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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Happy Thursday! Here's what you need to know today in crypto: |
- Bitcoin is unable to hold gains after initially rising following softer-than-expected CPI inflation data on Wednesday.
- Franklin Templeton plans to add to its crypto market offerings with a second blockchain fund.
- The EU could veto large stablecoins during the MiCA approval process.
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CoinDesk Market Index (CMI): 1,201 −0.6%
Bitcoin (BTC): $27,453 −0.6%
Ether (ETC): $1,824 −1.3%
S&P 500 futures: 4,149.75 −0.1%
FTSE 100: 7,711.32 −0.4%
Treasury Yield 10 Years: 3.44% −0.1 |
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Bitcoin was trading down slightly to $27,400 on Thursday after initially climbing following the release of the Bureau of Labor Statistics' Consumer Price Index (CPI) on Wednesday. The annual U.S. inflation rate slowed to 4.9% in April from 5.0% in March and versus economist forecasts for 5.0%. The crypto initially rose as high as $28,300 following the news before quickly giving up those gains and more amid rumors the U.S. government was preparing to sell some of its bitcoin holdings. A break below current levels could see bitcoin test $25,250 according to a report by SEBA Bank, which said $27,000 should be an important support and near-term upside could be capped at $28,500. |
Fund giant Franklin Templeton, which has some $1.4 trillion in assets under management, plans to add to its crypto market offerings with a second blockchain fund, according to a Wednesday filing with the U.S. Securities and Exchange Commission. The Blockchain Fund II is a private equity fund and will carry a minimum investment of $100,000. The firm's previous blockchain fund, established in late 2021, was venture capital-focused. The offering also differs from the firm's foray into crypto last year, which involved separately managed accounts strategies through investment in the 10-15 largest digital assets. Central banks should veto large stablecoins if they have fears they could upend monetary policy, the chair of the European Banking Authority (EBA) has said, observing that the use of permissionless blockchains could prove financially unsound. EBA Chairperson José Manuel Campa will in the coming months be setting out the detailed rules to implement the European Union's Markets in Crypto Assets regulation (MiCA), a landmark framework that will require stablecoin issuers to obtain a license and hold suitable reserves. "Central banks should have the power to veto the widespread introduction of so-called stablecoins" if they affect public policy goals, including financial stability or monetary policy, Campa said at an event hosted by think tank OMFIF on Thursday. |
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Market Insight: Binance Spot Trading Volume Sheds Almost 50% in April |
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