The ongoing U.S. government shutdown has deprived traders of the latest economic data releases, injecting a sense of directional uncertainty into the markets. In such situations, it’s useful to look back at how markets have reacted to previous shutdowns. Interestingly, the previous U.S. government shutdown, which lasted from late December …
Artificial intelligence and high performance computing (AI/HPC) miners continue to surge pre-market. IREN (IREN) is up 6% pre-market above $73 per share, after closing a $1 billion private offering of 0.00% convertible senior notes due 2031. The deal was oversubscribed and included a fully exercised $125 million greenshoe. The notes …
By Omkar Godbole (All times ET unless indicated otherwise) Bitcoin’s (BTC) bounce from late Tuesday lows near $110,000 has stalled just above $113,000 as the lack of fresh U.S. economic data leaves both crypto and forex traders in limbo. The CoinDesk 20 (CD20) Index steadied above 3,800 points, representing a …
A wave of leveraged long liquidations has exposed bitcoin’s (BTC) equity sensitivity, according to Wall Street bank Citigroup. The bank said worsening U.S.-China trade tensions triggered a sharp futures selloff on Friday that spilled into crypto, underscoring its volatility and correlation with equities. Both crypto and stock markets have since clawed back some losses, the […]
By Francisco Rodrigues (All times ET unless indicated otherwise) The crypto market staged a fragile recovery after a violent flash crash on Friday erased more than $500 billion in value and forced nearly $20 billion in liquidations across derivatives platforms. Bitcoin fell as much as 13% in an hour, bottoming near $102,000 before rebounding to […]
WisdomTree has launched a physically backed exchange-traded product tied to stellar lumens (XLM) across several European venues, setting the management expense ratio at 0.50%, according to a press release the asset manager shared with CoinDesk on Tuesday. Called the WisdomTree Physical Stellar Lumens ETP, the product provides exposure to the spot price of lumens through […]
Metaplanet (3350) is now trading below a 1.0x multiple to net asset value (mNAV) for the first time since launching its bitcoin treasury strategy back in 2024. mNAV can be defined as a metric that measures the market capitalization of a company relative to the value of the crypto assets it holds on its balance […]
U.S. spot bitcoin exchange-traded funds (ETFs) recorded their largest combined daily outflow since Sept. 26 on Monday, with $326.4 million exiting the market, according to Farside data. However, BlackRock’s iShares Bitcoin Trust (IBIT), the largest spot bitcoin ETF by assets on the market, bucked the broader trend by continuing to see inflows. Over the past […]
By Francisco Rodrigues (All times ET unless indicated otherwise) A rapid and violent sell-off wiped more than $500 billion from crypto markets Friday, triggering forced liquidations, collapsing wrapped tokens, leading to nearly $20 billion in liquidations, and straining exchange infrastructure. The flash crash, described by Bitwise portfolio manager Jonathan Man as possibly the worst liquidation […]
Hyperliquid will activate its HIP-3 network upgrade on Monday, allowing anyone who meets onchain requirements to launch perpetual futures markets on the platform. An administrator announced in Hyperliquid’s Discord that the Oct. 13 upgrade will turn on HIP-3, adding that “there is no immediate change for users,” but deployers can create markets “once ready.” The […]
Synthetix’s native token SNX jumped more than 120% in the past 24 hours, according to CoinDesk market data, reclaiming levels not seen since before the 2022 market crash and sparking fresh conversation around the return of DeFi’s earliest “dino coins.” A dino coin is a colloquial term for a token or coin that has was […]
No, Ethena’s USDe Didn’t De-peg
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During Friday’s turbulent market sell-off, Ethena’s synthetic dollar, USDe, which maintains its 1:1 peg to the USD through cash-and-carry arbitrage, briefly dropped, hitting 65 cents on Binance. However, this dramatic dislocation was confined to Binance as opposed to the global de-pegging of the USDe as social media chatter suggests. Most trading of USDe occurs on […]