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

The Latest Prices

Top Stories

ProShares issuing the first U.S. exchange-traded funds (ETFs) linked to bitcoin futures has said that concerns about costs associated with the trading of derivatives will lead to errors tracking are unfounded .. The ETF is the largest crypto fund in the world. It invests in regulated bitcoin futures that are cash settled and listed on the Chicago Mercantile Exchange. BITO, and other futures ETFs, were predicted to underperform bitcoin because of the costs involved in rolling over contracts, which involves selling the expiring ones and purchasing the new set. Simeon Hyman told CoinDesk that concerns about roll costs were misguided. BITO had closely tracked bitcoin’s prices since its inception.

Cryptocurrencies fell Thursday, with bitcoin (BTC), dipping as low as $29,593 in the afternoon U.S. hours. This was near its , , lowest point of a month . Ethereum (ETH) dropped below $1,900, changing hands at 1% less than 24 hours earlier. LINK, the native coin of the Chainlink eco-system, was the only token to show significant gains in the top 40 tokens by market cap. The token rose above $8 for nearly three months, after Chainlink released an interoperability standard that allows communication between banks and blockchains. This protocol was tested by the interbank communication system Swift. Ripple’s XRP has lost some of the gains it made in previous days. It dropped 6% within 24 hours. A week ago, the token’s value almost doubled from 93 cents to 93 dollars after a partial victory in court against the U.S. Securities and Exchange Commission.

Coinbase Borrow is closing . Instead, the company will focus on products “that customers care most about,” according to a CoinDesk spokesperson. Customers who have loans under the program will be able to repay any outstanding balances until November 20. Coinbase announced in May that Coinbase Borrow users would not be able to obtain new loans, as it is reevaluating its products. The Securities and Exchange Commission, or SEC, has increased its scrutiny of the exchange’s operations in the U.S. and it has also been increasing its focus on other businesses.

Chart of the Day


(Glassnode) (Glassnode)

  • The graph shows the daily net flow into wallets linked to central exchanges.
  • Tuesday saw centralized exchanges receive a net 78.861.9 ETH. This is the largest single-day inflow of ETH since May 1.
  • Price volatility is often caused by an increase in the flow of coins to exchanges.


– Omkar Godbole

Trending Posts

UPDATE: (July 21 at 13:00 UTC: Rewrites the headline.

Sheldon Reback is the editor.