FTX Looks to Sell Assets, dYdX Rises

Name: FS Insight
Price range: $$$

Aug 24, 2023

Market Update Crypto and equities are falling today despite the buzz around impressive Nvidia earnings. The S&P is down 0.77%, while the Nasdaq has lost 1.28% at writing. Investors are focused on what may be a pivotal speech from Chair Powell regarding the Fed’s stance on further rate hikes tomorrow at Jackson Hole. U.S Treasury yields are rising, with the 10-year up three basis points at 4.22%, below the 4.35% 16-year high reached earlier this week. Both $BTC and $ETH have followed equities lower, losing 1.8% and 2.0%, respectively. Distributed GPU token $RNDR is the top gainer among a sea of red in the top 100 alts, rising 3.0% over the last day. Nvidia’s robust earnings likely renewed optimism for the outlook on demand for GPU processing, which serves as the backbone of many AI applications. The token of the decentralized derivatives exchange $DYDX, which is gearing up to launch its new appchain, saw a 9% surge in value in the past week. dYdX is the leading decentralized crypto derivatives market. The exchange is close to launching its new Cosmos-based blockchain by the end of September. The current version of dYdX operates on Ethereum using zero-knowledge rollups. The project's migration to an independent blockchain built with Cosmos software developer kit was announce

Unlock this article with a FREE 30-Day Trial!

An FSI Pro, or FSI Crypto subscription is required in order to access this content.

*Free trial available only on a monthly plan

Already a member?

Reports you may have missed

FSInsight Puts Ethereum At $12,000 EOY, Bullish Forecast For Bitcoin

Crypto Receives a Boost from Strong Jobs Print, WULF Sells Hash Rate to Expand AI Capabilities

Market Update

By Sean Farrell • Oct 4, 2024

CRYPTO MARKET UPDATE The crypto market is moving higher today, lifted by stronger-than-expected jobs numbers. The BLS reported 254k jobs added last month, far exceeding the market estimate of 140k, while August's figures were revised up from 142k to 159k. The unemployment rate also dropped to 4.1% from 4.2%. In response, rates rallied, the DXY spiked, and the futures market largely priced out the possibility of a 50 bps rate...

BTC -0.21% ETH -2.69% RENDER -4.06% SOL -6.29% STX -7.92% TAO -4.59% TIA 2.28% WIF -13.03% XMR -3.45% WULF

Bitcoin will hit $200,000 in the second half of 2022, predicts FSInsight

Visa Unveils Tokenization Platform, SEC Appeals XRP Decision

Market Update

By Tom Couture • Oct 3, 2024

MARKET UPDATE Crypto is broadly lower today as geopolitical conflict continues to weigh on risk assets, with BTC -0.21% falling to $60k and ETH -2.69% approaching the low $2,300s. Aptos (APT -0.09% ) is one of the few gainers in the top 100 tokens as they have strengthened their presence in Japan via an acquisition of HashPalette, a Japanese NFT service provider and developer of Palette Chain. AAVE -7.01% is also showing slight gains following...

AAVE -7.01% APT -0.09% BTC -0.21% ETH -2.69% TOTAL XRP -0.91%

Invesco ditches its plan to launch a US bitcoin futures ETF any time soon, just before the first-ever makes its debut

Bitwise Files for XRP ETF, Crypto Prices Bounce as Oil and Gold Retrace

Market Update

By Sean Farrell • Oct 2, 2024

CRYPTO MARKET UPDATE Crypto prices have rebounded slightly following yesterday's sharp selloff, with BTC -0.21% climbing back above $61,000 and SOL -6.29% moving above $145, while ETH -2.69% is lagging, trading around $2,400. Among today's outperformers is SUI -3.26% , which appears resilient despite a $115 million token unlock yesterday. Oil is partially retracing its early rally, gold is lower on the day, and yields are moving higher, suggesting at least a temporary reversal of...