The latest moves in crypto markets, in context By Lyllah Ledesma, CoinDesk news reporter Was this newsletter forwarded to you? Sign up here. |
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Happy Friday! Here's what you need to know today in crypto: |
- Solana nears $100 and layer 2 Optimism gained 23% on the day.
- Hong Kong regulators will consider spot crypto ETFs.
- Circle obtained conditional registration in France as a digital asset service.
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CoinDesk Market Index (CMI): 1,721 +0.6%
Bitcoin (BTC): $43,591 −1.1%
Ether (ETC): $2,305 +1.2%
S&P 500: 4,746.75 +1.0%
Gold: $2,073 +1.7%
Nikkei 225: $2,073 +1.7% |
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Solana's SOL neared $100 early Friday as hype for the blockchain's speedy transactions, cheap fees and a lottery of meme coin issuances extended into a third week. Metrics show Solana has possibly been the strongest draw among on-chain traders, with trading volumes and network fees crossing those of Ethereum – which is usually the highest – on a seven-day rolling basis. Value locked on Solana applications grew in tandem, rising to $1.3 billion worth of tokens from November's $400 million to reach levels previously seen in July 2022. Also gaining on Friday was layer 2 Optimism's OP token, which climbed 23% over the past 24 hours. Optimism's total value locked (TVL) is approaching $900 million according to data from DeFi Llama. Bitcoin was down slightly on the day. |
Hong Kong regulators said they are ready to consider applications for spot crypto exchange-traded funds (ETFs). In a joint statement, the Securities and Futures Commission (SFC) and Hong Kong Monetary Authority (HKMA) said the virtual asset environment has changed since 2018, when the SFC formulated a "professional-investors only" regulatory approach. Hong Kong has been loosening its approach to crypto this year, and the regulators' opinion on retail exposure to digital assets has shifted. In October, the SFC updated its rule book to allow a broader range of investors to engage in spot-crypto and ETF investing. Then, last month, SFC Chief Executive Officer Julia Leung said the regulator was moving toward allowing retail amid investors to buy spot crypto ETFs and would "welcome proposals using innovative technology that boosts efficiency and customer experience" provided any risks were addressed. Crypto exchange Coinbase (COIN) said it received registration as a Virtual Asset Services Provider in France, allowing it to offer a "full suite of retail, institutional, and ecosystem products and services" in the country. The registration with the Financial Markets Authority (AMF) was announced the same day as stablecoin issuer Circle said it was granted conditional registration by the regulator as France looks to attract crypto businesses. Coinbase is the third-largest crypto exchange by trading volume, according to CoinGecko, surpassed only by Binance, which is also registered in the country, and Bybit. Registration allows it to offer custody of digital assets, buying and selling of digital assets for fiat currency and trading of digital assets, Coinbase said. |
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Market Insight: ARK Invest Sells More COIN |
Cathie Wood's investment firm, ARK Invest, extended its sales of Coinbase (COIN) stock on Thursday, taking the December total to more than $200 million as the shares rallied almost 30% since end-November. The ARK Innovation exchange-traded fund (ARKK) sold 68,769 shares, and the ARK Next Generation Internet ETF (ARKW) jettisoned 11,349, a total worth $13.4 million at Thursday's closing price. The firm often reduces its Coinbase holdings as the shares rise because it has a policy of keeping exposure to individual companies to a maximum of around 10% of its holdings. COIN remains above that level in both ARKK and ARKW. |
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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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