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 Tuesday! Here's what you need to know today in crypto: |
- Bitcoin falls below $62,000 as Hong Kong ETFs debut disappoints.
- MicroStrategy now holds around 1% of total circulating supply of bitcoin.
- Coal miner Alliance Resource Partners has mined $30 million worth of BTC.
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CoinDesk 20 Index: 2,116 −2.8%
Bitcoin (BTC): $61,726 −1.1%
Ether (ETC): $3,042 −4.2%
S&P 500: 5,116.17 +0.3%
Gold: $2,326 −0.8%
Nikkei 225: $2,326 −0.8% |
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Bitcoin fell below $62,000 during the European morning, having treaded water around $63,000 throughout most of the Asian session. BTC was changing hands at about $61,670 at the time of writing, down 1.3% in the last 24 hours. The broader digital asset market, as measured by the CoinDesk 20 Index (CD20), has dropped around 2.7%. The debut of crypto ETFs in Hong Kong looks unlikely to inject any life into this sedentary market for now, with BTC products drawing just $8.5 million in volume and ETH drawing $2.5 million on the first day. Issuers expected the initial volume to be over $100 million, according to local media reports. |
MicroStrategy now holds almost 1% of the total circulating supply of bitcoin, having acquired 25,250 BTC in Q1. Broker Canaccord Genuity cut its MSTR price target from $1,810 to $1,590 while maintaining its buy rating after the software company reported a net operating loss of $53.1 million following a digital asset impairment charge of $191.6 million. Canaccord said the main drivers of the new price target are continued appreciation of BTC and "some revaluation up for the software business." There is a scarcity value to MicroStrategy's bitcoin holdings, given it remains one of the best ways for most equity investors to gain exposure to the digital asset, Canaccord added, and this setup "provides the potential for an additional premium to spot to re-emerge in MSTR shares." MSTR sunk over 5.5% to $1,220 in pre-market trading on Tuesday. A NASDAQ-listed coal miner has mined $30 million worth of bitcoin using excess power at its facilities. Alliance Resource Partners said in an earnings call that it had 425 BTC on its balance sheet, which it had acquired as part of a pilot project to monetize underutilized electricity at its River View mine in Kentucky. The $30 million valuation represents a gain of around $7.3 million, the firm's CFO Cary Marshall said. Marshall added that the company isn't buying bitcoin but mining it with its existing equipment. "We do have some extra capacity that we're renting out to other bitcoin miners within the data center that we've effectively built for this bitcoin mining to take advantage of the low energy costs we have," he added. |
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Market Insight: Bitcoin Set to Become Even More Dominant in Crypto Market |
Bitcoin looks set to post a losing month for the first time since August. BTC is down around 11% against the start of April, while the CD20 has traded nearly 20% lower this month. Meanwhile, bitcoin's dominance rate has risen past a critical level, an indication that it could continue to outshine altcoins in the coming months. BTC's share of the crypto market recently rose to a three-year high of 57% following a six-month consolidation pattern. "It [the dominance rate] recently had a breakout favoring bitcoin over altcoins in the intermediate-term, which is in line with the weekly RRG [relative rotation graph] where most altcoins point lower," Fairlead Strategies said in a note to clients Monday. "The breakout in the index marks a continuation of a long-term turnaround phase, which has reversed much of the altcoin gains made in early 2021," Fairlead Strategies added. |
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- The chart shows Google's search value for the term "Bitcoin" in Japan over the past five years.
- Despite the yen's recent sharp depreciation to over three-decade lows, retail interest in bitcoin, an alternative asset often touted as a hedge against fiat currency volatility, has declined.
- Google Trends provides access to a primarily unfiltered sample of search requests made to Google. It scales their searches from 0 to 100, with search values representing interest relative to the highest point on the chart for the selected region and period.
- Source: Google Trends
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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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