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Ether, a token on the Ethereum blockchain, has risen 61% during the first half of this year. Now traders are betting that the rally will continue in the second half. Amberdata reports that an investor bought 63,250 bull call spreads tied to ether, due to expire on December 29. This trade involved selling a $2,500 call option to partially fund the purchase of $1,900 call options. The initial cost of the strategy was $10 million, because the trading entity spent more money to purchase the $1900 call option than it received by selling the $2,500. Call buyers receive protection from sellers against price increases. The seller gets a premium upfront from the call buyer.

According to analysts led by Gautam Chhugani, the SEC believes that a spot bitcoin ETF would not be reliable because “spot exchanges (e.g. Analysts led by Gautam Chugani believe that the SEC does not trust a spot bitcoin exchange traded fund (ETF) because “spot markets” such as Coinbase are unreliable. The SEC does not regulate Coinbase, so spot prices cannot be trusted and are prone to manipulation.

Monetary Authority of Singapore announced that crypto service providers will be required to place customer assets in a statutory fund before the end of this year. This requirement follows MAS’s public consultation on enhancing customer protection, which began in October 2022. The central bank stated that this would reduce the risk of misappropriation or loss of customer assets and make it easier to recover assets in case of insolvency of DPT (Digital Payment Tokens or Cryptocurrency service providers). The MAS also prohibited cryptocurrency service providers to facilitate lending and staking tokens by retail customers. However, institutional and accredited investors can continue to use these services.

Chart of the Day

  • The chart below shows the average growth rate year-on-year of four Asian economies: Taiwan, South Korea Japan and China.
  • Export growth has slowed, indicating a global economic slowdown. This could also mean that Asian nations will resort to currency devaluation. The demand for perceived inflation-hedging assets like bitcoin and gold may increase.
  • Source: BofA Global Research

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Sheldon Reback is the editor.