The latest moves in crypto markets, in context By Lyllah Ledesma, CoinDesk reporter Was this newsletter forwarded to you? Sign up here. |
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Welcome to Wednesday. Here's what's happening in crypto today: |
- Ether's price hits its highest level in nine months.
- Switzerland's PostFinance to offer access to cryptocurrencies.
- Paxful, a peer-to-peer bitcoin marketplace popular in Africa, is closing shop.
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CoinDesk Market Index (CMI): 1,285 +1.4%
Bitcoin (BTC): $28,541 +0.9%
Ether (ETC): $1,916 +2.7%
S&P 500 futures: 4,125.25 −0.1%
FTSE 100: 7,664.68 +0.4%
Treasury Yield 10 Years: 3.34% −0.1 |
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Ether jumped to a nine-month high on Wednesday as an upcoming software upgrade on the Ethereum network is prompting investors and traders to funnel capital to ether and to other staking-focused tokens. Ether was up 5% to $1,920 in the past 24 hours, making it a top performer among major tokens. The token has reached its highest price since last August, CoinDesk data shows. The interest in ether comes ahead of Shapella, a portmanteau of Shanghai and Capella, two major Ethereum network upgrades that are expected to occur simultaneously on April 12. |
Ether's 24-hour price chart |
PostFinance, Switzerland's fifth-largest financial-services firm, says it will offer access to cryptocurrencies to its customers, thanks to a partnership with regulated digital-asset-services provider Sygnum Bank. PostFinance, which is owned by the Swiss government, will allow its 2.5 million customers to buy, store and sell bitcoin and ether, with more crypto tokens to be added in the future. Switzerland stands in stark contrast to the U.S., where stamping crypto out seems to be the end goal. Paxful, a peer-to-peer bitcoin trading platform that's widely used in Africa, has suspended operations. But Paxful co-founder Ray Youssef is already trying to rally support for a new platform called Civilization Kit, or Civ Kit – a decentralized peer-to-peer bitcoin trading app built on Nostr, a decentralized social-media app that's backed by Twitter co-founder Jack Dorsey. A white paper for Civ Kit will be released in one or two weeks, according to Youssef, who added that he plans to rally the Bitcoin community to help build and fund the project. For now, Paxful is encouraging users to move funds to non-custodial wallets or other platforms like the newly created Noones peer-to-peer bitcoin marketplace. |
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Market Insight: Crypto's Market Cap Soars |
The total market capitalization for all cryptocurrencies has climbed to its highest level since June, helped by bitcoin's 70% rally to begin the year. The growth in the overall crypto market stands out because it coincides with the industry facing one of the strongest crackdowns in its history. Despite that bleak regulatory outlook, the market cap for digital assets has risen to $1.19 trillion from about $800 billion at the start of the year, according to data from CoinMarketCap. Bitcoin's share of the overall market has risen amid the surge. Its so-called dominance hit a nine-month high of 45.5% last month as the cryptocurrency posted its best quarterly performance in two years and turned into one of the top-performing major assets in the world. |
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- Ether's daily price chart shows the second-largest cryptocurrency has scaled the upper end of the expanding channel identified by coloured trendlines and the 23.6% Fibonacci retracement of the November 2021-June 2022 sell-off.
- The breakout could bring outsized gains for ether, as chart analyst William Noble told CoinDesk early this year.
- "I saw formations like this in 2009 and 2010 when stocks rallied post-global financial crisis," Noble said.
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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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