Decentralized exchanges have gained market share as confidence in their centralized equivalents declined, the report said.Read MoreCoinDesk
There has been a clear weakening of the correlation between the S&P 500 equity index and bitcoin (BTC) as crypto markets suffer after the FTX and Alameda collapse, Citi (C) said in a research report last week.
The S&P 500 gained almost 6% last week, whereas bitcoin fell around 20%.
Traditional financial markets have been largely unaffected by the collapse, in an indication that “contagion effects are relatively siloed within crypto,” the report said.
Given the magnitude of the fallout it’s not yet certain if contagion into other asset classes has been avoided, but the digital asset sector remains relatively small compared to traditional markets, the report added.
The bank notes that decentralized exchanges’ (DEXs) volumes have surged as much as 30% month-to-date, increasing market share over centralized exchanges (CEXs) such as FTX, “amidst centralized custody fears.”
Read more about
DEXcentralized exchangesdecentralized exchangesAnalysisMarkets
DISCLOSURE
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
The Bitcoin’s behavior around US Federal Reserve announcements has become one of the most consistent…
Bitcoin Magazine Bitcoin Falls Below $90,000 As Vanguard Exec Struggles With Bitcoin Value The bitcoin…
Bitcoin Magazine Why Trump Should Pardon The Developers of Bitcoins Non Custodial Samourai Wallet On…
Crypto markets saw a modest lift after the US Federal Reserve made another move on…
Bitcoin Magazine Sangha Renewables Energizes 20 MW Bitcoin Mining Facility in West Texas Sangha Renewables…
Chipmaker Broadcom's 10% slide weighs on the market as Chicago Fed's Goolsbee signals more cuts…