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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Welcome to a new week! Here's what you need to know today in crypto: |
- Bitcoin is up ahead of a busy week for markets.
- The DOJ's head of crypto enforcement promises a crackdown on illicit behavior on trading platforms.
- Binance ceases operations in Canada.
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CoinDesk Market Index (CMI): 1,204 +1.9%
Bitcoin (BTC): $27,422 +2.2%
Ether (ETC): $1,829 +1.4%
S&P 500 futures: 4,153.75 +0.4%
FTSE 100: 7,791.68 +0.5%
Treasury Yield 10 Years: 3.46% +0.1 |
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Bitcoin (BTC) has gained ground again after hitting lows of $25,800 late Friday, rising to $27,400 early Monday morning. Markets are preparing for a busy week ahead with U.S. retail sales data to be released Tuesday and Federal Reserve Chair Jereome Powell to speak on Friday. Stocks and commodities were also climbing early Monday. Some traders believe bitcion's holding of the $27,000 level over the past few days is setting the crypto up for a run to new highs. Among other crypto movers Monday, Lido DAO (LDO), a liquid staking solution for Ethereum, gained 10%, and Litecoin (LTC) was up 8%. |
The U.S. Department of Justice's (DOJ) head of crypto enforcement has promised a crackdown on illicit behavior on trading platforms, the Financial Times reported on Monday. Eun Young Choi, director of the National Cryptocurrency Enforcement Team, said the DOJ is targeting crypto exchanges that allow "criminal actors to easily profit from their crimes and cash out," as a means of fighting crypto crime, which she said has grown "significantly" in the last four years. Choi added that the department's focus is on businesses that sidestep anti-money laundering or know-your-customer rules, or who do not engage in thorough compliance and risk mitigation. Crypto exchange Binance has announced that it would cease operations in Canada, citing the challenging regulatory environment. "We had high hopes for the rest of the Canadian blockchain industry," the company said in a Friday tweet. "Unfortunately, new guidance related to stablecoins and investor limits provided to crypto exchanges makes the Canada market no longer tenable for Binance at this time." In February, the Canadian Securities Administrators (CSA) revealed new guidance that prohibited crypto asset trading platforms within the country from allowing customers to buy or deposit stablecoins without the CSA's prior approval. Obtaining that approval would require the crypto trading platform to pass the CSA's various due diligence checks. |
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Market Insight: Aevo Unveils Altcoin Options
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The Ethereum-based structured product firm Ribbon Finance's decentralized exchange Aevo began offering options tied to alternative cryptocurrencies (altcoins), a crypto term used to describe digital assets other than bitcoin (BTC), and sometimes ether (ETH). Aevo users can trade options tied to Lido's (LDO), Pepecoin (PEPE), Sui's SUI, Arbitrum's (ARB), Litecoin (LTC), Aptos (APT) and others tokens which could earlier only be traded through an over-the-counter desk, Ribbon Finance said in a press release shared with CoinDesk. Users can pick the options strike price and tenure of these options and get instant quotes from crypto market makers Galaxy, GSR and OrBit Markets. |
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- The chart shows litecoin's performance in the days leading up to and following the previous mining reward halvings.
- Historically, litecoin has picked up bullish momentum between four to six months before the programmed 50% reduction in per-block mining rewards and peaked 50 days before the event date.
- The third halving is due in less than 70 days, i.e., on Aug. 3. LTC traded 8% higher on Monday to $87 at press time.
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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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