The latest moves in crypto markets, in context Was this newsletter forwarded to you? Sign up here. |
|
|
Good morning, and welcome to First Mover. I'm Lyllah Ledesma, here to take you through the latest in crypto markets, news and insights. |
|
|
Bitcoin (BTC) was down 3.6% over the last 24-hours after trading in a range between $20,000-$21,000 over the weekend. The world's largest cryptocurrency by market capitalization began to show signs of resilience last week as it briefly traded above $22,000, registering its highest valuation since mid-June. Bitcoin liquidations are showing longs to be substantially higher than shorts over the last 24-hours, data from Coinglass shows. |
BTC Total Liquidations (CoinGlass) |
Shorts totalled to $5.79 million and longs to $40.62 million. "This could trigger sell orders at any time of the day," said Laurent Kssis, head of Europe at Hashdex. "We could test $20,000 before pushing back," added Kssis. Ether (ETH) is down 3% on the day, at $1,142. The only altcoins trading in the green Monday morning were privacy token Monero and Tezos which were up by 5% and 3% respectively. Meanwhile, Twitter (TWTR) shares slipped in pre-market trading after Elon Musk decided to scrap his planned $42 billion takeover of the social media platform with fears that legal action could ensue. TWTR shares on the New York Stock Exchange were down 6.55% trading at 34.40 at the time of writing. Following the Three Arrows Capital (3AC) debacle, the hedge fund recently got an emergency hearing as founders were failing to 'cooperate'. In court documents filed late Friday in New York, lawyers acting on behalf of the creditors said that the founders of the fund "have not yet begun to cooperate with the [proceeding] in any meaningful manner." Creditors said that the fund's remaining assets could be "transferred or otherwise disposed of" before creditors get their share. But first, creditors are requesting the court to compel Three Arrows' founders to list out the fund's assets. In other news, more than 48 projects previously on the Terra network have begun migrating to Polygon almost two months after the Terra ecosystem collapsed following the implosion of terraUSD (UST). Over $20 million had been earmarked to help projects making the move. Elsewhere, the Financial Stability Board (FSB), an international body that monitors financial systems and proposes rules with the goal of preventing financial crises, plans to present recommendations for regulating crypto in October, according to a Monday statement. The FSB said it will propose recommendations for stablecoin regulation and submit a report on recommended rules for other crypto assets to the G-20. |
|
|
Market Moves By Omkar Godble
|
Bitcoin in 'Accumulation' Phase, Onchain Indicators Suggest It's time to start stacking bitcoin again. That's the message from indicators tracking tokens sold by miners and comparing the cryptocurrency's market value to its fair value. The Puell Multiple, calculated by dividing the daily issuance of bitcoins in U.S. dollar terms by the 365-day average of the value, has dropped into a "green zone" below 0.5, indicating the newly minted coins are undervalued relative to the yearly average. In other words, the current profitability of those responsible for minting coins is relatively low. In the past, that's indicated a perfect opportunity to build long-term exposure to the cryptocurrency. "Entering the green zone is a good time to average in, and for those more conservative, you can also wait for confirmation with a move out of the accumulation zone," analysts at Blockware Intelligence said in a newsletter published on Sunday. The daily issuance refers to coins added to the ecosystem by miners, who receive them as rewards for verifying a new block of bitcoin transactions. Recently, many miners have reduced their crypto holdings to stay afloat as the value of the reward has fallen. Undervalued readings on the Puell Multiple have marked previous bear market bottoms. "The Puell Multiple has reached a territory consistent with market bottoms in the past (below 0.5 and even touching levels below 0.4 a few weeks ago)," said Julio Moreno, a senior analyst at South Korea-based blockchain data from CryptoQuant. Read the full story here: Bitcoin in 'Accumulation' Phase, Onchain Indicators Suggest. |
|
|
The future of finance is inherently digital. As digital assets, technology, and finance continue to merge, we believe the resulting digital economy offers a more equitable, accessible, and inclusive financial future. Grayscale® Future of Finance (symbol: GFOF) is an ETF that seeks to invest in the companies and technologies that are integral in evolving the financial system. Backed by an index that combines the expertise of Grayscale, a leader in the digital asset ecosystem, and Bloomberg, a trusted authority in finance, GFOF seeks to define the "future of finance" in one thematic fund. What better way to plan for tomorrow than by investing in the future? Search symbol: GFOF in your brokerage account to start investing. Learn more here. Investing involves risks and the possible loss of principal. GFOF is distributed by Foreside Fund Services, LLC and Grayscale Advisors, LLC is the adviser. For a copy of the latest prospectus, head to the GFOF landing page. Risks: Future of Finance companies rely heavily on the success of the digital currency industry, and other developing technologies that seek to disrupt or displace established financial institutions. |
|
|
The following are the biggest movers in the CoinDesk 20 digital assets over the past 24 hours: |
|
|
Biggest Gainers Biggest Losers |
|
|
Sector classifications are provided via the Digital Asset Classification Standard (DACS), developed by CoinDesk Indices to provide a reliable, comprehensive, and standardized classification system for digital assets. The CoinDesk 20 is a ranking of the largest digital assets by volume on trusted exchanges. |
Hex Trust is a fully licensed digital asset custodian for financial institutions and organizations. Our bank-grade platform Hex Safe™ integrates top emerging blockchains, token standards, and licensed custody services for NFTs and metaverse assets. - Institutional-grade infrastructure: providing the highest standards of protection, scalability, and compliance
- Monetize digital assets: accessing DeFi, staking, and other on-chain services
- Enter the metaverse: integrating NFTs in your business operations safely
Unlock the full potential of your digital assets. Get started |
|
|
Check out the CoinDesk TV show "First Mover," hosted by Christine Lee, Emily Parker and Lawrence Lewitinn at 9:00 a.m. U.S. Eastern time. - Kapil Rathi, Co-Founder and Chief Executive Officer of CrossTower.
- Leah Wald, CEO Valkyrie.
- Sultan Meghji, Former Chief Innovation Officer Federal Deposit Insurance Corp (FDIC).
|
|
|
Where innovators, changemakers, investors and leaders present their best ideas for investing in the future of the Web 3, digital assets, blockchain and crypto ecosystems. Register now. |
|
|
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. |
|
|
|
