Bitcoin Tops $21K, Outshines S&P 500, Gold

Plus, Binance to allow institutional investors to keep collateral off exchange

January 16, 2023 The latest moves in crypto markets, in context By Lyllah Ledesma, CoinDesk reporter Was this newsletter forwarded to you? Sign up here.    Welcome to Monday! Here's what's happening in crypto today: Bitcoin climbed above the $21,000 mark in early trading hours.  Binance will allow institutional investors to keep their collateralized crypto off the platform.   The Department of Justice objects to FTX's choice of lawyers.   Want our 5 p.m. ET market update? Subscribe here to Crypto Markets Today!   Latest Prices CoinDesk Market Index (CMI) 1,001 +7.1 ▲ 0.7% Bitcoin (BTC) $20,860 +164.3 ▲ 0.8% Ethereum (ETH) $1,545 +13.3 ▲ 0.9% S&P 500 futures 4,008.50 −9.8 ▼ 0.2% FTSE 100 7,856.94 +12.8 ▲ 0.2% Treasury Yield 10 Years 3.51% ▲ 0.1 BTC/ETH prices per CoinDesk Indices, as of 7 a.m. ET (11 a.m. UTC) CoinDesk Market Index (CMI): 1,001  +0.7%  Bitcoin (BTC): $20,860  +0.8%  Ether (ETC): $1,545  +0.9%  S&P 500 futures: 4,008.50  −0.2%  FTSE 100: 7,856.94  +0.2%  Treasury Yield 10 Years: 3.51%  +0.1      Top Stories Bitcoin, the largest cryptocurrency by market capitalization, briefly reached the $21,000 mark for the first time since the FTX collapse in early November on Monday in early trading hours. The cryptocurrency has since retreated slightly, and is trading around $20,880. Ether also made gains over the weekend and is trading up 17% over the last seven days. While crypto assets surged on Monday, U.S. futures slipped. European stocks rose.  Bitcoin daily price chart (CoinDesk)  Binance will allow institutional investors to keep their collateralized crypto used for leveraged positions off the platform, Bloomberg reported on Monday. The exchange will let investors post collateral with Binance Custody, which will hold the assets off the internet in cold storage wallets, the report added. The U.S. Trustee has voiced objections to FTX hiring New York law firm Sullivan and Cromwell, citing conflict of interest, in a Jan. 13 legal filing. The complaint echoes those made by a bipartisan grouping of U.S. Senators and by the crypto exchange's founder Sam Bankman-Fried, and expresses concern the firm might tread on the toes of future work by an independent examiner. Market Insight: Bitcoin Options Flip Shutterstock Expectations for bitcoin's (BTC) price over the next six months have turned positive after a long time, in another sign of confidence in the cryptocurrency's latest bull revival. Bitcoin's 180-day call-put skew has crossed above zero for the first time since the start of 2021, indicating that bullish call options expiring in six months have become pricier than bearish put options, according to chart sourced from digital assets data provider Amberdata. The skew measures the price for calls relative to puts and is a good measure of the consensus for six months ahead, as both institutions and retail investors use options to speculate and hedge against future shifts in the price of the cryptocurrency. Read the full story by Omkar Godbole   Chart of the Day The chart shows cryptocurrencies outperformed stocks and commodities by a significant margin last week. The safe-haven U.S. dollar depreciated, while government bonds were the worst-performing asset class. Crypto's outperformance comes after nearly two months of FTX-induced panic that saw market leaders bitcoin and ether wilt amid the risk revival on Wall Street. – Omkar Godbole   Consensus 2023 is a call to action for developers, investors, founders, policymakers, brands and others to come together and find solutions to crypto's thorniest challenges and finally deliver on the technology's transformative potential. Use code FM15 for 15% off your pass. Register now. Trending Posts Bernstein Expects Crypto Revenue to Jump to Around $400B by 2033  Shiba Inu Developers Reveal First Look of Layer 2 Blockchain Shibarium  Bitcoin Surge Causes Over $500M in Liquidations, Highest in 3 Months 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.  First Mover: A newsletter from CoinDesk Were you forwarded this newsletter? Sign up here.  Don't want this newsletter? Unsubscribe. Copyright © 2023 CoinDesk, All rights reserved.  250 Park Avenue South New York, NY 10003, USA See all of CoinDesk's newsletters | Manage subscriptions | Opt out