Crypto Market Update: Bitcoin’s Recent Decline and Other Key Developments
This article originally appeared in First Mover, CoinDesk’s daily newsletter, providing insights into the latest movements in the crypto markets.
Latest Prices:
Asset | Price | Change |
---|---|---|
CoinDesk 20 Index | 2,004 | −3.5% |
Bitcoin (BTC) | $62,471 | −2.4% |
Ether (ETH) | $2,632 | −4.1% |
S&P 500 | 5,616.84 | −0.3% |
Gold | $2,547 | +1.2% |
Nikkei 225 | 38,288.62 | +0.47% |
Top Stories in the Crypto World
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Bitcoin’s Recent Price Movement:
Bitcoin has recently experienced a decline, trading just below $62,500. This drop comes after a significant weekend rally, where traders began to take profits. Over the last 24 hours, Bitcoin’s price fell by more than 2.4%, contributing to a broader market downturn of approximately 2.15%. QCP Capital, a trading desk based in Singapore, has observed an uptick in call spread buying, which often signifies bullish sentiment. However, this sentiment is tempered by the selling of Bitcoin calls at the $100,000 mark, indicating caution among traders about immediate price surges.
QCP Capital’s analysis suggests that while the market remains optimistic, it is also well-prepared for potential price fluctuations. They noted that the volatility skew between puts and calls indicates that traders are positioning themselves more defensively, even amidst a generally positive outlook.
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Telegram CEO Pavel Durov’s Legal Situation:
Pavel Durov, the CEO of Telegram, may soon be released from custody, according to statements from French prosecutors. However, the market sentiment on platforms like Polymarket reflects skepticism about his imminent release, with bettors wagering that he might not be released until September. Currently, he is being detained not on formal charges but as part of an investigation into various crimes allegedly planned or propagated via the Telegram platform, including serious offenses such as money laundering and drug trafficking.
Bettors believe there is a 72% likelihood that Durov will be released before October, with shares trading at 72 cents for the affirmative outcome. If this prediction holds, each share will pay out $1 in USDC, while a failure to meet this expectation results in a loss of the initial investment.
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Update on Celsius Network’s Bankruptcy Proceedings:
The bankrupt crypto lending platform Celsius has reported significant progress in its bankruptcy case, having distributed over $2.53 billion to approximately 251,000 creditors. This amount reflects payouts covering about two-thirds of all eligible creditors by number and an impressive 93% of the total eligible value. Nevertheless, there remains a sizable group of 121,000 eligible creditors who have yet to claim their distributions, with the average amount due being around $1,500.
Among the remaining creditors, a substantial number are set to receive relatively small distributions, with around 64,000 creditors owed less than $100 and an additional 41,000 owed between $100 and $1,000. Given the minimal amounts involved, many of these creditors may lack the incentive to complete the necessary steps to claim their funds, potentially complicating the overall resolution of the bankruptcy process.
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