Search Results for: coindesk indices

“David Marcus of Lightspark views Bitcoin as a global payment network, with potential to transform the remnants of a ‘fax era’ payment scenario. Meanwhile, CoinDesk Indices partners with ICE, marking entry into the Asia-Pacific region, thus expanding cryptoverse boundaries.”

Despite Canadian Prime Minister Justin Trudeau’s cautionary stance on digital assets, Bitcoin demonstrated a strong performance, outperforming inflation and the S&P 500 last year. Contrary to Trudeau’s viewpoint, several Liberal MPs, including Trudeau’s opposition rivals, own virtual asset investments, signaling a division in official perspective on crypto within his own party.

“The cryptosphere is witnessing a drop in prices of major coins, especially SUI and HBAR due to an expected increase in circulating supply. This token unlock event – a strategy to alleviate selling pressure from early investors and project team members, could cause market fluctuations. However, these short-term shifts should not disconcert investors as smart strategizing can turn such events into opportunities.”

The cryptocurrency market, including Bitcoin and Ether, is in a ‘significant downtrend,’ following last week’s sudden drop. This mirrors a downwards trend in traditional markets such as the Nasdaq Composite and S&P 500. Despite this, the economy continues absorbing policies from the past 16 months without visible harm to spending or job creation.

Michael Egorov, the founder of Curve Finance, faces a potential crisis due to approximately $80 million on-chain debts to several lending platforms. Despite selling 72 million CRV tokens to mobilize funds, the risk remains high, especially if the CRV price drops dramatically.

Bitcoin surged above $28,000 on Tuesday, marking the largest short squeeze this month as traders faced $36.6 million in liquidations. The surge coincided with major financial services institutions announcing crypto initiatives, including Deutsche Bank’s digital asset custody license application and BlackRock’s spot BTC ETF filing. These developments indicate increased exposure to digital assets in traditional finance.

Fellow crypto enthusiasts, a downturn in the market is linked to SEC lawsuits involving Binance and Coinbase, affecting Bitcoin, Ether, and altcoins. Stablecoin balances provide valuable insights, serving as an early indicator of buying demand and market trends.

The blockchain-based game Axie Infinity has gained attention as its native cryptocurrency, AXS, surged 12% following its debut on the Apple app store. However, with bearish indicators in the perpetual futures market, crypto enthusiasts must consider the long-term potential and sustainability of this play-to-earn project.

“Recent data shows crypto surpassing stocks among young investors, marking a shift in wealth with about $70 trillion projected to transition to future generations. Financial advisors are crucial in navigating this unfamiliar terrain, starting with education about the fundamental premise of blockchain technology, which underpins crypto assets.”

Crypto SMAs are increasingly favored by wealth managers for their tax optimization, direct ownership, and professional management. They offer investors the ability to hold digital assets directly under their name, promising benefits like tax optimization and 24/7 liquidity. They also ensure rigorous security with institutional-grade custodians.

“The digital asset market lacks widely adopted indexes, posing a challenge for investors. The lack of regulatory support and index adaptation specific to crypto markets hinders investment. The absence of reliable indexes leaves investors aimless in assessing fair values. Professionally managed indexes enhance investor confidence, provide risk management, enhance transparency, and aid in understanding market trends. They play a critical role in attracting institutional investors, increasing liquidity and advancing the asset class maturity.”

Bitcoin slunk below the $26,000 mark with a lack of market catalysts ending the bearish trend. Other sizable tokens like XRP, Cardano’s ADA, and Solana’s SOL retraced by up to 2.2%. Trader Alex Kuptsikevich warns of a possible dip to the $23.9-24.6K region, resulting in a bearish forecast for Bitcoin. Future traders are preparing for a pessimistic market with potential further downside.

Jerome Powell’s hawkish remarks prompted an initial dip, then rebound, for bitcoin, showcasing the cryptocurrency’s resilience to external monetary shocks. Despite volatile tendencies, cryptocurrencies may offer an alternative, potentially stable investment option, even amidst fluctuating traditional markets and restrictive monetary policies.

Despite volatility and what’s known as a “crypto winter”, financial advisors need a clear awareness of cryptocurrency risks and benefits according to Noah Billick from Rennoco & Co. Advisors failing to comprehend crypto’s potential role in a client’s portfolio risk neglecting their fiduciary duties. Additionally, the crypto industry is steadily progressing, with improved custodial practices and regulatory developments leading the way.

“NFTs are experiencing a noticeable decline in their floor prices, exceeding a 25% drop in the past month. Furthermore, popular collections’ floor prices are decreasing: Bored Ape Yacht Club by 27%; DeGods by 55%; and Azuki, known for its ‘Elementals’ NFT, by 36%.”

Matrixport’s Bitcoin Greed and Fear Index predicts a surge for Bitcoin, rising from 30% to 60% after a July slump. The Index is indicating bullish market dynamics, suggesting Bitcoin prices could resume their uptrend. However, traditional market volatility and upcoming SEC decisions on ETF filings add a level of uncertainty to Bitcoin’s future performance.

“The ever-evolving landscape of cryptocurrency presents opportunities for various investment strategies ranging from simple buy-and-hold to complex discretionary management models. However, choosing between active and passive investment in crypto continues to present blurred lines due to risks and potential returns.”

The U.S. CPI (Consumer Price Index) data shows easing inflationary pressures which might affect markets, including the crypto sphere. The discussion around the intersection of economic indicators and cryptocurrency trajectories is ongoing, emphasizing the need for cautious investment and more research.

“Bitcoin’s performance correlation with U.S. stock markets has dropped to near zero, the lowest in two years. This change may indicate Bitcoin’s growing decoupling from broader investing sentiment. Factors contributing to this include the proposals for Bitcoin exchange-traded funds (ETFs) by major companies like BlackRock and Fidelity. Despite this decoupling, Bitcoin isn’t immune to worldly economic influences.”