leading dollar-pegged stablecoin, USDT, on Celo in March. Since then, USDT worth over $200 million has been issued on Celo. On Wednesday, Ethereum founder Vitalik Buterin cheered Celo's progress on X, galvanizing investor interest in the CELO token. As of writing, the cryptocurrency traded at 63 cents, representing a nearly 20% gain on a 24-hour basis, according to CoinDesk data. |
|
|
Market Insight: Key Indicators Challenge Fed's 'Normalization' Rate Cut |
Since the Fed cut rates by 50 basis points a week ago, the debate has been raging on whether the so-called easing represents the normalization of an overly tight monetary policy aimed at taming inflation or preparation for an impending economic swoon. Risk assets, including pure fiat liquidity plays like bitcoin and altcoins, have rallied since the decision, a sign that markets perceive the rate cut as a normalization move. Some analysts foresee accelerated gains once bitcoin surpasses the $65,200 resistance level. Other key indicators, however, point to an impending economic slowdown. These include rising unemployment in the majority of states and gold's persistent outperformance of oil, which is often taken as a sign of a slowdown due to the metal's nature as a haven asset. These indicators suggest the central bank may have delivered an outsized rate cut with one eye on the possibility of economic malaise ahead. |
|
|
| The chart shows implied volatility for bitcoin options at the $100,000 strike expiring on Nov. 8 and subsequent monthly and quarterly expiries.Options expiring on Nov. 8, are pricier compared to later dates, a sign traders anticipate significant market movement around the U.S. election results.The U.S. elections will be held on Nov. 4 and results will be declared on Nov. 8.Source: Deribit |
|
|
Breaking News: The First 40+ Speakers Announced for Consensus Hong Kong
The industry's most influential event in Web3 and digital assets is coming to Asia with a stellar lineup of 40+ global thought leaders already confirmed. Be part of the game-changing discussions, key announcements, and high-impact deals that will shape the future of innovation.
Register todayand use code FM15 for an additional 15% off.
Don’t wait—prices increase Friday, September 27 at 11 a.m. ET / 11 p.m. HKT. |
|
|
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. |
|
|
|
