CoinDesk 20 Index
- Current Price: 1,782
- Change (24h): +8.8%
Powered By:10MicroStrategy Bags Another 1,070 BTCShareNextStay
Bitcoin regained $56,000 during the Asian morning amid a broader recovery following Monday’s rout.
The wider crypto market, as measured by the CoinDesk 20 Index (CD20), is nearly 8% higher than 24 hours ago. Solana’s SOL led the gains, adding nearly 13% to trade around $137. XRP and DOGE have risen by around 7.5% and 11.8% respectively. BTC subsequently pulled back to trade around $55,000, some 7% higher on the day.
"We might see a corrective rebound in Bitcoin’s price," Ruslan Lienkha, chief of markets at YouHodler, told CoinDesk in a Tuesday email. "However, this increase will likely be limited due to the prevailing pessimism in the broader markets."
Top Gainers
- Solana (SOL): 13% ($136)
- XRP: 7.5% ($0.94)
- DOGE: 11.8% ($0.26)
Spot ether ETFs saw nearly $49 million of inflows on Monday, even as the ETH price dropped as much as 20%.
Ether suffered its biggest single-day drop since 2021, as Jump Crypto moved large amounts of assets to exchanges ahead of potential sales. Professional investors appeared to buy the dip, however, with ETH ETFs trading over $715 million, the highest since July 30.
The ETFs remain in the red, however, having recorded net outflows of $460 million since their introduction. Their bitcoin equivalents, in comparison, saw over $1 billion of inflows within their first 12 days.
ARK Invest Buys Coinbase and Robinhood Shares
ARK Invest took advantage of the market slump to buy $17.8 million of Coinbase shares and $11.2 million worth of Robinhood’s.
The purchases were ARK’s first of COIN since June last year and its first of HOOD since February. Coinbase stock lost 7.3% on Monday while HOOD dropped 8.17%. ARK Invest often loads up on shares when their prices slide, usually with a view to offloading them once their prices recover.
The company aims to avoid having one particular holding accounting for a weighting of more than 10% of any of its ETFs, which drove much of its COIN sales in recent months.
(Coinglass)
The chart shows the daily net inflow of DOGE into wallets tied to centralized exchanges.
On Monday, exchanges recorded a net outflow of $49.11 million worth of DOGE, the highest single-day tally since April 12.
Outflows are usually taken to represent accumulation by investors. DOGE fell by over 10% Monday, reaching the lowest since February.
Source: Coinglass- Omkar Godbole
- Binance Challenges $86M Indian Tax Showcause Notice: Source
- SEC Asks NY Court to Deny Coinbase’s ‘Breathtakingly Broad’ Subpoena Request
- Is Bitcoin Still a Store of Value?
Bitcoin and Other Cryptocurrencies: What’s Happening?
The crypto market has been experiencing volatility, with prices fluctuating rapidly. Here are some key updates:
Bitcoin Price
Bitcoin regained $56,000 during the Asian morning amid a broader recovery following Monday’s rout.
Ether Price
Ether suffered its biggest single-day drop since 2021, as Jump Crypto moved large amounts of assets to exchanges ahead of potential sales.
Professional investors appeared to buy the dip, however, with ETH ETFs trading over $715 million, the highest since July 30.
Top Performers
- Solana (SOL): 13% ($136)
- XRP: 7.5% ($0.94)
- DOGE: 11.8% ($0.26)
Market Analysis
"We might see a corrective rebound in Bitcoin’s price," Ruslan Lienkha, chief of markets at YouHodler, told CoinDesk in a Tuesday email.
"However, this increase will likely be limited due to the prevailing pessimism in the broader markets."
ARK Invest: A Leading Player in Crypto Markets
ARK Invest is a well-known player in crypto markets. The company has been actively buying shares of Coinbase and Robinhood during market downturns.
ARK’s Investment Strategy
The company aims to avoid having one particular holding accounting for a weighting of more than 10% of any of its ETFs, which drove much of its COIN sales in recent months.
ARK Invest: A Leader in Crypto Market Analysis
ARK Invest is also known for its market analysis and insights. The company provides regular updates on the crypto market, helping investors make informed decisions.
ARK’s Investment Portfolio
ARK Invest has a diverse portfolio of cryptocurrencies, including Bitcoin, Ethereum, and others.
Market Trends to Watch
Here are some key trends to watch in the crypto market:
- Bitcoin: After regaining $56,000 during the Asian morning, BTC pulled back to trade around $55,000.
- Ether: Despite suffering its biggest single-day drop since 2021, ETH ETFs saw nearly $49 million of inflows on Monday.
- Solana (SOL): SOL led the gains, adding nearly 13% to trade around $137.
Investors should stay up-to-date with market trends and analysis to make informed decisions. By following key players like ARK Invest, investors can gain valuable insights into the crypto market.
Conclusion
The crypto market is highly volatile, with prices fluctuating rapidly. Here are some key takeaways:
- Bitcoin: After regaining $56,000 during the Asian morning, BTC pulled back to trade around $55,000.
- Ether: Despite suffering its biggest single-day drop since 2021, ETH ETFs saw nearly $49 million of inflows on Monday.
- ARK Invest: The company is actively buying shares of Coinbase and Robinhood during market downturns.
By staying informed about key trends and analysis, investors can make informed decisions in the crypto market.
