The latest moves in crypto markets, in context By Krisztian Sandor, CoinDesk market reporter Was this newsletter forwarded to you? Sign up here. |
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Here's what you need to know today in crypto to start the week: |
- Bitcoin nears $65,000 amid crypto's strong weekend rebound
- Grayscale Bitcoin Trust (GBTC) saw first net inflow since ETF conversion
- Alleged Bitfinex security breach was fake, CTO says
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CoinDesk 20 Index: 2,275 +1.8%
Bitcoin (BTC): $64,180 +0.5%
Ether (ETC): $3,148 +0.3%
S&P 500: 5,127.79 +1.3%
Gold: $2,330 +1.3%
Nikkei 225: $2,330 +1.3% |
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Bitcoin trades around $64,000 early Monday as the crypto market erased last week's losses. BTC surged to $65,400 during Asia trading hours Monday, its highest price in almost two weeks, and now is up almost 15% from last week's corrective bottom. Bitcoin's swift recovery to a bullish weekly close "sets up the possibility the next higher low is already in place ahead of the next major upside extension to a fresh record high," LMAX Group market strategist Joel Kruger said in a Monday report Alternative cryptocurrencies (altcoins) followed suit, with SOL, AVAX and NEAR advancing 4%-5% over the past 24 hours. The broader crypto market is up 3.2% in the past 24 hours as measured by the CoinDesk 20 Index (CD20). |
Grayscale's bitcoin ETF saw its first daily inflow after bleeding billions of assets. The Grayscale Bitcoin Trust (GBTC), the largest bitcoin ETF by assets, saw a $63 million of fresh funds from investors on Friday, ending an almost 4-month streak of daily outflows since its conversion to a spot ETF structure in January, data compiled by Farside Investors shows. U.S.-listed spot ETFs also had their best day in more than a week, attracting $368 million of inflows, showcasing a positive sentiment turnaround with bitcoin's rebound. Bitfinex security breach dismissed by CTO Paolo Ardoino as "fake." Controversy arose over the weekend after a hacker group leaked a database of alleged usernames and passwords of over 22,000 Bitfinex exchange users. However, Ardoino refuted the claims and pointed out discrepancies, saying that the company does not store 2-factor authentication data as "clear texts" and the information was likely recycled from previous data thefts unrelated to Bitfinex. |
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Market Insight: Less Than 10% of Stablecoin Transaction Volume Comes from Real Users |
Some 90% of all stablecoin transactions are real or originated by genuine users, according to a new analysis by Allium and payment company Visa. Out of about $2.2 trillion in total transactions in April, only $149 billion originated from "organic payments activity," the report found, removing transfers initiated by bots and large-scale traders. Stablecoins – crypto assets pegged to an external asset, mostly to the U.S. dollar – are the backbone of digital asset markets and main plumbing for liquidity for trading and value transfers. The findings are not necessarily damning. "There is also a lot of noise in this data given that blockchains are general purpose networks where stablecoins can be used across a range of use cases with transactions that can be initiated manually by an end user or programmatically through bots," said a note last month about the findings by Cuy Sheffield, Visa's Head of Crypto. |
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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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