The latest moves in crypto markets, in context By Jamie Crawley, CoinDesk news reporter Was this newsletter forwarded to you? Sign up here. |
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It's Wednesday! Here's what you need to know today in crypto: |
- Binance has sold its Russian unit to a day-old crypto exchange
- Bitcoin and ether are largely unchanged as traders eye correlation with equities
- Shiba Inu ecosystem token rose 10% in last 24 hours
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CoinDesk Market Index (CMI): 1,093 +0.9%
Bitcoin (BTC): $26,526 +1.2%
Ether (ETC): $1,622 +2.1%
S&P 500: 4,273.53 −1.5%
Gold: $1,912 +0.6%
Nikkei 225: $1,912 +0.6% |
Binance has sold its Russian unit as it looks for a complete exit from the market. The buyer CommEx is a crypto exchange that appeared to only launch yesterday, while it seemingly listed BTC/USDT and ETH/USDT trading pairs for spot trading in July. It was reported in May earlier this year that Binance was facing a Department of Justice inquiry into whether Russian customers were able to access the exchange in violation of U.S. sanctions related to Russia's invasion of Ukraine. The firm subsequently said in August that it was cutting ties with sanctioned Russian banks. CommEX said it will not onboard customers from the U.S, EU and some other jurisdictions. |
Bitcoin (BTC) and ether (ETH) were little changed in the last 24 hours, amid signs that major cryptos are correlating with U.S. equities. The threat of higher rates for a longer period took hold throughout financial markets, which generally negatively impacts riskier assets. "The positive correlation between cryptocurrencies and the stock market is temporarily back on track," shared Alex Kuptsikevich, the FxPro senior market analyst, in a note to CoinDesk. "Despite the storm in the equity markets, the crypto market remains subdued, losing only 0.3% in 24 hours to $1.045 trillion." Crypto markets slumped 0.5%, the CoinDesk Markets Index (CMI), a broad-based tracker of hundreds of tokens, shows. This mirrored a drop in the U.S. markets on Tuesday – with the S&P 500 losing 1.5%, the Dow Jones Index falling 1.1% and the tech-heavy Nasdaq 100 ending the day 1.4% lower. Shiba Inu ecosystem token bone (BONE) rose around 10% in the last 24 hours amid the otherwise muted crypto markets. BONE exchanged hands at 90 cents in Asian morning hours today. The tokens have a market capitalization of $233 million. Developers had said that the deployer contract for bone tokens was fully "renounced", thus boosting its security, which may have played a part in trading volume rising some $3 million compared to Monday. Renouncing is when a smart contract's creator no longer has control over it, removing some fears investors may have of it being manipulated. |
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Market Insight: BTC's Implied Volatility Tops ETH for Record 20 Days |
Bitcoin's implied volatility range has been higher than that of ether for a record 20 days, suggesting traders are increasingly pricing higher volatility in BTC relative to the second-largest crypto by market cap. The spread between dominant crypto options exchange Deribit's forward-looking 30-day implied volatility index for ether (ETH DVOL) and bitcoin (BTC DVOL) has been consistently negative since Sept. 7, suggesting traders are betting on greater volatility in BTC than ETH in the coming month. The sustained negative spread is a sign of traders focusing squarely on macroeconomic issues and becoming less interested in trading alternative cryptocurrencies. Furthermore, expectations for a U.S.-based spot bitcoin exchange-traded fund keep traders squarely focused on BTC. Ether, meanwhile, has fallen out of favor, thanks to Ethereum's dwindling revenue and renewed inflationary tokenomics. |
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- The chart shows market price for oracle protocol Tellar Network's TRB token, open interest in perpetual futures tied to TRB, cumulative volume delta (CVD) in spot and futures markets since March.
- The token's price has surged by 33% to $50 in four weeks, with rising CVD in the futures market and a declining CVD in the spot market.
- In other words, the rally has been predominantly led by derivatives traders.
- A positive and rising CVD means more buyers are in action, while a negative CVD implies sellers are aggressive.
- Source: Coinalyze
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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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