The latest moves in crypto markets, in context By Lyllah Ledesma, CoinDesk news reporter Was this newsletter forwarded to you? Sign up here. |
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Welcome to a new week! Here’s what you need to know today in crypto: |
- Bitcoin trades flat at $43,000 while Chainlink’s LINK extends its rally.
- Genesis is seeking approval to sell $1.6 billion in bitcoin, ether trust holdings.
- JPMorgan said Tether’s increasing dominance is bad for crypto markets.
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Looking for the premier Bitcoin ETF? Look for Grayscale Bitcoin Trust ETF (Ticker: GBTC). GBTC is the world’s largest spot bitcoin ETF with $26.6B in AUM as of 1/11/24. It is also the world’s oldest Bitcoin fund, first created in 2013 to give investors secure and familiar access to Bitcoin. GBTC is managed by Grayscale, one of the only asset managers with a decade of experience operating a Bitcoin investment vehicle. Remember, Bitcoin investing begins with GBTC. Find ticker: GBTC in your brokerage account or ask your financial advisor today. Grayscale Bitcoin Trust (BTC) (the “Trust”) has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the Trust has filed with the SEC for more complete information about the Trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the Trust or any authorized participant will arrange to send you the prospectus (when available) if you request it by calling (833) 903 - 2211 or by contacting Foreside Fund Services, LLC, Three Canal Plaza, Suite 100, Portland, Maine 04101. Foreside Fund Services, LLC is the Marketing Agent for the Trust. An investment in the Trust involves risks, including possible loss of principal. The Trust holds Bitcoin; however, an investment in the Trust is not a direct investment in Bitcoin. Extreme volatility of trading prices that many digital assets, including Bitcoin, have experienced in recent periods and may continue to experience, could have a material adverse effect on the value of GBTC and the shares could lose all or substantially all of their value. |
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CoinDesk 20 Index: 1,663 +0.3%
Bitcoin (BTC): $43,130 +0.2%
Ether (ETC): $2,328 +1.0%
S&P 500: 4,958.61 +1.1%
Gold: $2,042 +0.3%
Nikkei 225: $2,042 +0.3% |
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Bitcoin (BTC) traded little changed, hovering just over $43,000 on Monday, while altcoins gained. Chainlink’s CHAIN has added 7% over the past 24 hours after surging to a 22-month high Friday, ending a three-month bull breather for the token of the leading decentralized oracle network. "Traditional financial institutions need data, compute, and cross-chain capabilities to adopt blockchains and tokenized RWAs at scale. Only the Chainlink platform provides all three," Chainlink said on X last week. Also advancing was Flare Network: The EMV-compatible layer 1’s FLR token rose just under 7%. Ether, the second largest cryptocurrency by market value, rose 1%. |
Bankrupt crypto lender Genesis filed a motion Friday asking a U.S. judge to approve the sale of over $1.6 billion in bitcoin (BTC), ether (ETH) and ethereum classic (ETC) held in Grayscale’s trust products. If the motion is approved, the market could see yet another chunk of selling pressure on bitcoin. In January, bankrupt exchange FTX sold over $1 billion worth of GBTC holdings. That coincided with the price dropping to $39,000 from $49,000. Nearly $1.4 billion of Genesis’ assets were held in Grayscale Bitcoin Trust (GBTC), which has since converted to become a spot exchange-traded fund (ETF). It also holds $165 million in Grayscale Ethereum Trust and $38 million in Grayscale Ethereum Classic Trust, the filing shows. The increasing dominance of stablecoin tether (USDT) is bad for the wider crypto ecosystem, JPMorgan (JPM) said in a research report Thursday. The bank said it views the "increasing concentration in tether over the past year as a negative for the stablecoin universe and the crypto ecosystem more broadly. Stablecoins are facing regulatory risk across multiple jurisdictions, and “tether is mostly at risk given its lack of regulatory compliance and transparency,” analysts led by Nikolaos Panigirtzoglou wrote. There is an opportunity for other stablecoins, however, as issuers that have been more aligned with regulations could benefit from any resulting crackdown and take market share, the bank said. |
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Grayscale is the world’s largest crypto asset manager*. We enable investors to access the digital economy through a family of regulated and future-forward investment products. Our decade-long track record and deep expertise as a crypto-specialist means that investors, advisors, and allocators turn to us for both investment insights and innovative products. Crypto investing begins with Grayscale. *By AUM as of 1/16/24. Investing involves risk and possible loss of principal. |
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Market Insight: Apparent 'Insiders’ Make Millions After Grabbing Ethereum Version of Dogwifhat |
Many crypto wallets pocketed over $1.3 million over the weekend after picking up an ample supply of the Ethereum version of meme coin dogwifhat (WIF). The Ethereum version of dogwifhat isn’t connected to Solana-based WIF, which launched in late November and reached a market capitalization of over $350 million. Over 12 wallets, termed “insiders” by the on-chain analytics tool Lookonchain, purchased 24 million Ethereum WIF tokens for $3,000 in ether. This purchase was in the same block where the deployer opened trading – implying the trader knew precisely when the tokens would be issued and traded, Lookonchain said. |
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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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