Share this article
Markets
First Mover Americas: Crypto Trades Little Changed Following Thursday's Slide
The latest price moves in crypto markets in context for Aug. 16, 2024.
Updated Aug 16, 2024, 12:22 p.m. Published Aug 16, 2024, 12:22 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
CoinDesk 20 Index: 1,888 −0.3%
Bitcoin (BTC): $58,376 −0.7%
Ether (ETC): $2,614 −1.0%
S&P 500: 5,543.22 +1.6%
Gold: $2,504 +2.1%
Nikkei 225: 38,062.67 +3.64%
Top Stories
The crypto market was in quiet mode during the Asian and European mornings to end the week, with bitcoin 0.45% lower over 24 hours near $58,500. ETH lost 0.7%, while SOL led gains, adding 0.44%. The broader digital asset market, as measured by the CoinDesk 20 Index, is about 0.39% higher. Bitcoin capitulated to under $57,000 late Thursday, a drop for which there was no obvious catalyst, given that both the Nasdaq and S&P 500 were ticking upward at the time.
South Korea's National Pension Service has bought almost $34 million worth of MicroStrategy shares. Following the software company's 10:1 stock split earlier this month, the pension fund now owns 245,000 MSTR shares valued at $32.32 million, based on Thursday's closing price of $131.93. The purchase can be seen as an indirect investment in bitcoin because MicroStrategy is the largest corporate holder of the largest cryptocurrency. Earlier this month, Wall Street broker Benchmark raised its price target on the Michael Saylor-led firm to $2,150 from $1,875. Benchmark raised the target even though MicroStrategy missed its second-quarter revenue target. NPS also holds over $45 million worth of Coinbase shares.
The New York Stock Exchange scrubbed plans to list bitcoin ETF options, according to an SEC filing. The SEC extended its review period multiple times after publishing the NYSE proposal for public comment in February, eventually initiating formal proceedings in April. The proposal was withdrawn by the exchange before a final decision was made. CBOE, where a number of the bitcoin ETFs are traded, also withdrew its application, but has since refiled with a much more extensive proposal, according to documents spotted by Bloomberg's James Seyffart. The SEC hasn't provided public comment or feedback on the issue.
Chart of the Day
- The chart shows the recent flows and total AUM of the U.S.-listed spot bitcoin ETFs.
- BlackRock's iShares ETF has recently eclipsed Grayscale's Bitcoin Trust as the largest in terms of AUM.
- Grayscale's GBTC, having already existed in a different form for several years, had a massive headstart on the debuting ETFs when they listed in January, but has experienced significant outflows to its competitors since.
- Source: Bloomberg, CoinShares
- Jamie Crawley
Trending Posts
Jamie Crawley
Jamie joined CoinDesk as a news reporter in February 2021 after writing widely about crypto and blockchain for two years in other roles. Away from crypto, Jamie runs a lot and loves all things sport. He holds small amounts of BTC, ETH, ADA and LTC.
Omkar Godbole
Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team based in Mumbai, holds a masters degree in Finance and a Chartered Market Technician (CMT) member. Omkar previously worked at FXStreet, writing research on currency markets and as fundamental analyst at currency and commodities desk at Mumbai-based brokerage houses. Omkar holds small amounts of bitcoin, ether, BitTorrent, tron and dot.
