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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It's Thursday! Here’s what you need to know in crypto today. |
BTC sits above $60,000TON is back online following a second outage.Pavel Durov's bail cost Polymarket bettors $270,000. |
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CoinDesk 20 Index: 1,930 −0.2% Bitcoin (BTC): $60,150 +0.2% Ether (ETC): $2,558 +1.2% S&P 500: 5,592.18 −0.6% Gold: $2,555 +2.2% Nikkei 225: 38,362.53 −0.02% |
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Meet ETHA, The iShares Ethereum Trust ETF. ETHA enables investors to access Ethereum, the second-largest cryptocurrency, within a traditional brokerage account.1Learn More 1 Source: The Block, as of May 21, 2024. Ethereum’s market capitalization, which stands at $450 billion is measured using its native token, ether. For an ETHA prospectus, click here iCRMH0824U/S-3782218 |
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Bitcoin rose above $60,000 during the late European morning following a sharp decline earlier this week. The largest cryptocurrency was trading around $60,350, nearly 6% below its $64,000 starting level Monday. The downward trend may now have halted ahead of another short-term rally. The broader digital asset market has fallen around 0.45% in the past 24 hours, according to CoinDesk Indices data. Ether rose about 1.35% to around $2,550 after spot ether ETFs registered inflows of $5.9 million on Wednesday, ending a nine-day losing streak. |
The TON blockchain suffered a second outage in 24 hours late Wednesday on account of activity linked to the DOGS token. The outage lasted just over four hours and follows a six-hour incident on Tuesday, also attributed to DOGS minting. TON's native token fell below $5.20 when the network crashed, losses it subsequently reversed after service was resumed. The TON token was priced at around $5.60 during the European morning, an increase of over 1.75% in the last 24 hours. The token is still trading below its level prior to the arrest of Telegram CEO Pavel Durov.While Telegram and TON are legally separate entities, the two are closely affiliated as one relies on the other. Durov's release on bail on Wednesday cost Polymarket bettors $270,000 in lost winnings. Durov was formally indicted in France and released after he posted a 5 million-euro ($5.6 million) bond while agreeing to report to police twice weekly and to stay in the country. The quick release contrasted with bettors' overall sentiment that an extended detention was more probable. At one point, the chance of an August release was pegged in the mid-30%s while a release before October was priced 75%-90%. In total, bettors missed out on $270,000 by betting "No" on an August release, and "No" for before October. Likely, bettors had their money on French authorities keeping Durov for as long as possible. |
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Market Insight: Crypto Market Is Back in Growth Mode, Says Canaccord |
The crypto market returned to growth in the past year following a period of post-FTX-collapse consolidation and recovery, broker Canaccord said in a research report on Wednesday. The listing of spot bitcoin and ether ETFs prompted broader institutional adoption of digital assets and Canaccord expects portfolio allocations to increase, the analysts led by Joseph Vafi wrote. The broker also praised Michael Saylor's MicroStrategy for its "continued evolution into a Bitcoin development company," and noted that the shares have risen around 325% in the past year, outperforming most asset classes including BTC, which has gained about 148%. "In the last year, we believe the broader digital assets industry has transitioned from a post FTX consolidation/recovery phase back to one focused on growth and business model/total addressable market (TAM) expansion," the report said. |
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The chart shows the correlation between peaking earnings-per-share (EPS) growth rates and 10% corrections which amplify market volatility.Nasdaq-listed Nvidia's shares fell over 7% after hours on Wednesday even after the chipmaker's earnings beat estimates.Bitcoin has exhibited a strong positive correlation to NVDA since 2022, so the chipmaker's stock is one crypto traders watch closely. Source: MacroMicro |
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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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