Crypto Fund Inflows Slow to $88M as Market Retreats

Digital asset investment products saw inflows drop 52% last week to $88 million, as crypto markets saw a downturn. The inflows into crypto funds during the week ended Dec. 10 compared with $184 million the prior week, according to a report Monday by CoinShares. Funds focused on bitcoin, the largest cryptocurrency, accounted for the bulk of the week’s inflows, at $52 million. The prior week, bitcoin-focused funds saw $145 million of inflows. Bitcoin is down 26% in the past 30 days, suggesting investors continue to see the price weakness as…

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Bitcoin Drifts Lower, Risks Testing $40K Support

Bitcoin (BTC) remains under pressure as buyers failed to break above $50,000 over the past week. The cryptocurrency is down about 6% over the past 24 hours and was trading around $47,300 at the time of publication. Immediate support is seen at the 200-day moving average (around $46,700), which is also the bottom of a weeklong price range. Given negative momentum signals, however, bitcoin is at risk of breaking below support, which could damage the intermediate-term trend. For now, the relative strength index (RSI) is the most oversold since May,…

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Market Wrap: Altcoins Underperform as Bitcoin Dips Below $48K

Bitcoin was trading around the lower end of its weeklong range as bullish sentiment began to fade. BTC is down about 7% over the past 24 hours compared with a 10% drop in ether and a 12% decline in Solana’s SOL token over the same period. Recent declines across cryptocurrencies has some analysts concerned about near-term price direction, especially ahead of the U.S. Federal Reserve Open Market Committee (FOMC) meeting Dec. 14-15. Market participants expect the central bank to accelerate the pace of asset purchases, which could cause some investors…

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First Mover Asia: Bitcoin, Ether Tumble Ahead of Federal Reserve Meeting

(Edited by James Rubin) Good morning. Here’s what’s happening this morning: Market moves: Bitcoin fell as investor jitters grew over the upcoming Fed decision on combating inflation. Technician’s take: A breakdown in BTC could damage the intermediate-term trend despite oversold signals. Prices Bitcoin (BTC): $46,963 -6.7% Ether (ETH): $3,800 -8.75% Markets S&P 500: $4,668 -0.9% Dow Jones Industrial Average: $35,650 -0.8% Nasdaq: $15,413 -1.3% Gold: $1,786 0.2% Market moves Bitcoin fell by more than 7% on Monday, the biggest daily percentage drop since Dec. 4, as stocks in the U.S.…

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Alts Find It Tough to Beat Layer 1 King Ethereum

Lawrence Lewitinn Lawrence Lewitinn is CoinDesk\’s managing editor of global capital markets. Follow @lvlewitinn on Twitter As the Federal Reserve appears to be poised to take a more hawkish stance on monetary policy (for now… maybe), especially in light of recent high inflation data, cryptocurrency investors seem to be rethinking how they’re allocating their money in the sector. One would expect that to mean good news not just for the price of ether, the native token of the Ethereum network, but also for its layer 1 alternatives. Instead of a…

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ConstitutionDAO Tokens (Yes They’re Still Trading) See Wild Session With $9M Liquidations

Crypto traders betting on the recently famous ConstitutionDAO’s PEOPLE tokens recorded over $9 million in liquidations on Friday, data from analytics tool Coinglass shows. The plunge followed a broader decline in crypto markets that saw large-cap tokens like solana, terra and uniswap fall by as much as 9% as of Friday morning. Some 17,000 participants in the ConstitutionDAO raised $40 million in November to purchase a copy of the U.S. Constitution – in what was one of the largest such collective efforts involving cryptocurrencies. The collective lost out to hedge…

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Market Wrap: US Inflation at 39-Year High Fails to Buoy Bitcoin

Bitcoin’s price swung from gains to losses and back to gains on Friday after a key U.S. inflation report showed consumer prices rose in November at their fastest pace in 39 years. The market fluctuations left bitcoin on track for its fourth straight weekly decline, and the starry-eyed forecasts of $100,000 by year end – or even a return to last month’s all-time high of around $69,000 – are now looking far less likely. Crypto traders had been waiting for the release of the U.S. consumer price index early Friday,…

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Alts Find It Tough to Beat Layer 1 King Ethereum

Lawrence Lewitinn Lawrence Lewitinn is CoinDesk\’s managing editor of global capital markets. Follow @lvlewitinn on Twitter As the Federal Reserve appears to be poised to take a more hawkish stance on monetary policy (for now… maybe), especially in light of recent high inflation data, cryptocurrency investors seem to be rethinking how they’re allocating their money in the sector. One would expect that to mean good news not just for the price of ether, the native token of the Ethereum network, but also for its layer 1 alternatives. Instead of a…

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First Mover Asia: Bitcoin Bounces Above $50K Amid Light Weekend Trading, Altcoins Kick Higher

(Edited by James Rubin) Good morning. Here’s what’s happening this morning: Market moves: Bitcoin returned above $50,000 after the S&P 500 rose to a near record high. Technician’s take (Editor’s Note): First Mover Asia replaces the usual Technician’s Take today with CoinDesk’s annual list of the most influential people in cryptocurrency. This year’s group of 50 influencers encompasses developers and entrepreneurs behind the projects already transforming the way we consider money and our way of doing business; thinkers trying to make sense of the rapidly emerging industry; and regulators and…

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The Three Types of Crypto Investors

Adam Blumberg Adam Blumberg is a Certified Financial Planner. He is also co-founder and chief educator for Interaxis, a company trying to bridge the education gap between digital assets and traditional finance.  Financial advisors are either learning about crypto and digital assets or making the decision to take their valuable time to learn. Part of this decision is a return on investment (ROI) calculation – the time and expense of learning a new asset class and ecosystem vs. the projected short-term and long-term revenue-generating ability that knowledge provides. If you…

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