This article was originally published in First Mover – CoinDesk’s daily newsletter – which puts the latest crypto market moves into context. Subscribe today to receive it every day in your email.

The Latest Prices

Top Stories

BTC Price Index and Live Chart – CoinDesk”>(BTC) traded flat in the wake of the recent debut of spot ETFs in the U.S. Chainlink, the decentralized oracle network that connects blockchains, saw its LINK token climb 6% on the day. and LINK both rose after announced‘s cross chain interoperability (CCIP) on Tuesday. Bitcoin was still hovering around $42,700. RenderRNDR also saw significant gains, climbing 12%. Render allows users to contribute GPU power from their devices at home (A GPU is a graphics processor unit that is responsible for digital rendering on a computer) in order to render motion graphics and visual effect. Solana’s SOL also rose 5% in the same period.

Fidelity’s Jurrien Timmer believes that despite the fact that many of the contrarian predictions about bitcoin prices after the ETF approval were proven correct, the current trend in the price is more indicative of a short term positioning adjustment than a long term trend reversal. Timmer believes that recent gains will be maintained. While some predicted bitcoin would drop to anywhere between $32K and $38K, Timmer is expecting a consolidation. The short-term question to ask is if this is a moment of selling the news. Timmer wrote on X that he believes it will take some time to consolidate recent gains now that the big day has arrived. “There were many participants who ‘equitized,’ future spot position through the futures markets or bitcoin-sensitive stocks.”

Joseph Bankman, Barbara Fried and Sam Bankman-Fried’s parents have asked a judge to dismiss a suit filed by the bankrupt cryptocurrency company FTX to recover money it claims was fraudulently transferred. The lawsuit was filed in September 2023. Bankman-Fried ,, was found guilty of all seven charges for defrauding the U.S. and its customers less than two months after his parents. His sentencing will be in March. Bankman and Fried, who are both Stanford Law School professors, argued in a court filing that Bankman had no fiduciary relationships with FTX, and did not serve as a “director, officer, manager,” even if a relationship did exist with FTX, to plausibly claim a breach.

Chart of the Day

  • The chart below shows the trend in Bitcoin and the U.S. Dollar Index (DXY), a measure of the greenback’s rate of exchange against major fiat currency.
  • Early Thursday, the DXY reached a high of 103.58, a level not seen in four weeks. This was viewed as indicating stagnation for stocks and bitcoin.
  • The dollar’s downtrend coincided with the cryptocurrency’s Q4 rise.
  • TradingView

Trending Posts

Parikshit Miishra is the editor.