This is a technical analysis post by CoinDesk analyst and Chartered Market Technician Omkar Godbole. The Fed has come and gone without moving the needle on bitcoin's (BTC) price in any meaningful way. The central bank cut rates by 25 basis points as expected, but supposedly delivered hawkish forward guidance. Still, the dollar has been sold off. Amid all this, BTC continues to bore traders with its directionless price action. The picture on the daily price chart remains largely unchanged since before t ...

By Omkar Godbole (All times ET unless indicated otherwise) Last week, CoinDesk flagged the potential for action in crypto cross pairs even as major tokens and the broader market looked lackluster against the dollar. Since then, the biggest cross by market value, ether (ETH) priced in bitcoin (BTC), has delivered, and today touched 0.036, the highest since Oct. 27. The ADA/BTC pair also advanced, touching its strongest level since Nov. 20. Bitcoin (BTC) dropped back after briefly popping to $94,500 late T ...

By Omkar Godbole (All times ET unless indicated otherwise) December has started weak, with bitcoin (BTC) trading at $86,800, down 5% over 24 hours after touching a low of $85,732 during the early Asian hours. The CoinDesk 20 and CoinDesk 80 Indices are off more than 6% apiece, signaling deeper risk-off moves in the broader crypto market. The blame likely falls on fresh worries over Bank of Japan rate hikes and soft Chinese economic data, both of which are crimping risk appetite across regional equities a ...

S&P Global Ratings has downgraded Tether’s flagship stablecoin USDT to the weakest possible score on its stablecoin stability scale, citing increased exposure to risky assets like bitcoin (BTC) and ongoing gaps in reserve disclosure. According to the revised assessment published on Wednesday, the ratings agency lowered USDT's score in its ability to maintain price peg to the U.S. dollar to 5 (weak) from the previous 4 (constrained), which had been assigned in December 2023. Tether pushed back against S&P ...

BitMine Immersion Technology (BMNR), the largest Ethereum treasury company, continued increasing its ether (ETH) holdings to now holding 3% of the second-largest cryptocurrency supply despite increasing headwinds for digital asset treasury firms amid plunging crypto prices. The firm chaired by well-known investor Tom Lee reported Monday that it acquired 69,822 tokens over the past week, worth around $195 million at current prices, bringing its holdings to 3.63 million tokens. The purchase comes alongside ...

Ark Invest added $39.6 million to its holdings of three crypto company shares on Wednesday as the broader crypto market dropped. Cathie Wood's investment management firm added 463,598 shares of crypto exchange Bullish (BLSH), worth $16.9 million at the close of trading, according to an emailed disclosure. It also bought 216,019 shares of stablecoin issuer Circle Internet Group (CRCL) and 260,651 of ether (ETH) asset treasury firm Bitmine Immersion Technologies (BMNR), worth $15.1 million and $7.6 million, ...

For years, Europe looked like the natural centre of gravity for crypto regulation. Clearer frameworks, early VASP regimes and a maturing supervisory environment made the EU feel like the region ready to dominate licensing and registration. But as MiCA moves deeper into its implementation phase, we’re seeing a new trend in the underlying registrations.Unknown block type "divider", specify a component for it in the `components.types` optionTokyo Exchange Operator Mulls Limits on Digital Asset Treasury Firms : ...

Group 1 - Corporate digital asset deployment remained subdued week-over-week due to ongoing deleveraging, but selling pressure eased with optimism surrounding a potential end to the U.S. government shutdown [1] - BitMine Immersion Technologies (BMNR) led the accumulation of digital assets, adding approximately $360 million in ether (ETH), increasing its ratio to 11.2 ether per 1,000 shares, significantly above the peer average of 4.0 per 1,000 [1][2] - The median market net asset value (mNAV) across 25 digital asset treasuries tracked by B. Riley decreased from 1.0 to 0.9, yet valuations are still considered attractive due to substantial discounts on crypto holdings [2] Group 2 - Digital asset treasuries underperformed their underlying tokens for the third consecutive week, with declines in bitcoin (BTC), ether (ETH), and solana (SOL) of 5.2%, 4.5%, and 0.9% respectively, although the slowing rate of decline may suggest a potential exhaustion of selling [3] - Short sellers have started to cover positions in companies like Strategy (MSTR), which saw its multiple contract from 2.0 in July to 1.1, indicating a possible setup for recovery [3] - Improving macroeconomic conditions, including a potential government funding deal and increased stablecoin adoption, could serve as catalysts for a market rebound [4]

Core Insights - Strategy (MSTR) has launched a new euro-denominated perpetual preferred security named Stream (STRE) shortly after reporting Q3 earnings and indicating plans for an international perpetual preferred stock [1] Group 1: Security Details - STRE will be issued at 100 euros ($115) per share with a 10% annual dividend payable quarterly in cash, targeting professional and institutional investors in the European Economic Area (EEA) [2] - If dividends are unpaid, they will compound quarterly, with the rate increasing by 100 basis points per period up to a maximum of 18% [3] - STRE ranks senior to STRK, STRD, and MSTR common stock but junior to STRF, STRC, and debt, and is non-callable except under adverse tax circumstances or if less than 25% of shares remain outstanding [4] Group 2: Financial Implications - Proceeds from the issuance will support bitcoin (BTC) acquisitions and general corporate purposes, and the security carries no voting rights [5]

Core Insights - Corporate digital asset activity has remained subdued due to recent crypto deleveraging, but capital flows are beginning to normalize as U.S.-China trade talks progress [1] - B. Riley initiated coverage of several digital asset treasury companies (DATCOs) with buy ratings, including BitMine Immersion Technologies, SharpLink Gaming, FG Nexus, Kindly MD, and Sequans Communications [1] Group 1: Market Activity - Despite market weakness, DATCOs have continued to accumulate crypto, with BitMine Immersion leading by adding approximately $300 million in ether (ETH), raising its concentration ratio to 10.6 ETH per 1,000 shares compared to the group average of 3.9x [2] - The median market net asset value (NAV) for the 25 companies tracked by B. Riley improved to 1.1x from 1.0x, while the average remained steady at 1.0x [2] Group 2: Stock Buybacks - B. Riley anticipates that firms trading below NAV will initiate stock buybacks to reduce valuation gaps, referencing ETHZilla's success in monetizing crypto holdings for share repurchases [3] - Sequans Communications is highlighted as trading at the steepest discount in the group at 0.7x NAV, with third-quarter results expected on November 4 [3] Group 3: Institutional Adoption - Solana (SOL) has launched its first spot exchange-traded funds (ETFs) in Hong Kong and the U.S., attracting $800 million in first-day inflows, reinforcing its status as a tier-one asset alongside bitcoin (BTC) and ether [4] Group 4: Company Positioning - BitMine Immersion is viewed as the best-positioned company within the DATCO coverage, while SharpLink Gaming experienced a quiet week with no significant catalysts [5]