Market Overview
Latest Prices
| Asset | Price | Change |
|---|---|---|
| CoinDesk 20 Index | $2,056.03 | +1.34% |
| Bitcoin (BTC) | $64,350.91 | +1.14% |
| Ether (ETH) | $2,624.48 | +0.09% |
| S&P 500 | 5,722.26 | -0.19% |
| Gold | $2,678.25 | +0.8% |
| Nikkei 225 | 38,925.63 | +2.79% |
Top Stories
Bitcoin’s Recent Performance
Bitcoin has recently seen a significant rise, surpassing the $64,000 mark during the European trading session. Prices peaked around $64,300, marking an increase of over 1% in the last 24 hours. This upward movement is indicative of a broader positive trend in the digital asset market, with other major cryptocurrencies, such as Ethereum, also experiencing gains. Specifically, Ether registered an increase of 0.4%, bringing its price to approximately $2,630. The CoinDesk 20 Index, which serves as a weighted measurement of the digital asset market, has also shown a healthy rise of nearly 1.2%. This surge in prices is occurring against a backdrop of increasing gold prices, which recently hit record highs, and a bullish sentiment in Asian stock markets. This optimism is largely attributed to reports that China’s central bank is set to inject around $142 billion in stimulus into major state banks, aiming to enhance their capacity to support the faltering economy.
Bitcoin ETF Inflows
The influx of capital into Bitcoin Exchange-Traded Funds (ETFs) has also been noteworthy. Inflows exceeded $100 million for the second consecutive day, marking a five-day winning streak for these investment vehicles. This trend is significant as it indicates a growing interest in Bitcoin among institutional investors. Data from CryptoQuant reveals that the 30-day net holdings among ETFs have shifted to a positive position for the first time this month, suggesting a trend of accumulation rather than liquidation. Furthermore, Ethereum ETFs also experienced a positive inflow, netting approximately $43.2 million. However, it’s important to note that despite these gains, Ethereum products remain over $500 million in the red since their launch in July. Nevertheless, Ether’s performance has outpaced that of Bitcoin since the Federal Reserve’s recent rate cut, coinciding with an uptick in network transactions and increasing Ethereum transaction costs, often referred to as gas fees.
Celo’s Growing Influence in the Blockchain Space
In a noteworthy development within the Ethereum ecosystem, the layer 2 solution Celo is emerging as a strong competitor to Tron in terms of daily active addresses utilizing stablecoins. The seven-day moving average of active addresses on Celo has surged to nearly 700,000, almost matching Tron’s figures. This increase can be largely attributed to Tether’s strategic decision to deploy its leading dollar-pegged stablecoin, USDT, on the Celo platform in March. Since this deployment, more than $200 million worth of USDT has been issued on Celo, significantly boosting its popularity and utility. On social media, Ethereum co-founder Vitalik Buterin expressed his support for Celo’s progress, which has further galvanized investor interest in the CELO token. As of the latest updates, CELO is trading at around 63 cents, showcasing a substantial 20% increase within a 24-hour period. This price movement reflects the growing confidence in Celo as a viable platform for decentralized financial applications, highlighting the ongoing evolution of the blockchain landscape.
Chart of the Day
– Omkar Godbole
