The latest moves in crypto markets, in context By Lyllah Ledesma, CoinDesk reporter Was this newsletter forwarded to you? Sign up here. |
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Welcome to a new week! Here's what you need to know today in crypto: |
- Hong Kong's spot bitcoin ETF applicants say they have got approval.
- Bitcoin gained from its weekend dip and altcoins rallied.
- Germany's largest federal bank will offer custody services with Bitpanda.
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CoinDesk 20 Index: 2,316 +5.5%
Bitcoin (BTC): $66,606 +3.3%
Ether (ETC): $3,267 +6.9%
S&P 500: 5,123.41 −1.5%
Gold: $2,367 +0.5%
Nikkei 225: $2,367 +0.5% |
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Multiple Hong Kong bitcoin exchange-traded fund (ETF) applicants, including China Asset Management, Bosera Capital and others, posted to social-media platform WeChat (Weixin) that they had been approved to list spot bitcoin and ether ETFs. However, these announcements seem to have front-run an official statement from the Securities and Futures Commission (SFC), which has not posted a list of approved issuers. Some of the posts have since been deleted. Singapore-based analytics company 10x Research said in a note there is a 100% probability that Hong Kong will not be the last jurisdiction to approve bitcoin ETFs, and more will likely follow. "This will be an additional demand driver for Bitcoin from various countries that could approve Spot ETFs, namely Australia, Japan, Korea, and the UK," said the firm. |
Bitcoin gained on Monday, adding 3% after dropping to as low as $61,300 over the weekend. The weekend's drop was due to geopolitical tensions, according to some analysts. Matteo Greco, a research analyst at Fineqia, said: "The weekend's price drop was attributed to geopolitical tensions in the Middle East, with market sentiment improving after an announcement regarding a temporary halt in hostilities among the involved nations." He also noted that the upcoming bitcoin halving, could trigger a short-term "sell the news" reaction before and after the event. An array of altcoins also gained on Monday, with Render (RNDR), a GPU marketplace that lets users contribute computational power to 3D rendering projects and earn tokens in return, jumping 19%. Ondo Finance's ONDO also gained, climbing 18% over the past 24 hours. Germany's largest state-backed lender, Landesbank Baden-Württemberg (LBBW), is set to offer crypto custody services through a partnership with Austrian exchange platform Bitpanda. The two firms have entered into a strategic partnership, which would see LBBW provided with "Investment-as-a-Service" infrastructure to "store and procure cryptocurrencies," including bitcoin (BTC) and ether (ETH). "By offering crypto-asset custody, we are positioning ourselves with a clear added value for our corporate clients – while ensuring the highest security standards," Stefanie Münz, member of the LBBW board of directors responsible for finance, strategy and operations, said in a press statement. "Bitpanda provides the necessary technical and regulatory infrastructure to offer our customers innovative and, above all, secure solutions in the area of digital assets." |
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Market Insight: BTC Price Recovery Lacks Whale Participation |
Bitcoin (BTC) has recovered 3% since hitting lows near $61,000 over the weekend. Whales, however, have yet to buy the turnaround aggressively. Blockchain analytics firm IntoTheBlock's "large holder netflow" indicator shows that addresses owning at least 0.1% of BTC's circulating supply have added just over 3,000 BTC ($198 million) today. That's significantly less than the net inflow of nearly 80,000 BTC ($5.3 billion) seen a day after March 20's dip below $61,000. According to IntoTheBlock, large wallets, or whales, are good at timing the market, often picking the best moments to accumulate or distribute coins. Thus, tracking the netflow indicator offers insights into what large traders are thinking and the sustainability of the ongoing trend. |
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- The chart shows bitcoin's 2% aggregated market depth, or combined value of buy and sell orders within a 2% price range of the market price, in BTC terms.
- The market depth has dropped to 6.76K BTC, the lowest in at least a year.
- Weak depth means the market may not absorb large buy/sell orders at stable prices.
- Source: Kaiko
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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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