This article was originally published in First Mover’s daily CoinDesk newsletter. It puts the latest crypto market moves into context.

The Latest Prices

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Bitcoin has climbed back to the $43,000 level during European morning trading after slipping down to $42,173.76 in the Asian session. BTC was trading at $42,884 as of the time this article is written, down only 0.45% over the past 24 hours. Bitcoin is expected to be up 158% on the last day of working 2023 compared to its $16,500 price a year ago. The CoinDesk Market Index is a weighted measure of performance in the digital-assets market. It gained 139% by 2023.

Privacy Tokens Dash, Monero and ZCash have fallen by up to 10% since crypto exchange OKX announced it would delist their trading pair on January 5. OKX stated that the exchange’s decision was based “on feedback from users, and the OKX Token Delisting/Hiding Guidelines.” OKX didn’t explicitly state that it was banning tokens for enhancing privacy in transactions. However, many listed tokens fall into this category. Privacy coins are cryptos that protect anonymity through obscuring money flows across their networks. It is difficult to determine who sent what and to whom. This makes it useful for people who don’t want their financial activities monitored. Regulators are not fans of privacy coins.

The Avalanche Foundation , which supports Avalanche’s blockchain ecosystem , said that it was considering purchasing meme coins in order to recognize the unique niches within the cryptocurrency market. The Avalanche meme coins COQ, Husky, and Shibx, have all gained up to 25% in the past 24 hours. Most of these gains came after the announcement by the foundation. In a blog post, the foundation explained that the selection criteria will include the number of users, liquidity thresholds and project maturity, as well as social sentiment. The post stated that “These coins are often inspired by Internet culture and humor and go beyond mere utility asset; they represent collective spirit and shared interest of diverse crypto communities.”

Chart of the Day

(TradingView)(TradingView)

  • The chart below shows that the U.S. Dollar Index (DXY), a measure of the greenback’s exchange rate versus a basket fiat currencies including the euro has fallen by 4.7% during the fourth quarter.
  • Bitcoin and other risk assets performed positively over the past three months due to the weakness of the DXY.
  • BTC is up by almost 60% in the last quarter.
  • TradingView


– Omkar Godbole

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Sheldon Reback is the editor.