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Bitcoin is trading in a narrow range near $68,000 despite a rise in U.S. Treasury yields, which have climbed to around 4.42%. The surge in yields is driven by factors like oil prices and geopolitical tensions, impacting borrowing costs and risk assets like stocks and crypto.
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The convergence of the quarterly options expiry and a key U.S. inflation reading this week will determine the momentum of the crypto rally. Bitcoin's short-term moves are influenced by options dealers and institutions hedging their positions.
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The crypto market has entered negative territory for September, erasing $162 billion from valuations, with Bitcoin holding a slight gain. Despite the historical September curse, traditional markets like the S&P 500 show resilience, while Bitcoin struggles to maintain support levels.
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Major cryptocurrencies like Bitcoin, Ethereum, and Dogecoin experienced significant drops, with liquidations topping $1 billion in a 24-hour period. Bitcoin was down 3.6% in the past 24 hours and nearly 7% for the week, while Ethereum dropped 7%.
Coindesk
Centrifuge has launched the first licensed S&P 500 index fund on blockchain rails, allowing on-chain investors access to the renowned equity benchmark. The Janus Henderson Anemoy S&P 500 Fund, SPXA, is live on Base, an Ethereum layer-2 network developed by Coinbase.
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Circle is considering reversible transactions for its USDC stablecoin, potentially deviating from blockchain's immutability principle. The firm's president, Heath Tarber, mentioned the possibility of transaction reversibility while maintaining settlement finality, acknowledging benefits of the current financial system.
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Bitcoin's price hovers above $111,000 as analysts speculate on its response to upcoming U.S. inflation data. The market anticipates potential interest rate changes by the Federal Open Markets Committee based on the data. Investors are closely monitoring the Fed's inflation gauge for any deviations that could impact crypto markets.
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CloudFlare, a major internet traffic provider, is introducing a stablecoin called NET Dollar to revolutionize internet finance. CEO Matthew Prince believes this will shift incentives towards original content and facilitate faster money movement online.
Coindesk
Kevin O’Leary discusses the evolution of his crypto investment thesis, highlighting the changing landscape and the importance of owning crypto infrastructure. Leo Mindyuk explains various crypto investment models beyond buying and holding tokens, emphasizing the significance of understanding access models in the digital asset space.
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SharpLink Gaming announced the tokenization of its SEC-registered common stock on the Ethereum blockchain, partnering with Superstate as its digital transfer agent. The move aligns with the SEC's Project Crypto initiative to reduce regulatory burdens for the crypto industry.
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Grail Pro, a new protocol by BOS, aims to convert dormant Bitcoin reserves into productive capital while maintaining custody standards. The system utilizes zero-knowledge proofs and a cosigner model for security, allowing for lending, trading, and yield strategies without losing custody.