Partager cet article
First Mover Americas: Crypto Market Slides as Rebound Seen Delayed
The latest price moves in crypto markets in context for May 9, 2024.
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
STORY CONTINUES BELOW
No te pierdas otra historia.Suscríbete al boletín de Crypto Daybook Americas hoy. Ver todos los boletines
Top Stories
Bitcoin fell below $61,000 on Thursday as the crypto market continued its downward movement that has persisted throughout the week. BTC dipped to $60,815 at around 11:00 UTC, trading about 2.25% lower than 24 hours before. The CoinDesk 20 Index (CD20), which measures the performance of the broader digital asset market, meanwhile has sunk by about 2%. Ether is trading just below $3,000, down 0.9%, while SOL has declined by nearly 3%. The crypto market could also soon be faced with a wave of supply events delaying a return to upward movement, with nearly $11 billion worth of BTC set to be distributed to creditors of Gemini's Earn program and the long-defunct Mt. Gox, according to cryptocurrency analysts K33.
Publicidad
VanEck subsidiary MarketVector has started an index based on the performance of the top six meme coins. The MarketVector's Meme Coin Index, which trades under the symbol MEMECOIN, is up 195% on a yearly basis. For comparison, the CD20 is up 97% during the same period. MEMECOIN tracks Dogecoin, Shiba Inu, Pepe, dogwifhat, Floki Inu and BONK, which account for nearly $47 billion of the total meme coin market cap of $51 billion, according to CoinGecko. While they unashamedly represent the lighter side of the cryptocurrency market, some commentators believe that meme coins could continue to show impressive returns due to low fees on Solana allowing traders to make small bets for potentially large profits.
The 'Boden' meme coin surged on Wednesday following a throwaway comment from former President Donald Trump. Jeo Boden (BODEN), the joke crypto token referring to a misspelling of President Biden's name, jumped after Trump said he didn't like it as an investment. The Republican challenger for the White House was hosting an impromptu Q&A session at the Trump Cards NFT Gala in Florida when he was asked about BODEN. The token jumped as high as $0.42 before retreating below $0.40 over the ensuing hours. At the time of writing, it is priced at around $0.36, up nearly 16% in the last 24 hours. Trump also said he intends to start accepting donations for his presidential campaign in cryptocurrency.
Chart of the Day
- The table shows bitcoin and ether's correlation with major equity indices, the dollar index and the VIX index.
- The correlation has declined to nearly zero, meaning the two cryptocurrencies have decoupled from the broader market.
- Their uncorrelated nature could potentially attract macro traders looking to lower their portfolio volatility while improving risk-adjusted returns.
Publicidad
- Omkar Godbole
Trending Posts
Más para ti
Exchange Review - March 2025
CoinDesk Data's monthly Exchange Review captures the key developments within the cryptocurrency exchange market. The report includes analyses that relate to exchange volumes, crypto derivatives trading, market segmentation by fees, fiat trading, and more.
Lo que debes saber:
Trading activity softened in March as market uncertainty grew amid escalating tariff tensions between the U.S. and global trading partners. Centralized exchanges recorded their lowest combined trading volume since October, declining 6.24% to $6.79tn. This marked the third consecutive monthly decline across both market segments, with spot trading volume falling 14.1% to $1.98tn and derivatives trading slipping 2.56% to $4.81tn.
- Trading Volumes Decline for Third Consecutive Month: Combined spot and derivatives trading volume on centralized exchanges fell by 6.24% to $6.79tn in March 2025, reaching the lowest level since October. Both spot and derivatives markets recorded their third consecutive monthly decline, falling 14.1% and 2.56% to $1.98tn and $4.81tn respectively.
- Institutional Crypto Trading Volume on CME Falls 23.5%: In March, total derivatives trading volume on the CME exchange fell by 23.5% to $175bn, the lowest monthly volume since October 2024. CME's market share among derivatives exchanges dropped from 4.63% to 3.64%, suggesting declining institutional interest amid current macroeconomic conditions.
- Bybit Spot Market Share Slides in March: Spot trading volume on Bybit fell by 52.1% to $81.1bn in March, coinciding with decreased trading activity following the hack of the exchange's cold wallets in February. Bybit's spot market share dropped from 7.35% to 4.10%, its lowest since July 2023.
Más para ti
This article is created to test tags being added to image overlays
Dek: This article is created to test tags being added to image overlays
Lo que debes saber:
- Ethena's USDe becomes fifth stablecoin to surpass $10 billion market cap in just 609 days, while Tether's dominance continues to slip.
Top Stories
