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.
Bitcoin Magazine Strategy (MSTR) Stock Craters 10%, Hits Two-Year Low as Bitcoin Crashes Below $60K,…
Bitcoin Magazine Bitcoin Price Collapses to $59,000 — and the Worst May Not Be Over…
South Korean memory chip giant on Wednesday filed to raise nearly $30 billion in a…
TL;DR BlackRock says a 1% to 2% Bitcoin allocation can be reasonable in a multi-asset…
A 50% drop from recent highs has pushed the asset into a zone historically labeled…
Bitcoin Magazine Bitcoin Price Crashes Toward $61,000 as Bloodbath Engulfs Crypto Stocks Bitcoin price is…