The latest moves in crypto markets, in context
By Jamie Crawley, CoinDesk News Reporter Was this newsletter forwarded to you? Sign up here. |
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Welcome to a new week! Here’s what you need to know in crypto today. |
- Bitcoin returns to $68,500 as the crypto market resumes its rally.
- MSTR's bitcoin premium is unsustainable, says Steno Research.
- HKEX to launch a virtual asset index series next month.
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CoinDesk 20 Index: 2,079.56 +2.23%
Bitcoin (BTC): $68,574 +2.37%
Ether (ETH): $2,527.30 +2.58%
S&P 500: 5,808.12 +0.03%
Gold: $2,732.24 -0.63%
Nikkei 225: 38,605.53 +1.82% |
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Bitcoin returned to $68,500 early in the European morning, continuing its rally that recommenced on Sunday. BTC fell as low as $65,700 late Friday after the - Wall Street Journal reported that the DOJ is probing Tether for violations of sanctions and anti-money laundering rules. Tether quickly denied the report, putting a floor under the cryptocurrency’s price. Bitcoin erased its losses over the course of the weekend, rising over 2.4% in the last 24 hours to trade at nearly $68,700. ETH and SOL have registered similar gains as the broader crypto market has climbed over 2%, as measured by the CoinDesk 20 Index. Memecoin DOGE has enjoyed the healthiest bounce, trading around 6% higher at over $0.145.
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MicroStrategy's premium to its BTC stash is unsustainable, according to a research report by Steno Research. The new provision for options on spot bitcoin ETFs will lessen demand for MSTR stock meaning the 300% premium will not last, the report said, adding that during the 2021 bull market, it was below 200% most of the time. MicroStrategy's recent 10:1 stock split's positive effects are also diminishing, analyst Mads Eberhardt wrote. As regulators become more favorable to bitcoin and crypto in general, investors may choose to hold bitcoin directly instead of MicroStrategy stock, according to the report. If Donald Trump is re-elected as president, this regulatory trend is expected to continue.
Hong Kong Exchanges and Clearing will launch a virtual asset index series on Nov. 15. The index will be administered and calculated by CCData, a UK-registered benchmark administrator and virtual asset data and index provider. CCData is owned by CoinDesk. The index series will include a reference index for bitcoin and ether, as well as a reference rate for bitcoin and ether. "By offering transparent and reliable real-time benchmarks, we seek to enable investors to make informed investment decisions, which will in turn support the development of the virtual asset ecosystem and reinforce Hong Kong's role as an international financial center,” said HKEX CEO, Bonnie Y Chan.
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Market Insight: Bitcoin Has a Lot Going for It, Except Copper's Underperformance Against Gold |
The copper-gold ratio, which represents the division of price per pound of copper by per ounce price of gold, has hit a year-to-date low, reaching the levels seen in late 2020, according to TradingView. The metric, considered a proxy for the global economic health and investor risk appetite, has dropped over 15% this year, the biggest loss since 2018.
What's probably more concerning is that the ratio has declined by 10% since China, the world's factory and largest importer of commodities, unveiled a string of stimulus measures in late September to support its ailing economy.
The persistent slide could be a telltale sign of a grittier economic picture that risk assets are probably overlooking. Copper, being an industrial metal, tends to do well when the global economy is expanding, and has historically reacted positively to China's stimulus announcements. Gold, meanwhile, is considered a safe haven. Hence, a falling copper-to-gold ratio is widely seen as a risk-off signal. |
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The chart shows bitcoin's price and the year-on-year growth in the aggregate M2 money supply of the four major central banks – U.S. Federal Reserve, European Central Bank, Bank of Japan, and People's Bank of China.
- The M2 grew 7.5% last month, the fastest since November 2021.
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BTC's previous bull runs have been characterized by faster growth in the M2.
- Source: MacroMicro
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Disclaimer: The information presented in this message is intended as a news item that provides a brief summary of various events and developments that affect, or that might in the future affect, the value of one or more of the cryptocurrencies described above. The information contained in this message, and any information liked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. The information presented herein is accurate only as of its date, and it was not prepared by a research analyst or other investment professional. You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments.
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