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: |
- BlackRock received $100,000 as "seed capital" for its proposed bitcoin ETF.
- Microstrategy is sitting on a $2 billion profit from its bitcoin holdings.
- El Salvador's president said the country's bitcoin holdings are now profitable after the price rally.
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CoinDesk Market Index (CMI): 1,599 −0.4%
Bitcoin (BTC): $41,661 +0.4%
Ether (ETC): $2,201 −1.4%
S&P 500: 4,569.78 −0.5%
Gold: $2,042 +0.9%
Nikkei 225: $2,042 +0.9% |
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BlackRock (BLK) received $100,000 as "seed capital" for its proposed spot bitcoin (BTC) exchange-traded fund, the investment giant disclosed in a fresh application with the U.S. Securities and Exchange Commission (SEC). "The seed capital investor agreed to purchase $100,000 in shares on October 27, 2023, and on October 27, 2023 took delivery of 4,000 shares at a per-share price of $25.00 (the "seed shares")," the filing said. Seed capital represents the initial funding that allows an ETF to fund the creation units underlying the ETF so that shares can be offered and traded in the open market. |
(Jim.henderson/Wikimedia Commons) |
Business intelligence company MicroStrategy (MSTR) was sitting on a more than $2 billion profit on its massive bitcoin holdings on Monday following the cryptocurrency's rally above $42,000. Led by then CEO and now Executive Chairman Michael Saylor, MicroStrategy began purchasing bitcoin in August 2020. The company's most recent purchases took place last month and as of Nov. 30, it held 174,530 bitcoin acquired for $5.28 billion, or an average price of $30,252 each. With bitcoin at $42,000, the value of MSTR's holdings rose to roughly $7.3 billion. The price at press time had pulled back to $41,700. The president of El Salvador took to the X platform early Monday morning to note his country's bitcoin investment was now profitable by more than $3 million following the cryptocurrency's rally. "We have no intention of selling; that has never been our objective," he wrote. "We are fully aware that the price will continue to fluctuate in the future, this doesn't affect our long-term strategy." Based on public statements from Nayib Bukele, CoinDesk three weeks ago calculated that the country at that time owned roughly 2,744 bitcoins at an average price a bit lower than $42,000 and was sitting on a loss of about $16 million. |
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Market Insight: Coinbase Rally Still Has Legs |
Shares in Nasdaq-listed cryptocurrency exchange Coinbase (COIN) have surged nearly 300% this year, outperforming leading cryptocurrency bitcoin (BTC) by a significant margin. According to Fairlead Strategies, further gains could be in the offing because the stock is on track to confirm a long-term base pattern breakout. Basing involves an asset consolidating in a price range for a prolonged time following a significant sell-off. The energy built up during the consolidation is unleashed in the direction in which the base is breached, that is to the higher side in case of a bullish breakout. "COIN is likely to confirm a long-term base breakout this Friday above near $116 resistance. The breakout is a positive long-term development, suggesting the primary trend has shifted higher," Fairlead analysts led by founder and managing partner Katie Stockton said in a note to clients Monday. |
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- The chart shows changes in short-term and long-term bitcoin call-put skews over the past five weeks. The metric measures demand for calls relative to puts.
- Skews have come off from multimonth highs reached in early November, failing to confirm bitcoin's rise above $42,000 on Monday.
- Perhaps sophisticated traders are anticipating a bull breather.
- A call option offers protection against bullish moves, while a put offers insurance against price slides.
- Source: Amberdata
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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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