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

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ETF volume data provided by BlackRock (BLK), Fidelity and Bitwise a href=”https://link.coindesk.com/click/65a9169cc9f28c432b0329f3/aHR0cHM6Ly93d3cuY29pbmRlc2suY29tL21hcmtldHMvMjAyNC8wMS8xOC9iaXRjb2 ETF data from BlackRock (BLK), Fidelity, and Bitwise collectively exceeded $500 million earlier this week. This indicates demand from professional traders and regulated funds. Coinbase (COIN), which is the custodian of several ETF providers saw record-high OTC Desk transfer volumes. CryptoQuant analysts stated that “numerous on-chain metrics, indicators and other data still indicate the price correction is not over or at the very least that there will not be a new rally,” “Short-term investors and large bitcoin owners are still selling significant amounts in a context where “risk-off’ attitude is prevalent.

Data from CoinMarketCap shows that dYdX’s v4 market, which is still operating, had $567 million in daily volume. This was enough to take third place. The dYdX v3 market is still operating and had $567 millions, good enough to place third. According to dYdX the total trade volume for its v4 markets since launch is $17.8billion. dYdX v3’s 2023 trading volume was more than 1 trillion dollars, with some days surpassing $2 billion.

Donald Trump, the former president and current frontrunner in the Republican Leadership race, promised to ban the creation a central-bank digital currency during a New Hampshire campaign stop. He was joined on stage by Vivek Ramaswamy who is a crypto-friendly candidate and recently suspended his campaign. Such a currency would allow the federal government to have total control over your money. You wouldn’t know if your money was missing.

Chart of the Day

  • The chart shows S&P 500 adjusted for inflation, the spread in yields between U.S. 10-year and 2-year Treasury bonds, and the Fed Funds rate (the benchmark borrowing costs) since 1999.
  • Fed’s pivot towards rate cuts or new liquidity easing usually comes at a time of economic weakness. This coincides with a bearish trend reverse and a sale-off in S&P 500 as seen in 2000, 2008.
  • Markets expect the Fed to reduce rates by more than 100 basis points in this year.
  • Source: ByteTree research, Bloomberg

Omkar Godbole

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Omkar Godbole is the editor.