Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.
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.
S&P 500 futures
4,005.75
-12.5 ? 0.3%
FTSE 100
7,854.62
+10.5 ? 0.1%
Treasury Yield 10 Years
3.51%
? 0.1
BTC/ETH prices per CoinDesk Indices, as of 7 a.m. ET (11 a.m. UTC)
Bitcoin, the largest cryptocurrency by market capitalization, briefly reached the $21,000 mark for the first time since the FTX collapse in early November on Monday in early trading hours. The cryptocurrency has since retreated slightly, and is trading around $20,880. Ether also made gains over the weekend and is trading up 17% over the last seven days. While crypto assets surged on Monday, U.S. futures slipped. European stocks rose.
Binance will allow institutional investors to keep their collateralized crypto used for leveraged positions off the platform, Bloomberg reported on Monday. The exchange will let investors post collateral with Binance Custody, which will hold the assets off the internet in cold storage wallets, the report added.
The U.S. Trustee has voiced objections to FTX hiring New York law firm Sullivan and Cromwell, citing conflict of interest, in a Jan. 13 legal filing. The complaint echoes those made by a bipartisan grouping of U.S. Senators and by the crypto exchange’s founder Sam Bankman-Fried, and expresses concern the firm might tread on the toes of future work by an independent examiner.
The chart shows cryptocurrencies outperformed stocks and commodities by a significant margin last week.
The safe-haven U.S. dollar depreciated, while government bonds were the worst-performing asset class.
Crypto’s outperformance comes after nearly two months of FTX-induced panic that saw market leaders bitcoin and ether wilt amid the risk revival on Wall Street.
– Omkar Godbole
Read more about
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.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.
