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Bitcoin Slips Further Below $77,000 as the Range Trade Resumes
Bitcoin declined for a fourth consecutive trading session, slipping further below $80,000 as a choppy backdrop for risk assets added to its difficulty sustaining upward momentum.
Risk appetite took a knock from renewed Middle East tensions, with oil climbing above $105 this week, while stocks and bonds fell after the latest US inflation data did little to alter expectations that the Federal Reserve could raise interest rates.
“The market is quite neutral now. Less directional risk being priced in,” said Adam McCarthy, head of research at trading firm LO:TECH. “We will get something from upcoming catalysts such as the Fed and US elections — market is pricing risk then, further out in the calendar.”
The largest cryptocurrency dropped as much as 2.1% to $76,663 in during New York trading hours. The token has been trending in a rough range of $60,000 to $80,000 since early February. It reached a record high of around $126,000 last October.
CLARITY Act Faces New Fight Over 'Vertical Integration' In Crypto
The CLARITY Act faces a new fight over whether crypto companies must separate their conflicting businesses ahead of next week’s Senate vote.
Politico reported Thursday that vertical integration has become the latest sticking point in CLARITY Act negotiations.
In simple terms, it means crypto companies often run exchanges, brokerages, and trading firms all under one roof without the walls between them that traditional finance requires.
FTX’s 2022 collapse showed exactly why that matters, with the lack of separation between its exchange and a Bankman-Fried-controlled trading firm helping bring the whole thing down.
Coinbase CEO Eyes Stablecoin Payments as Key Growth Engine
Coinbase Global Inc. sees stablecoin payments emerging as a major source of revenue growth, as the largest US cryptocurrency exchange looks beyond trading to expand its digital-asset business.
Coinbase is integrating with banks, fintechs and companies to shift more payment activity into stablecoins, a $300 billion market that Chief Executive Officer Brian Armstrong said he believes will grow 10-fold by 2030. Stablecoins, which are typically pegged to fiat currencies such as the US dollar, can allow businesses to move money across borders faster and more cheaply than traditional payment rails.
“That’s going to be a very big growth industry,” Armstrong said in an interview with Bloomberg Television in Singapore on Thursday. “Payment volume can be a very interesting business for us.”
Nasdaq Invests in Kraken Parent Payward at $21 Billion Valuation
Nasdaq Inc. is investing $100 million in Payward, the parent of cryptocurrency exchange Kraken, as the firm continues to build out infrastructure that supports trading stocks in tokenized form, according to people familiar with the matter.
The capital infusion from Nasdaq’s venture arm values the crypto company at $21 billion and expands on a partnership with Payward that was announced in March, the people said, asking not to be identified because the investment hasn’t been announced publicly.
As part of the tie-up, Kraken will distribute Nasdaq’s tokenized stocks on its own platform, giving customers the ability to own Nasdaq-listed stocks in a tokenized form, including the same voting rights as regular equities that trade on Nasdaq’s exchange, the people said.
Bitcoin Spot ETF Flow
The overall net outflow of the US Bitcoin spot ETF on Thursday was $282.56 million. The total net asset value of Bitcoin spot ETFs is $97.49 billion, and the ETF net asset ratio (market value compared to total Bitcoin market value) is 6.28%.
The Bitcoin spot ETF with the highest net outflow on September 10 was ARK 21Shares Bitcoin ETF, with a net outflow of $164.32 million, according to SoSoValue.