This article originally appeared in First Mover, CoinDesk’s daily newsletter, putting the latest moves in crypto markets in context. Subscribe to get it in your inbox every day.
Latest Prices
CoinDesk 20 Index: 1,891 −1.6%
Bitcoin (BTC): $59,574 −0.6%
Ether (ETH): $2,516 −1.5%
Nikkei 225: 38,647.75 +0.74%
Top Stories
Crypto prices were muted as the week drew to an end, with bitcoin 0.7% lower in the last 24 hours at $59,500. The broader digital asset market, as measured by the CoinDesk 20 Index, has dropped 1.5%. Bitcoin extended its week-long slide after last week’s rally, with major exchange-traded funds (ETFs) recording net outflows amid signs of waning demand. BTC is on track to end August at an 8% haircut (with one day to go), the steepest drop since April. Overall bitcoin demand growth remains low and has even turned negative in the last few weeks.
Dogecoin is one of the few tokens to buck the trend, rising nearly 0.7%. A Manhattan judge dismissed a lawsuit that alleged Elon Musk and Tesla manipulated the price of DOGE by exploiting Musk’s social media influence and public statements. Statements cited in the suit included his claims to “become Dogecoin’s CEO,” put a “literal Dogecoin in SpaceX and fly it to the moon,” and that “Dogecoin might become the standard for the global financial system.” Judge Alvin Hellerstein said the statements were “aspirational and puffery,” not factual claims, and thus, no reasonable investor would rely on them.
Crypto startup Bridge, which wants to build a global stablecoin-based payments network, recently raised $40 million in fresh funding, taking the total raised to $58 million. The startup, which was founded by Square and Coinbase alumni Zach Abrams and Sean Yu, aims to “enable companies to use a stablecoin rail without thinking about it,” Abrams said in an interview with Fortune. Bridge, whose customers include SpaceX and Coinbase, aspires to become a Web3 version of payments processor Stripe, operating as a global payments system into which other developers can integrate seamlessly. Earlier this year, Stripe itself said it planned to add crypto payments through Circle’s USDC stablecoin.
Chart of the Day
:format(jpg)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/W2TI3Y3O2VGWHDAT2V4YBSTAP4.jpeg)
-
The chart shows that every single MSCI country stock index is currently above its 200-day moving average.
-
When this figure surpasses 90%, it can be a signal for exuberant bullishness and thereby potential correction risks.
-
Stock market movement can be seen as an indicator of cryptocurrency movement as the two are affected by many of the same factors.
-
Source: MacroMicro
Trending Posts
Edited by Sheldon Reback.
Disclosure
Please note that our
and
do not sell my personal information
has been updated
.
CoinDesk is an
media outlet that covers the cryptocurrency industry. Its journalists abide by a
strict set of editorial policies.
In November 2023
by the Bullish group, owner of
a regulated, digital assets exchange. The Bullish group is majority-owned by
Block.one; both companies have
in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin.
CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.
:format(jpg)/s3.amazonaws.com/arc-authors/coindesk/008ae87f-5c6e-412b-816b-ded600ac5054.png)
