The latest moves in crypto markets, in context By Lyllah Ledesma, CoinDesk reporter Was this newsletter forwarded to you? Sign up here. |
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Happy Thursday! Here's what you need to know today in crypto: |
- CME's regulated bitcoin and ether futures saw record participation from large traders in the second quarter.
- The U.S. Justice Department wants Sam Bankman-Fried to spend the remainder of his time before his criminal trial in jail.
- Meta hasn't given up on its metaverse vision, said Mark Zuckerberg on the company's earnings call.
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CoinDesk Market Index (CMI): 1,283 +1.5%
Bitcoin (BTC): $29,485 +1.0%
Ether (ETC): $1,876 +1.3%
S&P 500 futures: 4,622.25 +0.6%
FTSE 100: 7,695.31 +0.2%
Treasury Yield 10 Years: 3.85% −0.1 |
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Derivatives giant Chicago Mercantile Exchange's (CME) regulated bitcoin (BTC) and ether (ETH) futures saw record participation from large traders in the second quarter. The number of large open interest holders, or entities holding at least 25 bitcoin futures contracts, averaged a record 107 in the second quarter, the CME said in an email to CoinDesk. Ether's so-called large open interest holders averaged 62 through the second quarter. "Bitcoin futures institutional interest continued to increase throughout the quarter as investors sought regulated venues/products to hedge rising market volatility and manage risk and exposure," the exchange said. |
The U.S. Department of Justice (DOJ) wants FTX founder Sam Bankman-Fried to spend the remainder of his time before his criminal trial in jail, alleging he has tried multiple times to tamper with witnesses. Bankman-Fried, flanked by two attorneys, appeared in federal court Wednesday after the DOJ alleged he shared documents with the New York Times to try and discredit former Alameda Research CEO Caroline Ellison, with whom he'd previously been in a relationship. Assistant U.S. attorney Danielle Sassoon opened the hearing by saying the DOJ was seeking Bankman-Fried's detention. "It is the government's view that no set of release conditions can secure the safety of the community," she said. "... it appears to be undisputed the defendant provided the documents quoted [in the New York Times] ... to discredit [Ellison]." Meta (META) hasn't given up on the metaverse despite a very public pivot to artificial intelligence. "Our investments in AI continue," said CEO Mark Zuckerberg on the company earnings call Wednesday evening. "We remain fully committed to the Metaverse vision as well," he continued. "We've been working on both of these two major priorities for many years in parallel now, and in many ways the two areas are overlapping and complementary.". The focus on the metaverse hasn't been profitable for the social media giant – Meta's Facebook Reality Labs (FRL) unit, which is responsible for metaverse, lost $13.7 billion on revenue of $2.2 billion in 2022, up from a loss of $10.2 billion on revenue of $2.3 billion the previous year. |
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Market Insight: XLM, XRP, SOL Investment Products See AUM Spike |
Assets under management (AUM) for investment funds linked to Stellar's XLM, Ripple's XRP and Solana's SOL surged higher in July, according to a report from CCData. Most of the AUM boost came on July 14, one day after a U.S. judge ruled the sale of XRP tokens on exchanges did not constitute investment contracts.The decision led to sharp price gains across the crypto sector, particularly for XRP itself as well as other altcoins, XLM and SOL among them. AUM for XLM-based products increased by 62.7% to $17.3 million. Among those funds is Grayscale's Stellar Lumens Trust (XLM), whose premium to net asset value surged to 330%, said CCData. |
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- The chart shows bitcoin's price on Bitfinex and the exchange's stablecoin ratio since mid-2020. The exchange stablecoin ratio is the ratio of the market value of bitcoin held in the exchange wallets to the market cap of stablecoins stored in the exchange wallets.
- The ratio has surged since January 14.
- Per market analyst Cole Garner, blow ups in the ratio have historically portended bullish price action.
- Source: Cole Garner, CryptoQuant
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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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An in-depth look into the latest advancements and current challenges in crypto and bitcoin mining. Bitcoin Mining Machine Efficiency Doubled in Five Years A recent report by Coin Metrics has news for fans of energy efficiency: ASIC miners overall are reducing their energy consumption per coin produced. But which are the most efficient? For Mining Week, CoinDesk dug deeper to determine which of 11 popular mining machines were the most competitive. Public Mining Companies Offer Better-Than-Bitcoin Price Exposure in 2023 Core Scientific (CORZ), Riot Blockchain (RIOT), Bitfarms (BITF), Iris Energy (IREN) and CleanSpark (CLSK) have performed better than BTC this year, as this chart shows. |
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