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 is steady around the $64,000 mark.
- Robinhood would likely win a court case against the SEC, KBW said.
- Digital bank Revolut's crypto exchange goes live.
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CoinDesk 20 Index: 2,258 −1.3%
Bitcoin (BTC): $64,111 +0.1%
Ether (ETC): $3,100 −1.6%
S&P 500: 5,180.74 +1.0%
Gold: $2,324 +0.1%
Nikkei 225: $2,324 +0.1% |
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| Bitcoin fluctuated between $63,000-$64,000 during the Asian and European mornings on Tuesday, consolidating its recovery from last week's crash below $57,000. Despite retreating from Monday's high of around $65,500, BTC appears to have settled into a range comfortably above the $60,000 level. At the time of writing, it was priced at $64,114, largely unchanged from its price 24 hours before, but nonetheless up around 10% since the start of May following a slide of over 16% in April. The broader digital asset market has dropped 1.33% since yesterday, as measured by the CoinDesk 20 Index (CD20). |
Robinhood would probably win a court case against the U.S. Securities and Exchange Commission, according to broker KBW. The SEC's issuing of a Wells Notice against the trading platform is surprising given its conservative approach to digital asset listings, KBW said in a research report on Monday. "Our preliminary view is that HOOD would likely fight the SEC in court and has a higher likelihood to prevail than most U.S. competitors (if put in similar situations) given HOOD's stricter listings standards," the authors wrote. KBW added that HOOD shareholders won't have full clarity on the outcome of any legal case until late 2025, based on the timescales of the SEC's ongoing suit with Coinbase. Digital bank Revolut's new crypto exchange is now available to professional cryptocurrency traders. Revolut X is designed to entice users to trade through it rather than buying and selling with the Revolut app by offering lower fees. Revolut will charge zero fees to the maker of a trade and 0.09% to the taker. Revolut has allowed the buying and selling of crypto within its app for several years and has now launched its own exchange to compete with other leading participants. The London-based company, which has more than 40 million customers worldwide, is among the first banks to build a standalone crypto exchange. |
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Market Insight: Bitcoin Rebound Has Crypto Traders Anticipating $100K |
Bitcoin traders are reconsidering a surge to $100,000 following BTC's renewed price upswing. There has been a notable increase in demand for bitcoin call options on exchange Deribit and over-the-counter networks. These options are targeting a rally in excess of $75,000 and reaching as high as $100,000. "We are seeing some bullish follow-through in volatility and rates following the reversal bounce from Friday and into the weekend. BTC risk reversals have gone positive (calls more expensive than puts), and [there has been a] renewed demand for BTC Sep expiry $75,000 and $100,000 calls," QCP Capital said in a note on Monday. A call option is a contract in which the buyer has the right to purchase an underlying asset at a predetermined price on or before a specific date. As such it is considered a sign of bullish sentiment. At the time of writing, there are more than 150,000 active call options on Deribit, worth $9.5 billion. That's more than double the number of put options, which are a sign of bearish sentiment. |
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- The chart shows monthly venture capital funding in the crypto market since October 2022.
- VC funding surpassed the $1 billion mark for the second straight month in April.
- According to Tagus Capital, the U.S. accounted for 35% of the global fundraising, followed by Singapore's 9.2% and Britain's 7.4%.
- Source: Tagus Capital, Rootdata
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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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