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 Friday! Here's what you need to know today in crypto: |
- Grayscale has called for the SEC to approve all spot bitcoin ETF applications at the same time.
- Bitcoin is steady above $29,000 with bond yields surging as the Bank of Japan makes its yield curve control policy more flexible.
- Bitcoin could reach $300,000 by 2028, according to the founder of Morgan Creek Capital Management.
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CoinDesk Market Index (CMI): 1,271 −0.9%
Bitcoin (BTC): $29,223 −1.0%
Ether (ETC): $1,868 −0.5%
S&P 500 futures: 4,587.25 +0.5%
FTSE 100: 7,698.13 +0.1% |
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Treasury Yield 10 Years: 4.01% +0.2
The U.S. Securities and Exchange Commission (SEC) should approve all spot bitcoin exchange-traded fund (ETF) applications simultaneously to grant equal treatment to all applicants, Grayscale Investments said in a statement to the agency on Thursday. An approval of only the listed proposals – which include, Ark 21 Shares, Invesco Galaxy, iShares (BlackRock), Valkyrie, VanEck, WisdomTree and Wise Origin (Fidelity) – would reflect a positive "but sudden and significant change in the Commission's application of the relevant statutory standard, and as such would improperly grant an unfairly discriminatory and prejudicial first-mover advantage to these proposals," read the statement. Grayscale remains locked in a months-long legal battle with the SEC to have its own application to convert its Grayscale Bitcoin Trust (GBTC) into an ETF. |
Bitcoin (BTC) held above $29,000 early Friday while Japanese and U.S. government bond yields rose after the Bank of Japan (BOJ) announced a slight hawkish tweak to its liquidity-boosting bond-buying program known as yield curve control (YCC). The central bank retained its short-term interest rate target at 0.1% and the 10-year government bond yield target around 0%. The BOJ, however, said that its previous 0.5% band for the 10-year bond would be a reference and not a hard cap, promising more flexibility in its yield curve control policy. The yield on the 10-year Japanese Government Bond (JGB) is higher by 11 basis points to 0.55%. Bitcoin could reach $300,000 by 2028, said Mark Yusko, Morgan Creek Capital Management founder and CEO, on CoinDesk TV's First Mover. Yusko made the prediction while comparing bitcoin to gold. Gold is not portable or divisible, whereas bitcoin is, the CEO of the $1.6 billion asset management firm explained. "Bitcoin fixes both of these issues, and is equally scarce," Yusko added, arguing that the digital asset could eventually catch up to the precious metal's valuation. "The monetary value of gold is about $6 trillion, I think bitcoin can replace all of that, the monetary equivalent of $6 trillion is about a 10X from here, which gives us a price of about $300K," said Yusko. |
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Crypto traders should consider rotating money out of bitcoin (BTC) and into bullish call options tied to the cryptocurrency to optimize their returns, crypto services provider Matrixport said on Thursday. "Predictably, the crypto market has become very quiet during these summer weeks," said Markus Thielen, head of research and strategy at the company. "This has caused trading volumes and volatility to fall markedly. Investors might be well advised to replace their bitcoin spot with Bitcoin options, notably upside calls, as lower volatility has made option prices cheaper." "This allows locking in the year-to-date gains for bitcoin, while the call option exposure allows participating in any upside rally," Thielen added. |
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- The chart shows increased demand for ether's December expiry call options at strikes $2,400 and $2,500.
- Call buyers are implicitly bullish on the market.
- Source: Velo
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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. Bitcoin Mining Machine Efficiency Doubled in Five Years A recent report by Coin Metrics has news for fans of energy efficiency: ASIC miners overall are reducing their energy consumption per coin produced. But which are the most efficient? For Mining Week, CoinDesk dug deeper to determine which of 11 popular mining machines were the most competitive. Public Mining Companies Offer Better-Than-Bitcoin Price Exposure in 2023 Core Scientific (CORZ), Riot Blockchain (RIOT), Bitfarms (BITF), Iris Energy (IREN) and CleanSpark (CLSK) have performed better than BTC this year, as this chart shows. |
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