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 today in crypto. |
The crypto market is down over 4%.Riot Platforms' second-quarter losses trebled.Ripple to allocate $10 million to tokenized Treasury bills. |
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CoinDesk 20 Index: 2,178 −4.2% Bitcoin (BTC): $64,463 −2.5% Ether (ETC): $3,184 −4.0% S&P 500: 5,522.30 +1.6% Gold: $2,480 +2.2% Nikkei 225: $2,480 +2.2% |
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Crypto prices were firmly in the red following the Fed's decision on Wednesday to leave interest rates unchanged. Cautious comments from Chair Jerome Powell on the possibility of a rate cut in September were compounded by escalating tensions in the Middle East. Iran's leaders ordered retaliation against Israel for killing Hamas leader Ismail Haniyeh in Tehran, which may also have spooked investors and traders. Bitcoin traded around $64,500 during the European morning, about 2.5% lower than 24 hours ago. The broader digital asset market has dropped nearly 4.24%, as measured by the CoinDesk 20 Index (CD20). |
Bitcoin miner Riot Platforms' second-quarter loss trebled to more than $84 million, or $0.32 per share. Selling, general and administrative expenses rose to $61.2 million, more than half of which comprised stock compensation expenses related to new grants under a long-term incentive program. The net loss for the quarter also included a $76.4 million drop in the fair value of bitcoin it holds. April's Bitcoin halving, which cuts the reward miners receive for adding new blocks to the blockchain by 50%, reduced the number of bitcoin Riot produced during the quarter. The company mined 844 BTC, 52% less than in the year-earlier period. Ripple will allocate $10 million to a tokenized version of U.S. Treasury bills (T-bills) that will become available on the XRP Ledger for the first time. The short-term U.S. government debt is being issued as TBILL tokens by the tokenization platform OpenEden. Assets backing the tokens will be invested in short-dated U.S. Treasuries and reverse repurchase agreements collateralized by U.S. Treasuries. The tokenization of tangible real-world assets and traditional financial securities is a growing sector of the crypto industry. It allows traditional assets, especially private and alternative assets, to be issued, managed, and distributed in a way that is considered more efficient than their off-chain counterparts. |
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Market Insight: Large Bitcoin Holders Added $5.4B in BTC in July |
Large bitcoin holders, often adept at timing market moves, boosted their coin stashes in July at the fastest pace in years, capitalizing on the two-way price volatility. Large holders, or addresses owning at least 0.1% of BTC's circulating supply, snapped up over 84K BTC, worth $5.4 billion at the current market price, according to data tracked by blockchain analytics firm IntoTheBlock and TradingView. That's the biggest single-month tally in BTC terms since October 2014. The accumulation was characterized by bargain hunting during the early July price dip to under $55,000 and brief pauses in the subsequent recovery to $69,000. BTC ended July with a meager 3% gain, according to CoinDesk data. The strategic accumulation likely indicates a strong belief that the prolonged consolidation phase between $50,000 and $70,000 will eventually end with a bullish breakout, extending the initial rally from $16,000. |
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The chart shows the most active bitcoin options on Deribit in the past 24 hours. Traders are are again looking at call options at the $100,000 strike expiring in September and December, indicating a bullish outlook.Bitcoin failed to break above $70,000 on Monday and has since retreated to under $64,500.Source: Velo Data |
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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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