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Just when crypto traders were resigning themselves to another tedious slog of sideways trading purgatory, the Bitcoin options market came bounding in like a knight in shining armor - offering a glimmer of hope that the snooze may end soon. Turns out lots of traders seem to be bracing for some real impact in crypto. But that delicious whiff of bullish optimism on the horizon wasn't the only plot twist injected into the crypto narrative over the past 24 hours. So let's unpack all the details of the big developments that happened in crypto in the past 24 hours! Here's a glimpse at the headlines in our TLDR: |
- Bitcoin halving fails to push crypto prices. What's holding back the momentum? 🥹
- Wells Fargo cautiously enters crypto with ETF buys. But how big were the investments? 🤔
- Lightning pioneers test "crypto dollars" on Bitcoin. Does it have TradFi backing yet? 🧐
- Bitcoin Runes hype deflates amid market slump. Is it gone for good or is it just a temporary blip? 😕
- Traders load up Bitcoin options bets targeting $75K+. But in which month do they expect Bitcoin to hit new highs? 👀
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Let's dive into each of these stories! |
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| | GLOBAL MARKET CAP | | $2.29T | | ▲1.19% (24h) | | | 24H MARKET VOLUME | | $56.99B | | ▲55.14% (24h) | | |
| | BITCOIN'S DOMINANCE | | 53.76% | | ▲0.53% (24h) | | | FEAR & GREED INDEX | | 52 | | Neutral | | |
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 | Bitcoin | | | $62,491.9 | | ▲2.17% (24h) | |
|  | Ethereum | | | $2,954.86 | | ▲0.8% (24h) | |
|  | BNB | | | $594.73 | | ▲0.5% (24h) | |
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Data as of: 13 May 2024 11:15 UTC |
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 | TOP GAINERS | 24H% | | | | | | | | |
|  | TOP LOSERS | 24H% | | | | | | | | |
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Bitcoin Halving Didn't Help Crypto Prices |
The crypto market's opening act of 2024 was a smash hit, catalyzing feverish speculation and lofty narratives about the asset class finally cracking mainstream acceptance. But as the curtains draw on Act 2, that euphoric momentum appears to have stalled out for Bitcoin and alts. Indeed, by most conventional metrics, last week's market performance could be charitably described as a snoozefest at best. Bitcoin itself continues moving sideways. Even the thrill of fresh US ETFs has proven insufficient to fuel the flagship crypto. But what about meme coins? And the upcoming Ethereum ETF decision? Will this approval (if it happens) fuel the prices of crypto? Read the full story! |
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Banking Giant Dips Its Toe into Crypto |
Even if the price momentum has come to a halt, the mainstream adoption isn't slowing down. The traditional banking titan, aka Wells Fargo, just disclosed picking up shares across a handful of Bitcoin ETF products, including the famous Grayscale GBTC fund and ProShares' futures-tracking BITO offering. It's a cautious, yet unmistakable first venture into the digital asset arena for the institution. But how much did they invest exactly? And what other traditional corporate giants are showing interest in crypto? Read the full story! |
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Monday, 13 May on 3PM UTC |
| Join CMC's Research Lead, Alice, as she shares crucial insights for the upcoming week ahead. |
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Stablecoins Are Coming on Bitcoin! |
For anyone still doubting Bitcoin's ambitions to graduate beyond its perceived "digital gold" slumber, the brilliant minds over at Lightning Labs have just tested a new product. According to CEO Elizabeth Stark's speech at the FT's crypto summit, the Lightning pioneers have now successfully tested protocols enabling "crypto dollars" to be natively issued and transacted atop How will this stablecoin work? And does it have any major backing from the TradFi world yet? Read the full story! |
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That buzz surrounding Bitcoin's new Runes protocol and its game-changing potential for fungible token economies seems to be fading away The numbers don't lie - after setting records and capturing crypto's imagination with over 80% of Bitcoin's transactional tally in late April, Runes-fueled activity across the network has dwindled into a faint murmur over the past couple of days. So is it gone for good or is it all because the entire crypto market is facing a bit of a snooze lately? Read the full story! |
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Bitcoin Options Bet Big on Crypto Prices |
For the battalions of Bitcoin traders preparing for the next euphoric cycle, they may want to start carving out space on their calendars. At least, that's the implication embedded within the latest Bitcoin options data surfacing from exchanges like Binance and Deribit. Market analysts dissecting the open interest concentrations are detecting an accumulation of bets centering around Bitcoin breaching fresh all-time price highs above $75,000 this year. But when exactly will this happen? Read the full story! |
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And that's a wrap. We will be back with more updates tomorrow! |
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