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Bitcoin Developer Calls BRC20 “Spam,” Coinbase Launches Payments Product

Dec 6, 2023
Market Update Equities are flat after initially climbing following government data that showed labor market costs fell while productivity remained robust. Investors await confirmation from tomorrow’s jobless claims numbers, followed by nonfarm payrolls, wages, and unemployment rate on Friday. Long-term yields have fallen sharply after peaking near ~5% in October, with the 10Y and 30Y yielding 4.1% and 4.2%, respectively. $BTC has continued climbing, rising 0.6% to $43.9k. $ETH is underforming, falling 1.2% in USD, while the ETHBTC ratio has resumed its two-year downtrend, falling 0.54% to .0517 ETH per BTC. While ETH has been an underperformer as attention shifts to the potential BTC spot ETF approval, it is the only other crypto in the process for its own spot ETF, a fact investors could potentially focus on as the BTC decision dates approach. As BTC stalls around $44k, other large-cap tokens are starting to see a bid, with DOGE and AVAX up 7%, while AVAX gained 14% over the last day.Bitcoin developer and Ocean mining pool founder Luke Dashjr criticized inscriptions like Ordinals and BRC-20 tokens on the Bitcoin blockchain as "spam," arguing they exploit a flaw in Bitcoin Core. Despite his implementation of a fix in Bitcoin Knots, the broader community is divided. While some

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CRYPTO MARKET UPDATE DESPITE BEING THE LAUNCH DAY FOR ETH -0.16% ETFS, CRYPTO BROADLY MOVED LOWER IN THE EARLY MORNING HOURS TODAY, POSSIBLY DUE TO MOVEMENT OUT OF THE MT. GOX TRUSTEE WALLETS. Mt. Gox sent approximately $130 million in BTC -0.80% to Bitstamp, leaving about 90k BTC -0.80% remaining in the trustee wallets. This move lower was likely also influenced by a rise in the DXY. Currently, BTC -0.80% is trading around $66.5k,...

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CRYPTO MARKET UPDATE POLITICAL DEVELOPMENTS CONTINUE TO DOMINATE INVESTOR SENTIMENT FOLLOWING PRESIDENT BIDEN'S WITHDRAWAL FROM THE PRESIDENTIAL RACE ON SUNDAY AFTERNOON. The initial market reaction saw a dip in crypto prices, with Bitcoin falling from $67.5k to $66k. However, the market rebounded after Biden endorsed Harris. Since the U.S. market opened on Monday, we have seen relatively choppy price action. BTC -0.80% is now trading slightly above $67k, while ETH -0.16% remains...

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CRYPTO MARKET UPDATE U.S. EQUITIES ARE CONTINUING THIS WEEK’S SELL-OFF, WITH THE SPY 0.97%  AND QQQ 1.40%  BOTH DECLINING APPROXIMATELY 0.28%, WHILE THE DXY N/A% AND TREASURY YIELDS INCH UPWARDS. In contrast, BTC -0.80% is moving sharply higher, trading at $65.8k, with rumors circulating that former President Trump will unveil plans to add Bitcoin as a strategic reserve at next week’s Bitcoin conference. ETH -0.16% is trading at $3,450 ahead of potential S-1 approval after...

BONK -0.42% BTC -0.80% DXY N/A% ETH -0.16% JUP -8.65% QQQ +1.4% SOL -0.98% SPY +0.97% WIF -0.52%
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CRYPTO MARKET UPDATE THE CRYPTO MARKET MOVED HIGHER IN THE EARLY MORNING HOURS AND IS NOW CONSOLIDATING POST-US MARKET OPEN. BTC -0.80% once again challenged the $65k level and is currently sitting just below it, following the ninth consecutive day of net inflows for BTC -0.80% ETFs. ETH -0.16% is showing outsized strength, likely due to ETF issuers filing their final documents yesterday afternoon, with the ETF launch expected on Tuesday (more on...

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FS Insight

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