BTC Falls Amid Potential GBTC Redemptions, Larry Fink Targets ETH ETF Next
The cryptocurrency market is currently experiencing a downturn, falling 3% overall. Ethereum and select ecosystem projects are bucking the trend, with ETH relatively flat in the last day, trading 0.2% lower at ~$2.6k and hitting a two-month high against Bitcoin as ETHBTC reaches 0.059. Outperformers in the top 100 include ETH NFT marketplace BLUR (+8.7%), layer-two OP -2.15% (+6.8%), and ETH domain service ENS -1.28% (5.2%). In contrast, BTC is noticeably underperforming, dropping by 5.7% to $43.4k following the debut of eleven Bitcoin ETFs. The first day of trading saw an extraordinary volume exceeding $4.5 billion. However, whether this represents new investments or simply a shift from GBTC remains unclear. Several brokerages are not yet facilitating trades of these ETFs, and others, like Vanguard, have decided not to support them in the future. Many investors are considering moving their assets elsewhere in response to Vanguard’s decision. Equities are slightly lower today as investors digest fourth-quarter earnings and December PPI data. PPI unexpectedly fell 0.1% in December, contrasting hot CPI earlier this week and encouraging the falling inflation camp that last month’s hot CPI could be a one-off rather than a trend reversal.
Reports you may have missed
Crypto Receives a Boost from Strong Jobs Print, WULF Sells Hash Rate to Expand AI Capabilities
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...
MARKET UPDATE Crypto is broadly lower today as geopolitical conflict continues to weigh on risk assets, with BTC 2.72% falling to $60k and ETH 0.82% approaching the low $2,300s. Aptos (APT N/A% ) 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 1.41% is also showing slight gains following...
CRYPTO MARKET UPDATE Crypto prices have rebounded slightly following yesterday's sharp selloff, with BTC 2.72% climbing back above $61,000 and SOL 4.77% moving above $145, while ETH 0.82% is lagging, trading around $2,400. Among today's outperformers is SUI 7.43% , 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...
MARKET UPDATE Markets are selling off in the first day of Q4, fueled by geopolitical fears as tensions rise in the mid-east. The SPY 0.73% and QQQ 0.19% have dropped 1.14% and 1.92%, respectively, while the VIX has surged over 17%. XAU and DXY are gaining as investors move towards safe-havens. Crypto assets have also sold off, with BTC 2.72% briefly dropping below $62k and ETH 0.82% below $2.5k. Among altcoins, SUI 7.43% is showing...
Articles Read 1/2
Enjoyed the read? Subscribe now for unlimited access!
Get invaluable analysis of the market and stocks. Cancel at any time.
Already have an account? Sign In e5cc04-78266f-7650f7-3fd799-8d0ceb
Already have an account? Sign In e5cc04-78266f-7650f7-3fd799-8d0ceb