The latest moves in crypto markets, in context By Lyllah Ledesma, CoinDesk markets reporter Was this newsletter forwarded to you? Sign up here. |
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Happy Tuesday! Here's what you need to know today in crypto: |
- Brazil has witnessed investor demand for spot bitcoin ETFs, with Hashdex's product leading in terms of market share.
- Binance founder "CZ" must remain in the U.S. for the moment.
- Crypto investment funds attract their largest inflows this year.
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CoinDesk Market Index (CMI): 1,459 +0.1%
Bitcoin (BTC): $37,246 +0.5%
Ether (ETC): $2,028 +0.1%
S&P 500: 4,550.43 −0.2%
Gold: $2,016 +0.2%
Nikkei 225: $2,016 +0.2% |
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As investors await approval of a spot bitcoin exchange-traded fund (ETF) in the U.S., a check in Brazil finds hefty demand for such vehicles, which have been trading there for more than two years. Together, those ETFs have $96.8 million of assets under management (AUM) as of Nov. 21, led by Hashdex's Nasdaq Bitcoin Reference Price FDI (BITH11) with $57.8 million in AUM, or a market share of about 60%. For comparison, the largest ETF in the nation, iShares Ibovespa Index (BOVA11), has $2.41 billion in AUM and the second largest, the iShares BM&FBOVESPA Small Cap (SMAL11), has $1.19 billion. The largest U.S. ETF, the SPDR S&P 500, has roughly $430 billion in AUM. According to Marcelo Sampaio, CEO and founder of Hashdex, the success of bitcoin ETFs in Brazil is the result of pro-market digital assets regulation and growing interest from large institutions. |
(Matheus Câmara da Silva/Unsplash) |
Binance founder Changpeng "CZ" Zhao must remain in the U.S., at least for the moment, as a federal judge considers a U.S. Department of Justice motion that would require him to remain in the country until he is sentenced early next year. Zhao pleaded guilty to violating the Bank Secrecy Act last week and resigned as CEO of the world's largest crypto exchange by volume. The exchange itself pleaded guilty to charges of violating sanctions and money-transmission laws, agreeing to pay $4.3 billion in fines and embed compliance monitors who can report back to the U.S. government. After Zhao pleaded guilty, a magistrate judge granted his release on a $175 million personal recognizance bond. Zhao put $15 million in a trust account and had three guarantors put up over $5 million in collateral to secure the bond. Under the terms of the bond release, he was free to return to the UAE, where his wife and children also reside. District Judge Richard Jones stayed this part of the ruling on Monday. Crypto investment funds last week attracted their largest net inflows this year, extending their strongest run since the 2021 bull market as anticipation for a spot bitcoin (BTC) exchange-traded fund (ETF) continued to entice investors, digital asset fund management firm CoinShares reported Monday. Digital asset-focused investment vehicles saw net inflows of $346 million in the week ended Nov. 24, the largest amount in what's now been nine consecutive weeks of inflows, according to the report. "This run, spurred by anticipation of a spot-based ETF launch in the US, is the largest since the bull market in late-2021," CoinShares head of research James Butterfill said. |
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Market Insight: Dogecoin Now Held at 5M Crypto Addresses |
The adoption of joke cryptocurrency dogecoin (DOGE) continues to grow two years after the coronavirus pandemic that supposedly saw people beat lockdown boredom by gambling millions in non-serious digital assets. The number of cryptocurrency addresses holding DOGE has topped 5 million for the first time, according to data tracked by on-chain analytics firm IntoTheBlock. Meanwhile, the number of active addresses on the network has more than doubled to 168,000, reaching the most since March 2022, and the number of confirmed transactions on the Dogecoin blockchain has jumped to the highest since June, with the tally increasing by 1,000% in the past 10 days. |
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- The chart shows the total U.S. dollar value of cryptocurrencies locked in the liquid staking protocol Lido since late 2022.
- The total value locked (TVL) has more than doubled to $18.89 billion in six weeks.
- "The fragmentation of the DeFi market has favored liquid staking protocols this year," DeFi Research's Markus Thielen said, referring the growth in Lido's TVL.
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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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