Share this article
First Mover Americas: BTC Retreats From $60K
The latest price moves in crypto markets in context for July 12, 2024.
Updated Jul 12, 2024, 12:08 p.m. Published Jul 12, 2024, 12:08 p.m.
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
Huwag palampasin ang isa pang kuwento.Mag-subscribe sa Crypto Daybook Americas Newsletter ngayon. Tingnan lahat ng newsletter
Top Stories
Bitcoin traded around $57,000 during the European morning, following a pullback from the $60,000 resistance level on Thursday, a decline of 2.4% in the last 24 hours. The CoinDesk 20 Index (CD20) fell 2.3%. Bitcoin climbed above $59,000 on Thursday after the U.S. reported its first drop in consumer prices in four years, a positive sign for the prospect of an interest-rate cut by the Fed. Bitcoin's failure to maintain a sustained rally, despite positive macro news, suggests there is more price weakness ahead.
Advertisement
Iris Energy's Childress, Texas site is well suited for the company's focus on bitcoin mining even if analysts have determined it unsuitable for AI, Bernstein said in a report. IREN shares fell almost 14% on Thursday following a short-selling report by Culper Research which pointed out the site's flaws as a potential hub for AI and high-performance computing (HPC) purposes. “Iris Energy has not claimed it intends to retrofit its bitcoin mining site in Childress to AI,” Bernstein analysts led by Gautam Chhugani wrote. The broker estimates 65% of the company's value is derived from bitcoin mining and the remaining 35% from AI/HPC. Iris Energy’s current $1 million/megawatt capital expenditure metric is a reflection of bitcoin mining capex, the broker said. Comparing it to AI/HPC capex is not meaningful.
Partior, a blockchain payment joint venture of banking giants JPMorgan, DBS and Standard Chartered, has raised $60 million in Series B funding. The investment was led by Peak XV Partners with contributions from Valor Capital Group and Jump Trading Group. Partior aims to establish unified blockchain-based interbank payment rails for instant clearing and settlement. Using blockchain-based technology to expedite such banking processes is now fairly commonplace. JPMorgan's Onyx network has settled hundreds of billions of dollars of transactions since going live a few years ago. Last month, Fidelity used Onyx to tokenize shares in a money market fund.
Chart of the Day
- XRP's bitcoin-denominated price (XRP/BTC) is up for the third straight day and at the highest in two months.
- On Thursday, CME and CF Benchmarks announced the debut of indexes and reference rates for XRP and .
- Brad Garlinghouse, the CEO of blockchain payments firm Ripple Labs Inc., said the benchmark reference rates will boost institutional adoption.
- Source: TradingView
Advertisement
- Omkar Godbole
Trending Posts
Higit pang Para sa Iyo
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.
Ano ang dapat malaman:
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.
Di più per voi
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
Cosa sapere:
- 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
