Miners Raking in the Fees, Grayscale Clears the Air on Tax Issues

Name: FS Insight
Price range: $$$

Dec 18, 2023

Author

Sean Farrell ^AC

BTC -2.45% ETH -4.55% STX -6.79%

Market Update After experiencing an overnight drawdown during Asian market hours, cryptoassets are witnessing a notable bounce at the US market open. $BTC is at the forefront, rebounding to $41.5k after briefly dipping to $40.5k last evening. Meanwhile, $ETH is trailing behind, currently down about 1% to $2170. Although altcoins are broadly lower at the start of the day, select ones like $STX, a Bitcoin layer 2 network, are performing well, likely continuing to benefit from the recent surge in demand for layer 2 solutions following the spike in Bitcoin network fees. In the equities market, crypto stocks are moving higher, with notable outperformance by a number of miners. This could be attributed to the market recognizing the increased revenue they've gained from the popularity of ordinals. This week's macro calendar is packed with key events. We're anticipating a Bank of Japan interest rate decision, which could shed more light on the central bank's long-term plans for YCC. Additionally, inflation data from the UK and US GDP numbers, along with Core PCE data, will be released later in the week. In the broader financial market, long-term rates are trending upwards, while the DXY is slightly lower, influenced by the relative strength of European currencies. Equities are showing a

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