The latest moves in crypto markets, in context Was this newsletter forwarded to you? Sign up here. |
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Good morning, and welcome to First Mover. I'm Lyllah Ledesma, here to take you through the latest in crypto markets, news and insights. - Price Point: Bitcoin remains range-bound at around $20,000, as U.S. stock futures fall for the second consecutive day.
- Market Moves: Despite poor macroeconomic conditions, a new Ethereum-based lending product from Ribbon Finance has seen high demand.
- Chart of the Day: Sushi's token soared 14% on news that Golden Tree Asset Management invested $5.3 million in the platform.
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Bitcoin (BTC) remained at the $20,000 level on Thursday as U.S. stock futures traded down, suggesting U.S. markets could stumble for a second day in a row after a two-day winning streak. The dollar eased slightly after posting solid gains overnight. Bitcoin has been trading in a $600 range over the last few days, bouncing above and below the $20,000 mark with little direction. Ether (ETH), the second-largest cryptocurrency by market value, gained 1% over the last 24 hours. Other altcoins posting gains included Uniswap's UNI, up 4% and XRP up 3%. Ethereum classic and Chainlink's LINK also made small gains. In the news, crypto lender Celsius Network's top three executives withdrew $56.1 million in cryptocurrency between May and June, shortly before the company suspended withdrawals and filed for bankruptcy, new court records show. Former CEO Alex Mashinsky, former Chief Strategy Officer Daniel Leon and Chief Technology Officer Nuke Goldstein pulled bitcoin, ether, USDC and CEL holdings from their custody accounts in May, before the company suspended all customer withdrawals. In other news, GoldenTree Asset Management has invested about $5.2 million in the Sushi governance token, the firm said in a Sushi forum announcement on Wednesday. Finally, PowerTrade, a crypto exchange focused on derivatives, announced it is rolling out a request-for-quote (RFQ) model for the options market, which it says will cater to institutional investors by mirroring a widely used practice in traditional finance. |
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Market Moves: Ribbon Finance's Unsecured Lending Product Sees Two Firms Borrow Over $10M |
Unless you have been underwater for months, you have probably heard that adverse macroeconomic conditions have made crypto market participants risk averse. However, the early activity in the Ethereum-based structured product firm Ribbon Finance's recently launched high-stakes lending product, Lend, suggests otherwise. Ribbon's Lend, which went live on Monday, allows depositors to lend unsecured funds to institutional market makers of their choosing with high liquidity. The protocol has seen users deposit 15 million USDC, the U.S. dollar-pegged stablecoin. Of that, more than 10 million USDC has been borrowed by Alameda-backed quant trading firm Folkvang Trading and market maker Wintermute, which recently lost $160 million in a hack. "We see that there is still demand in decentralized finance for high yields. Users are willing to move out the risk curve if the risk-reward makes sense," Julian Koh, co-founder and CEO of Ribbon, told CoinDesk. "Undercollateralized lending to reputable institutional trading firms seems to fit that category well." At press time, the annualized percentage return for loaning out USDC to Folkvang and Wintermute was nearly 7%. That's significantly greater than the 0.5% available on top decentralized platforms like Aave and Compound. Read more here. |
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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 Market Index is a broad-market index of digital assets, weighted by market capitalization. A full description of the methodology is here. |
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Sushi's Social Dominance Hits Highest Level Since June |
This chart shows ratio of discussions related to the decentralized exchange SushiSwap's SUSHI token vs. all crypto topics. (Santiment) |
- GoldenTree's disclosure of $5.3 million stake in Sushi has galvanized investor interest in the cryptocurrency.
- Increased social-media chatter often leads to price volatility.
- SUSHI has gained 14% in the past 24 hours.
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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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