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: |
- Crypto investors have poured money into bitcoin exchange-traded products at a record pace.
- Societe Generale's crypto unit has become the first company to receive a license to offer crypto services in France.
- Telegram, a popular messaging platform amongst crypto enthusiasts, has issued $270 million in bonds to fund growth.
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CoinDesk Market Index (CMI): 1,305 +0.3%
Bitcoin (BTC): $29,996 −0.1%
Ether (ETC): $1,909 +0.2%
S&P 500 futures: 4,589.25 +0.0%
FTSE 100: 7,586.54 +1.8%
Treasury Yield 10 Years: 3.79% −0.0 |
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Crypto investors have poured money into bitcoin exchange-traded products at a record pace ever since BlackRock filed for a spot-based ETF on June 15. New data from K33 Research shows the BTC-equivalent exposure of ETPs listed worldwide increased by 25,202 BTC ($757 million) to 196,824 BTC in the four weeks to July 16. That's the second-highest monthly net inflow, surpassed only by inflows seen following the launch of ProShares' futures-based ETF and other futures-based ETFs in October 2021, according to K33 Research's Vetle Lunde. |
BTC-equivalent exposure of ETPs listed worldwide. (K33 Research) |
Societe Generale's (GLE) cryptocurrency division, SG Forge, has become the first company to receive a license to offer crypto services in France from the country's financial regulator. SG Forge is licensed to provide buying and selling, exchange and custody of digital assets as of July 18, according to the Autorité des Marchés Financiers (AMF)'s website. While dozens of crypto firms, including the world's largest cryptocurrency exchange, Binance, are registered with the AMF, SocGen's crypto division is the first to receive a license. Messaging platform Telegram issued $270 million in bonds this week to fund its growth until "we reach the break-even point," CEO Pavel Durov announced Tuesday. The platform is not yet profitable and has rising expenses due to its "massive growth," Durov said. It's onboarding 2.5 million new users a day and earlier this year hit 800 million monthly active users. "I personally bought about a quarter of the new Telegram bonds, investing tens of millions into Telegram's growth. This comes in addition to the hundreds of millions I spent over the last 10 years to keep Telegram operational," Durov said. The alternative messaging platform has long been a favorite among crypto enthusiasts. That's partly attributable to the company's defunct efforts to launch its own crypto token, GRAM. |
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Market Insight: 1Inch Token Surges |
The number of 1INCH tokens held in wallets tied to centralized exchanges on Tuesday rose to a record high of over 184.28 million ($65 million), according to data tracked by analytics firm Glassnode. The so-called exchange balance has increased by 50% in three days, with the tally representing 18.65% of the circulating supply of 987.6 million and 12.2% of the total supply of 1.5 billion. 1INCH is the native token of decentralized exchange (DEX) aggregator 1inch, launched in December 2020. Investors typically move coins to exchanges when intending to sell or deploy them as margin for trading derivatives. So a notable increase in balance held in exchange wallets is widely considered a precursor of price volatility. Disclaimer: This article was written and edited by CoinDesk journalists with the sole purpose of informing the reader with accurate information. If you click on a link from Glassnode, CoinDesk may earn a commission. For more, see our Ethics Policy. |
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- The chart shows DeFi lender Aave's algorithmic dollar-pegged stablecoin GHO has crossed $3 million in market capitalization within four days from the launch.
- The stablecoin can be minted by locking AAVE, ETH, USDT, USDC and DAO as collateral on Aave V3.
- Source: DeFiLlama
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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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It is now more important than ever to set industry standards and align on practical short-term and long-term objectives through pointed conversations with the best legal minds and Washington D.C.'s most important decision makers. Join us at State of Crypto: Policy and Regulation on October 24 in Washington D.C. for an unprecedented opportunity to evaluate, dissect and ultimately shape crypto regulatory frameworks that support a vibrant, secure and healthy future for the digital economy. Save 10% with code FM10. Learn more and register. |
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