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 Wednesday! Here's what you need to know today in crypto: |
- Dogecoin posted its largest single-day gain since April.
- Singapore's high court declares crypto as property in a case involving ByBit.
- Nigeria is altering the eNaira model to promote the use of digital currencies.
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CoinDesk Market Index (CMI): 1,264 +0.1%
Bitcoin (BTC): $29,194 +0.1%
Ether (ETC): $1,852 −0.1%
S&P 500 futures: 4,588.75 −0.2%
FTSE 100: 7,642.87 −0.6%
Treasury Yield 10 Years: 3.91% +0.1 |
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Meme cryptocurrency dogecoin (DOGE) jumped 10% on Tuesday, registering its largest single-day gain since April 3, according to Binance data tracked by charting platform TradingView. The crypto has gained 25% over the past two weeks amid speculation that it could be used as a payment mechanism on the rebranded Twitter platform. "As crypto is entering the summer lull that we initially expected for August, DOGE might be the summer's highflyer as other crypto themes are taking a backseat," said Markus Thielen, head of research and strategy at Matrixport "Musk is on a marketing tour in re-inventing Twitter," he added. Bitcoin (BTC), meanwhile, remained near a one-month low just above $29,000 as investors await the release of the U.S. Federal Reserve policy announcement later today. |
DOGE's daily chart (TradingView) |
Singapore's High Court has recognized crypto as property capable of being held on trust in a case involving Seychelles-based exchange Bybit and a contractor, according to a court judgment published on Tuesday. Bybit brought a case against Ho Kai Xin, claiming that in breach of her employment contract, she abused her position to transfer over 4.2 million of Tether's USDT stablecoin to addresses she owned and controlled. Ho also transferred a quantity of fiat currency to her own bank account. "Like any other thing in action, USDT is capable of being held on trust," said presiding Judge Philip Jeyaretnam. Nigeria is changing its eNaira model to encourage more use of that central bank digital currency (CBDC), Central Bank of Nigeria (CBN) Acting Governor Folashodun Shonubi said Wednesday. The West African country has been working to push for broader adoption of its eNaira CBDC, which was introduced in October 2021. As of March of this year, the number of eNaira wallets was just 13 million versus the country's population of nearly 224 million. To boost the service offering and make it more user friendly, CBN upgraded its eNaira app to enable contactless payments, local news outlet The Sun reported earlier in July. The bank didn't provide details of planned changes to the eNaira model and hadn't responded to a request for more information by publication time. |
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Market Insight: Bitcoin Whale Moves $37M BTC |
An early bitcoin (BTC) whale moved some $37 million worth of the cryptocurrency to fresh wallets after eleven years of inactivity, sparking discussions around what the longtime holder's intention could be. The whale, a term for an influential holder of any financial asset, moved all of their roughly 1,037 bitcoin to a new address "bc1qtl" in the wee hours of Wednesday. On-chain analytics firm Lookonchain noted that this holder had received those 1,037 bitcoin on April 11, 2012 when the price was $4.92 (total value at that time of $5,107). Such large movements from early bitcoiners are typically uncommon. This movement could mean the whale is preparing to sell tokens, stake on an exchange, or diversify holdings for other tokens. |
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- Futures tied to the Bloomberg commodity index have risen by 9% in four weeks to the highest since April 18.
- With China assuring stimulus to counter economic slowdown, futures could rise further, adding to inflation and forcing central banks, including the Federal Reserve, to keep interest rates higher for longer.
- The Bloomberg commodity index comprises comprised of WTI crude oil, brent crude oil, low sulphur gas oil , natural gas, gold, silver, platinum, palladium, copper, zinc, nickel and aluminum.
- Source: TradingView
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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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An in-depth look into the latest advancements and current challenges in crypto and bitcoin mining. Ghost From the Well: Is Crypto Mining With Associated Gas Better For the Environment? Oil and gas companies are keen to use gas that would normally be flared off to run bitcoin mining operations. But environmentalists claim the practice merely perpetuates the use of fossil fuels. How Texas Became a Global Mecca for Bitcoin Mining Miners have flocked to the state since China banned mining in 2021, encouraged by cheap energy, grid incentives and an alignment of values. "Bitcoin is all about freedom," says one miner. "And in my dealings with the utilities and the regulators, Texas is all about freedom." |
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