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First Mover Americas: BoJ Comments Offer Relief to Crypto
The latest price moves in crypto markets in context for Aug. 7, 2024.
Updated Aug 7, 2024, 12:08 p.m. Published Aug 7, 2024, 12:08 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.
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CoinDesk 20 Index: 1,869 +4.9% : $57,145 +3.5% Ether (ETC): $2,482 +0.9% S&P 500: 5,240.03 +1.0% Gold: $2,438 +2.1% Nikkei 225: 35,089.62 +1.19%
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Cryptocurrencies continued their recovery from Monday's crash, with bitcoin trading above $57,000, over 4% higher in the last 24 hours. Bank of Japan deputy governor Shinichi Uchida said that the central bank would not hike borrowing costs, which may have provided some relief for investors of risk assets such as crypto. "As we're seeing sharp volatility in domestic and overseas financial markets, it's necessary to maintain current levels of monetary easing for the time being," Uchida said in a speech to business leaders in Hakodate, Hokkaido. The broader crypto market, measured by the CoinDesk 20 Index (CD20), has risen over 5%, with SOL continuing to lead the gains. The altcoin has regained the $150 mark, on the back of climbing nearly 10%.
Memecoins from the Solana ecosystem surged more than 30% in the past 24 hours, leading gains in the crypto market, as the network’s underlying token SOL, recovered from losses earlier in the week. Cat-themed and dog token dogwifhat (WIF) surged as much as 25%, before slightly retreating, while smaller tokens MUMU and catdog (CATDOG) rose 30%, data show. Major memecoins on other blockchains, such as DOGE and PEPE, lost as much as 5%. Solana network volumes more than doubled to over $3.3 billion from Monday’s $1.5 billion, banking in fees of at least $750,000 per day, DefiLlama data shows.
Crypto asset manager CoinShares recorded profits after tax of around $513.1 million in Q2, a considerable bump from $12.7 million in the equivalent quarter a year ago. The firm also noted a loss of $481.4 million on the fair value of digital assets, as the crypto market pulled back from its all-time high levels of Q1. Once accounted for this depreciation, CoinShares' comprehensive income for the quarter was $32.6 million, almost five-times the figure for Q2 2023 of $6.3 million. The firm saw its asset management fees more than double to $28.45 million, helped by its acquisition of the ETF unit of Valkyrie, which gave CoinShares a U.S. arm to its ETP business.
Chart of the Day
- The Crypto Fear & Greed Index fell to 17 on Tuesday, the lowest in two years.
- Readings below 20 represent extreme fear often observed at market bottoms.
- Source: Alternative.me
- Omkar Godbole
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Exchange Review - March 2025
CoinDesk Data's monthly Exchange Review captures the key developments within the cryptocurrency exchange market. The report includes analyses that relate to exchange volumes, crypto derivatives trading, market segmentation by fees, fiat trading, and more.
What to know:
Trading activity softened in March as market uncertainty grew amid escalating tariff tensions between the U.S. and global trading partners. Centralized exchanges recorded their lowest combined trading volume since October, declining 6.24% to $6.79tn. This marked the third consecutive monthly decline across both market segments, with spot trading volume falling 14.1% to $1.98tn and derivatives trading slipping 2.56% to $4.81tn.
- Trading Volumes Decline for Third Consecutive Month: Combined spot and derivatives trading volume on centralized exchanges fell by 6.24% to $6.79tn in March 2025, reaching the lowest level since October. Both spot and derivatives markets recorded their third consecutive monthly decline, falling 14.1% and 2.56% to $1.98tn and $4.81tn respectively.
- Institutional Crypto Trading Volume on CME Falls 23.5%: In March, total derivatives trading volume on the CME exchange fell by 23.5% to $175bn, the lowest monthly volume since October 2024. CME's market share among derivatives exchanges dropped from 4.63% to 3.64%, suggesting declining institutional interest amid current macroeconomic conditions.
- Bybit Spot Market Share Slides in March: Spot trading volume on Bybit fell by 52.1% to $81.1bn in March, coinciding with decreased trading activity following the hack of the exchange's cold wallets in February. Bybit's spot market share dropped from 7.35% to 4.10%, its lowest since July 2023.
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Solana CME Futures Fell Short of BTC and ETH Debuts, but There's a Catch
When adjusted for asset market capitalization SOL's relative futures volume looks better, K33 Research noted.
What to know:
- Solana's SOL futures began trading on the Chicago Mercantile Exchange (CME) on Monday, with a notional daily volume of $12.3 million and $7.8 million in open interest, significantly lower than the debuts of bitcoin (BTC) and ether (ETH) futures.
- Despite the seemingly lackluster debut, when adjusted to market value, SOL's first-day figures are more in line with BTC's and ETH's, according to K33 Research.
- Despite the bearish market conditions, the launch of CME SOL futures offers new ways for institutions to manage their exposure to the token, said Joshua Lim of FalconX.
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