The latest moves in crypto markets, in context By Jamie Crawley, CoinDesk news reporter Was this newsletter forwarded to you? Sign up here. |
|
|
Welcome to a new week! Here's what you need to know today in crypto: |
- BTC, ETH dip amid fears of slower U.S. growth and sticky inflation.
- Bitcoin ETF inflows' slowdown is not the beginning of a negative trend, says Bernstein.
- The first Australian spot BTC ETFs could be approved by the end of 2024.
|
Join CoinDesk Flash Waitlist
Your Portfolio Will Thank You
CoinDesk Flash gives you the power of news that moves markets — be the first to get the latest crypto financial opportunities, trends, and technology insights. |
|
|
CoinDesk 20 Index: 2,176 −3.0%
Bitcoin (BTC): $62,389 −1.9%
Ether (ETC): $3,175 −3.7%
S&P 500: 5,099.96 +1.0%
Gold: $2,353 +0.8%
Nikkei 225: $2,353 +0.8% |
|
|
A message from Zondacrypto |
Join the community of the largest cryptocurrency exchange in Europe – running since 2014 without a break, with over 1.2 million active users. zondacrypto means: - highest MiCA-ready regulatory compliance – exchange licensed in Estonia, Switzerland, Canada, Lithuania, Slovakia and Italy,
- top-notch safety,
- over 74 assets, 179 markets,
- possibility to buy crypto for fiat directly,
- partnerships with well-known and trusted entities, among others, Juventus FC, Tour de Pologne, and Giro d'Italia.
Become a part of modern crypto reality. Visit zondacrypto. |
|
|
Bitcoin and ether dipped during the Asian morning on Monday amid renewed fears of U.S. stagflation. Bitcoin was down around 2% at $62,345 at the time of writing, while ether was 4% lower at $3,170. The CoinDesk 20 (CD20), a measure of the most liquid digital assets, was also down around 4%."The weaker than expected [U.S.] GDP print points to a more sluggish economy while the higher Core PCE warns of an inflation problem that continues to be a thorn in the Fed's side," QCP wrote in a note over the weekend. The stagflationary combination of slower growth rate and sticky inflation has further weakened the probability of the Fed rate cuts. |
Slowdown in bitcoin ETF inflows is a short-term pause and not the beginning of a negative trend, broker Bernstein wrote in a research report on Monday. "There is a natural gestation time to bitcoin becoming an acceptable portfolio allocation recommendation and the platforms establishing the compliance framework to sell bitcoin ETF products," analysts Gautam Chhugani and Mahika Sapra wrote. The broker added that there is no clear momentum up or down in bitcoin, which has been largely range-bound since the halving. Bernstein's expectation is that BTC hits a cycle high of $150,000 by 2025, owing to "unprecedented ETF demand inflows." The first spot bitcoin ETFs could be approved in Australia by the end of the year, Bloomberg reported. At least two entities - DigitalX andVanEck - have applied to list such funds with the Australian Securities Exchange and another one is working on it, according to the report. ASX accounts for 90% of the Australian enquiry market. Its smaller rival Cboe Australia received an application to list a spot BTC ETF earlier this month from Monochrome Asset Management. Momentum for bitcoin ETFs has been building in the Asia-Pacific region for some months, culminating in Hong Kong officially approving the first batch of funds last week. |
|
|
Aqualina offers expansive beachfront residences ideally located on a magnificent private beach adjacent Baha Mar Resort in Nassau, The Bahamas. A smart real estate investment opportunity that includes eligibility for The Bahamas Permanent Residency program, owners can also elect to take part in our exclusive Rental Program and generate robust returns while not in residence. Crafted with elegance and luxury in mind. Starting from $3MM - $7MM.
Crypto-Currency Accepted.
|
|
|
Market Insight: The Bitcoin Bull Market May Already Be Over |
The bitcoin bull market might have already ended, according to one veteran chart analyst. Peter Brandt, CEO of Factor LLC, suggested that BTC may have peaked at its recent price high near $74,000, based on historical data. This is in contrast to his previous prediction that the bitcoin bull market could extend to September next year and peak as high as $200,000. The latest projection is based on a statistical concept called "exponential decay," which describes the process of reducing an amount by a consistent percentage rate over a period. "Bitcoin has historically traded within an approximately 4yr bull/bear cycle, often associated with the halving events. There have been three major bull market cycles since the initial bull cycle and each cycle has been 80% less powerful than its predecessor in terms of the price multiple gained," Brandt said. If this pattern holds true, bitcoin's high of $73,835 on March 14 marked a price consistent with the historical exponential decay, he added. |
|
|
- The chart shows daily active NFT users on Solana and Bitcoin over the past four weeks.
- Daily active users on Solana hit a record high of 59,300 on Apr. 23.
- "The increase in trader count is driven by wallets trading at <$10 daily on Magic Eden and Tensor," crypto analytics newsletter OurNetwork said.
- Bitcoin daily active traders hit a historical high of 25,600 on Apr. 18.
- Source: nftpulse.org
|
|
|
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