The latest moves in crypto markets, in context By Lyllah Ledesma, CoinDesk markets reporter Was this newsletter forwarded to you? Sign up here. |
|
|
Happy Thursday and happy holidays! Here's what you need to know today in crypto: |
- Uniswap's governance token has outperformed other cryptocurrencies, gaining 15% on the day.
- Binance listed perpetual futures tied to the meme token BONK, which has rallied 1,800% in four weeks.
- South Korea will start a pilot for a CBDC.
|
|
|
CoinDesk Market Index (CMI): 1,470 +2.2%
Bitcoin (BTC): $37,479 +2.5%
Ether (ETC): $2,067 +2.3%
S&P 500: 4,556.62 +0.4%
Gold: $1,994 +0.1%
Nikkei 225: $1,994 +0.1% |
|
|
Uniswap, a decentralized exchange built on Ethereum, has seen its governance token, UNI, rally over the past 24 hours. UNI climbed over 15%, outperforming the rest of the crypto market. There's no clear reason for the jump, but it could have something to do with the proposal submitted by StableLab (a governance service provider) that seeks to delegate 10 million UNI from the DAO's treasury to underrepresented delegates. The proposal is awaiting an on-chain vote. Other altcoins also rallied, including collapsed crypto exchange FTX's FTT token, which gained 10% on the day. Bitcoin, the world's largest cryptocurrency, added almost 3% and hovered around $37,400. "Technically speaking, dips have been exceptionally well supported and bitcoin looks to be readying for a push to fresh yearly highs and towards a test of next key resistance in the form of the $40k barrier," said LMAX Digital in a morning note. |
UNI 24 hour price chart (CoinDesk) |
The market capitalization of bonk (BONK), a Solana token that came into existence as a meme coin in January, has surged over 1,800% in the past four weeks, outshining Solana's SOL token and industry leader bitcoin (BTC) by a significant margin. The good times, however, might be over. On Wednesday, Binance listed perpetual contracts tied to the token with 50x leverage. Historically, a decision by the exchange to list perpetual contracts tied to smaller tokens has marked major price tops for the relevant cryptocurrencies. Perpetuals are futures contracts with no expiry date, allowing investors to speculate on the price of an underlying asset while bypassing the physical settlement of goods involved in standard futures contracts. South Korea will start a pilot for a central bank digital currency (CBDC) involving 100,000 citizens in the first quarter of next year, the Korea Times reported. The pilot program will be jointly operated by the Bank of Korea and financial regulators the Financial Services Commission (FSC) and Financial Supervisory Service (FSS), according to the report. The project will see 100,000 people – roughly 0.2% of the country's population – able to purchase goods with tokens issued by commercial banks in the form of CBDC. Use will be restricted to purchasing goods, with other uses such as remittance not permitted. |
|
|
The percentage of Bitcoin's (BTC) circulating supply that was last active on-chain at least a year ago has reached a record high 70.35%, surpassing the previous peak of 69.35% in July, according to data tracked by blockchain analytics firm Glassnode. The new high reflects "a strong belief from bitcoin's holder base in the wake of crypto-wide contagion and macro headwinds after its all-time highs in 2021," according to Reflexivity Research. The percentages of supply that have not moved on-chain in two, three and five years are also at their respective lifetime highs. The figures show long-term investors are in no mood to sell even after bitcoin has more than doubled to $37,000 this year. |
|
|
Consensus is the biggest and most established hub for everything crypto, blockchain and Web3. Join us at the 10th annual Consensus May 29-31 in Austin, Texas for dialogue, discovery and dealmaking alongside developers, investors, startups, executives and more.
Save 15% with code FM15. Grab your pass.
|
|
|
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. |
|
|
|
0 Comments