The latest moves in crypto markets, in context By Jamie Crawley, CoinDesk news reporter Was this newsletter forwarded to you? Sign up here. |
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It's Friday! Here's what you need to know today in crypto: |
- Bitcoin shows signs of settling into new trading range to end 2023.
- Solana's smartphone sales surge on back of memecoin airdrop.
- Custody firm Qredo's exchange Ankex closes its doors.
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CoinDesk Market Index (CMI): 1,670 −1.0%
Bitcoin (BTC): $42,601 −0.7%
Ether (ETC): $2,258 −1.4%
S&P 500: 4,719.55 +0.3%
Gold: $2,056 +1.3%
Nikkei 225: $2,056 +1.3% |
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Following a surge to 20-month highs last week, bitcoin appears to have settled into a new range, trading between $42,000 and just over $43,000 for much of this week. The largest cryptocurrency is currently priced at around $42,600, down 0.65% in the last 24 hours. The CoinDesk Market Index (CMI), which offers a weighted view of the digital asset market at large, is down a similar amount. With a large degree of spot BTC ETF enthusiasm already priced into asset prices and with no decision on the approval of applications to list such a fund by the SEC expected until the new year, the crypto market is showing signs of ticking along sideways for the remainder of 2023. |
(CoinDesk) Sales of Solana's smartphone are surging thanks to an airdrop of 30 million BONK tokens available to owners of the previously struggling Saga phone. "Saga sales have >10x'd in the past 48 hours, and are now on track to sell out before the new year," Solana co-founder Raj Gokal tweeted Thursday. The surge is so pronounced that Gokal's counterpart, Anatoly Yakovenko, tweeted they needed to raise the price. BONK, Solana's equivalent of dog-themed meme coin dogecoin, can seemingly take the credit for the turnaround in Saga's fortunes, with users saying on the Discord servers that they had just bought the phone to take advantage of the airdrop. Crypto custody firm Qredo's crypto exchange Ankex has closed its doors. CEO Michael Moro, formerly of Genesis Trading, has already moved on. Ankex sought to combine a non-custodial DeFi approach with elements familiar to professional traders such as a central limit order book, earlier this year, but its "development has been paused," the exchange said in a message to its community. "As some of you tested earlier this year, Ankex was ready for a public beta launch. Unfortunately, our path must pause at this stage." Ankex may have just been a victim of unfortunate timing as the crypto industry gradually emerges from a prolonged bear market. |
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Market Insight: U.S. Fed Signals Easier Monetary Policy in 2024 |
The U.S. Federal Reserve signaled on Thursday that a far easier monetary policy is in store for 2024. The so-called "dots" released Wednesday as part of the Fed's policy decision showed central bankers expect 75 basis points in rate cuts in 2024. That's up substantially from just 25 basis points they expected three months ago. Already in a sharp upswing since October on expectations of easier monetary policy, traditional markets soared further on the news, with all three major U.S. stock indexes climbing more than 1% and the Dow Jones Industrial Average topping 37,000 for the first time. The Fed's dovish signal also boosted the price of bitcoin, which this week has been trying to recover from Sunday's "flash crash," which saw prices tumble more than 5% in the space of a few minutes. |
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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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