The latest moves in crypto markets, in context By Lyllah Ledesma, CoinDesk news reporter Was this newsletter forwarded to you? Sign up here. |
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Welcome to a new week! Here's what you need to know today in crypto: |
- A counterfeit aptos token deposited on Upbit led to aptos token withdrawals being temporarily suspended.
- Aptos' APT token has rallied 10% on Monday, defying the market trend.
- Traders are bracing for a nearly $5 billion bitcoin and ether options expiry Friday.
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CoinDesk Market Index (CMI): 1,078 −1.4%
Bitcoin (BTC): $26,089 −1.9%
Ether (ETC): $1,574 −1.2%
S&P 500: 4,320.06 −0.2%
Gold: $1,944 +0.9%
Nikkei 225: $1,944 +0.9% |
A token that's designed to fool users into thinking it's an authentic version of Aptos temporarily shut down services on Korean exchange Upbit for the APT token after some were able to deposit and cash out the counterfeit coin. According to on-chain data, the token, which originated from the airdrop scam site ClaimAPTGift.com, is held by approximately 400,000 wallets. On X (formerly known as Twitter), one user highlighted a bug on Upbit that caused the exchange to accept the fake tokens because it didn't thoroughly check the underlying source code. |
Aptos' APT token was one of the only digital asset tokens trading in the green on Monday, rallying 10% over the past 24 hours. Bitcoin, the world's largest cryptocurrency by market value, traded down almost 2% over the same time period. Chainlink's LINK was the only other digital asset that gained on Monday, up 2% after a strong week last week. Looking forward, eToro analyst Simon Peters noted in a morning update that this week looks slow for cryptocurrencies due to few macroeconomic updates. "With little in the way of major macro updates this week, there is little to stir the market bar unplanned events," said Peters. "The market is looking for signals to take a direction and has been moving fairly flat for some time now." On Friday at 08:00 UTC, a total of 1.217 million bitcoin (BTC) and ether (ETH) options contracts with a notional value of $4.8 billion will expire on leading crypto options exchange Deribit. Roughly 10% or 117,000 contracts out of the total are tied to bitcoin, while the rest are ether options. On Deribit, one options contract represents one BTC and one ETH. Options are derivatives that give the purchaser the right to buy or sell the underlying at a predetermined price at a later date. These derivatives contracts will be valuable or worthless depending on how the top two cryptocurrencies trade by the end of the week. Both seasoned traders and retail investors track monthly and quarterly options expiries, given their propensity to influence markets ahead of and following the settlement. |
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Market Insight: Bitcoin and S&P 500 Eye Quarterly Loss |
Bitcoin (BTC) and Wall Street's benchmark equity index, the S&P 500, appear on track to end the third quarter lower as a key metric shows the case for owning bonds over stocks and risk assets in general, is strongest since 2009. The top cryptocurrency by market value traded at $26,100, representing a 14% decline for the third quarter, assuming losses hold through Sept. 30. At Friday's close of $4,320.05, the S&P 500, the benchmark for risk assets worldwide, including cryptocurrencies, was down nearly 3% for the third quarter. The equity risk premium, the gap between the S&P 500's earnings yield and the yield on the U.S. 10-year Treasury note, has declined to -0.58, the lowest since 2009, according to charting platform TradingView. The spread has averaged roughly 3.5 points since 2008. |
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- The chart shows gaming and cryptocurrency trading platform Rollbit's revenue from casino games, sportsbook and futures trading has increased 10% or more in the past 30 days.
- The uptick in revenue contradicts the downtrend in Rollbit's RLB token. The cryptocurrency's price has decreased by 44% in the past four weeks, per Messari.
- "While Rollbit's revenue is steadily increasing, the token price is going down. $1.3M worth of RLB was bought back & burned only last week. I expect the RLB price to eventually catch up to the fundamentals," pseudonymous crypto analyst The DeFi investor said.
- Rollbit.com
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Senator Lummis, Representative Hill and More to Join CoinDesk's State of Crypto Event |
Several legislators shaping the future of digital assets policy have committed to joining CoinDesk's inaugural State of Crypto: Policy and Regulation, including Sen. Lummis, Rep. Hill, Rep. McHenry, Rep. Thompson, Rep Torres and many more.
State of Crypto is a one-day boutique event uniting key policymakers, regulators and government officials with legal, policy and compliance executives representing the largest and most influential TradFi and DeFi leaders in asset management and financial services.
The gathering provides an unprecedented opportunity to evaluate, dissect and ultimately shape crypto regulatory frameworks that support a vibrant, secure and healthy future for the digital economy.
Are you a GC, CCO, CLO, COO or head of policy or government affairs evaluating or actively investing in digital assets? Join State of Crypto: Policy and Regulation to help drive crypto policy forward collaboratively. Save 10% with code FM10. Learn more and register. |
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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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