The latest moves in crypto markets, in context By Lyllah Ledesma, CoinDesk markets reporter Was this newsletter forwarded to you? Sign up here. |
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Happy almost weekend! Here’s what you need to know today in crypto: |
| The SEC delayed its decision on an application by Hashdex to convert its futures ETF to a spot ETF. The Philippines will sell a tokenized bond next week.Bitcoin could reach $45,000 by year-end according to one analyst. |
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CoinDesk Market Index (CMI): 1,484 +3.8%
Bitcoin (BTC): $37,482 +4.3%
Ether (ETC): $2,069 +3.6%
S&P 500: 4,502.88 +0.2%
Gold: $1,968 +0.4%
Nikkei 225: $1,968 +0.4% |
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The U.S. Securities and Exchange Commission (SEC) is delaying a decision on an application by Hashdex to convert its existing bitcoin futures exchange-traded fund (ETF) into a spot vehicle. The agency also delayed action on Grayscale's attempt to launch a new futures-based ether ETF. Hashdex filed to convert its bitcoin futures ETF into a spot bitcoin ETF in September. Grayscale (a subsidiary of CoinDesk parent Digital Currency Group) filed for its ether futures ETF that same month. Both filings faced initial deadlines of Nov. 17 for a decision, but the SEC said it was extending this window, according to a pair of Wednesday filings. |
The Philippines government said it plans to raise 10 billion pesos ($180 million) through the sale of a tokenized treasury bond next week, in the latest move by a government to embrace blockchain technology to digitize its domestic debt market. The planned sale follows an offering from Hong Kong, which issued an 800 million-Hong Kong dollar ($103 million) tokenized green bond in February. The Philippines Bureau of the Treasury intends to confirm the interest rate of the one-year bond on Nov. 20, with the issue and settlement date set for Nov. 22. It reserved the right to change the mechanics of the issue. Bitcoin’s (BTC) bullish momentum will likely remain intact heading into the end of the year, lifting prices to the $40,000 mark, according to Markus Thielen, research head at crypto services provider Matrixport and founder of analytics portal DeFi Research. “Bitcoin will reach $40,000 – if not even $45,000 – by the year’s end,” Thielen said in a note shared with CoinDesk, citing options market positioning and dovish Federal Reserve expectations as catalysts for continued price gains. The cryptocurrency has more than doubled this year, with prices rising nearly 40% in the past four weeks alone. The recent bullish action spurred demand for call options, or derivatives giving the purchaser the right to snap up the underlying asset at a predetermined price later. |
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Market Insight: El Salvador Remains in the Red on Bitcoin Holdings |
In November 2022, El Salvador President Nayib Bukele announced a country-level dollar cost averaging (DCA) plan, promising to buy one bitcoin every day. At the time, the country – based on public statements from Bukele – was already the owner of 2,381 bitcoins purchased at an average price of roughly $44,300. The price then was just $19,000, putting the country at about a $60 million loss on its holdings. Bukele has kept pretty quiet about El Salvador’s purchases since and the exact amount of bitcoin the country now owns is not clear as there is no public government record. Assuming that the country did indeed purchase one bitcoin per day over the past year, CoinDesk estimates El Salvador's holdings would sum to 2,744 bitcoin as of Nov. 14. Based on the median price of BTC over each of those days, the country's average purchase price would have drifted down to roughly $41,800. |
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| The chart shows the 24-hour change in open interest in futures tied to the top 30 cryptocurrencies by market value. Open interest in DOGE and AVAX has increased by nearly 20%, while OI in BTC has declined by 2.5%.An influx of new money into non-serious tokens like DOGE and alternative coins suggests an increased risk appetite in the market.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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