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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Happy Tuesday! Here's what you need to know today in crypto: |
- Coinbase has registered with the central bank of Spain to provide exchange and custody services.
- Sam Bankman-Fried has renewed a request for temporary release from jail.
- JPMorgan CEO Jamie Dimon said the global economy might not be ready to face U.S. interest rates rising as high as 7%.
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CoinDesk Market Index (CMI): 1,085 +0.7%
Bitcoin (BTC): $26,239 +0.6%
Ether (ETC): $1,588 +0.8%
S&P 500: 4,337.44 +0.4%
Gold: $1,932 +0.8%
Nikkei 225: $1,932 +0.8% |
Crypto exchange Coinbase (COIN) has registered with Spain's central bank to provide exchange and custody services, the company announced Monday. Registration with the Bank of Spain is a mandatory step toward offering crypto-related services, and registered firms have to comply with the country's anti-money laundering standards. While the country does not yet have a licensing regime for crypto firms, Spain will be required to implement one under the European Union's recently finalized MiCA regulation for crypto issuers and service providers set to take effect in 2024. |
Sam Bankman-Fried, the founder of collapsed cryptocurrency exchange FTX, has renewed a request for temporary release from jail during the course of his trial, according to a letter from his lawyers to the judge overseeing the case filed late Monday. The request saga started in August, when his release on bond was revoked and he was locked up after a judge ruled he'd probably tried to tamper with witnesses. On Sept. 12, Bankman-Fried's request to overturn that decision was denied. An appeals court rejected an attempt to overturn the ruling on Sep. 21. The global economy may not be ready to face the worst-case scenario of the U.S. interest rate rising as high as 7% with stagflation, according to the CEO of investment banking giant JPMorgan (JPM), Jamie Dimon, Bloomberg reported on Tuesday. Since March 2022, the Federal Reserve has raised the benchmark borrowing cost by 525 basis points to the 5.25%-5.5% range to tame inflation. The so-called tightening cycle was partially responsible for last year's crypto market crash. According to Dimon, the Fed may have to keep raising rates to subdue persistent inflation and impending increases will likely be more damaging to the global economy. |
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Market Insight: Ether Flashes Bullish 'DeMark' Signal |
Ether's (ETH) immediate prospects look positive as a technical analysis indicator known to mark turning points in the market is flashing a bullish signal. That's according to Fairlead Strategies' founder, Katie Stockton, who informed clients on Monday that the counter-trend buy signal from DeMARK Analytics' TD (Tom Demark) Sequential indicator could lead to ether defending the weekly Ichimoku cloud support at $1,580 even as other studies favor a deeper price slide. "A counter-trend 'buy' signal from the daily TD Sequential indicator suggests support [at $1,580] will hold, given the success of other recent 'red 13' signals," Stockton said in a note to clients. |
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- The chart shows average transactions per second (TPS) on Ethereum layer 2 scaling products and average TPS on Ethereum.
- The average TPS on layer 2 solutions has surged to record highs, leaving the mainnet behind.
- The growth of layer 2 solutions is long-term positive for Ethereum.
- Source: Binance Research
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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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