Crypto
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Bitcoin (BTC) price analysis: $63,000 level is key
Bitcoin has traded between $60,000 and $67,000 for several weeks, making $63,000 one of the most heavily supplied price areas. The only larger concentration sits between $78,000 and $82,000, where bitcoin topped out in May. Glassnode’s Entity-Adjusted UTXO Realized Price Distribution (URPD) shows how much bitcoin supply last moved within each price band, with each…
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Crypto for Advisors: Europe’s crypto rules, U.S. Preview
You’re reading Crypto for Advisors, CoinDesk’s weekly newsletter that unpacks digital assets for financial advisors. Subscribe here to get it every Thursday. Read More Here
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Bitcoin’s (BTC) low price volatility doesn’t necessarily mean low risk: Crypto Daily
“When volatility is cheap, traders can build directional positions and hedges at relatively low cost. If the market then moves through a level with concentrated positioning, dealer hedging can accelerate the move,” Adam Haeems, head of asset management at Tesseract Group, which manages $500 million in client assets, said in an email. “The practical implication…
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Why bitcoin remains below $65,000 as S&P 500 prints crypto’s $2T market cap
According to Thielen, traders are missing the key point that BTC’s failure to move lower despite the hawkish Fed is itself a bullish signal. “Traders are underestimating the upside risk from a less hawkish Fed, and overlooking the possibility that the four-year cycle has already bottomed,” he noted. Other market watchers point to erratic demand…
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Crypto firm RedotPay says it will defend itself ‘vigorously’ against Binance lawsuit
RedotPay, which describes itself as the world’s largest stablecoin payment card issuer, told CoinDesk Wednesday it will defend itself “vigorously” against a $470 million Binance lawsuit alleging it poached 470,000 users. “RedotPay is aware of legal proceedings initiated by Binance and will vigorously defend all claims,” the firm said in an emailed statement. “The Company…
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Coldcard hack could lift demand for regulated bitcoin products, analysts say
The exploit, which researchers say stemmed from a flaw in the wallet’s firmware, has resulted in at least 1,816 bitcoin, worth about $114 million, being drained from more than 5,200 addresses since July 30, underscoring the risks even self-custodied assets face when wallet security is compromised. FRNT Financial echoed that view, saying the exploit exposed…
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Mike Novogratz’s Galaxy Digital (GLXY) heads lower after earnings
Galaxy Digital (GLXY) shares are lower by a bit more than 5% in pre-market action after reporting quarterly results. Galaxy’s $85 million net loss narrowed from $216 million in the first quarter, while its diluted and adjusted loss narrowed to $0.09 per share from $0.49. Street forecasts had been for a loss of $0.28 per…
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This chart says bitcoin’s biggest bragging right over S&P 500 and Nasdaq may be over
For years, bitcoin BTC$64,196.50 trounced stocks and most other assets, and supporters pointed to the outperformance as proof the largest cryptocurrency was also the best store of value. Now, one chart suggests that edge may be fading. That chart is the S&P 500-to-bitcoin ratio, which measures how much bitcoin it takes to buy the index.…
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Why Visa, Mastercard and Coinbase aren’t abandoning USDC stablecoin for Open USD
Recent earnings calls from Open USD’s highest-profile backers, however, paint a more nuanced picture. Executives at Coinbase, Visa and Mastercard all said they intend to support multiple stablecoins instead of betting on a single winner, describing Open USD as another network to connect to rather than a replacement for USDC. Multi-coin strategy During its second-quarter…
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Elon Musk’s SpaceX (SPCX) tops earnings as bitcoin (BTC) holding value drops by $540 million
SpaceX (SPCX), Elon Musk’s space technology company, reported its first quarterly results as a public company on Tuesday, announcing second-quarter revenue of $7.8 billion. That figure topped Wall Street expectations of $6.9 billion, while narrowing its quarterly loss to $541 million as growth accelerated across its launch, Starlink and AI businesses. The company reported a…
