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 Wednesday! Here's what you need to know today in crypto: |
- IBM introduced a new cold storage technology for crypto assets.
- Key metrics show crypto traders are turning to ether from bitcoin.
- BlackRock and Bitwise amended their S1 forms with the SEC.
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CoinDesk Market Index (CMI): 1,662 +3.8%
Bitcoin (BTC): $43,965 +5.2%
Ether (ETC): $2,259 +2.3%
S&P 500: 4,567.18 −0.1%
Gold: $2,040 +1.1%
Nikkei 225: $2,040 +1.1% |
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Key derivatives market metrics show sophisticated traders are turning their attention to ether (ETH) from the recent market standout, bitcoin (BTC), hinting at a potential outperformance of Ethereum's native token in the coming weeks. Bitcoin has rallied over 60% this quarter, while ether, the supposedly deflationary currency with bond-like appeal and an ESG-compliant label, has lagged big time, gaining just 35%, CoinDesk data show. The performance gap is even wider over larger time frames, with bitcoin boasting a 163% year-to-date gain versus ether's 89%. |
IBM has released a cryptographic signing technology for handling digital assets in cold storage, reducing the risks associated with manual procedures while keeping assets at arm's length from an internet connection. The tech giant said in a statement on Tuesday that its IBM Hyper Protect Offline Signing Orchestrator (OSO) helps protect high-value transactions by offering additional security layers, including disconnected network operations, time-based security and electronic transaction approval by multiple stakeholders. In recent years, IBM has been applying its gravitas in key management, specifically its confidential computing suite of technologies, to digital assets and cryptocurrencies. Asset manager BlackRock and crypto investment firm Bitwise both filed amended S1 forms with the Securities and Exchange Commission (SEC) on Monday, answering further questions probably asked by the regulator in earlier conversations. While it is unclear which topics the SEC asked applicants to provide further information for, analysts had predicted that changes to the prior filings would be made following several meetings between the SEC and applicants last week. The filings signal that both parties are "working hard to iron things out," Bloomberg Intelligence's James Seyffart wrote on X. Amendments by the other 11 applicants, including Fidelity, Franklin and WisdomTree, are likely to follow soon, he said. |
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Market Insight: DOGE Price Hits Highest Since April |
Bitcoin's recent rapid rally has revived risk-taking in the crypto market, spurring investors to pour money into non-serious cryptocurrencies like dogecoin (DOGE), which was created as a joke 10 years ago. DOGE, the world's leading meme cryptocurrency, has gained over 10% in the past 24 hours to trade above $0.10 for the first time since April, according to data tracked by TradingView. The price has gained 27% in seven days, seemingly tracking bitcoin's surge to $44,000 from $38,000. The notional open interest – or the dollar value locked in the number of active futures and perpetual futures contracts – tied to DOGE has risen by 58% to $625 million in one week, reaching the highest since Nov. 2, 2022, according to data source CoinGlass. That increase, alongside a rising price, is said to confirm the uptrend. |
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- The chart shows the most active bitcoin options of the past 24 hours.
- While calls have seen the most volume, some traders have traded puts at strikes $41,000 and $41,500.
- The flows are consistent with options skew, which shows traders are looking to protect themselves from a potential price slide.
- Source: Velo Data
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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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