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Bitcoin Price Drops Below $64,000: Market Update and Standard Chartered’s Entry into Cryptocurrency Trading
Stay updated on the latest market trends as Bitcoin price falls below $64,000. Learn about Standard Chartered’s foray into cryptocurrency trading and its implications in the industry.
Introduction
This article originally appeared in First Mover, CoinDesk’s daily newsletter, providing insights into the latest developments in the cryptocurrency markets. Subscribe to receive daily updates in your inbox.
Market Update
Bitcoin saw a significant drop to its lowest in over a month during the European morning, falling to $63,500. This marks the first time BTC has dipped below $64,000 since mid-May. As of the latest data, the bitcoin price hovers around $63,900, reflecting a 3.5% decline in the past 24 hours. The broader digital asset market, represented by the CoinDesk 20 Index (CD20), also experienced a decrease of just under 2.3%. Other major cryptocurrencies like ETH are down 2.25% at $3,500, and SOL has fallen almost 3.8% to $132.24.
ETF Outflows and Spot Trading Desk
Spot bitcoin ETFs in the U.S. recorded a fifth consecutive day of outflows, totaling $900 million for the week, the highest since late April. Data from SoSoValue shows that the 11 listed ETFs lost $140 million on Thursday alone, with a total trading volume of $1.1 billion. Notably, Grayscale’s GBTC and Fidelity’s FBTC saw significant outflows, while BlackRock’s IBIT experienced a modest net inflow of $1 million. In a separate development, Standard Chartered is set to launch a spot trading desk for bitcoin and ether, marking its entry into the spot cryptocurrency trading space. The London-based desk, to be part of the bank’s FX trading unit, is expected to commence operations soon, making Standard Chartered one of the pioneering global banks to engage in spot cryptocurrency trading.
Standard Chartered’s Role in Cryptocurrency
Standard Chartered’s foray into spot cryptocurrency trading adds to its existing involvement in the digital asset space. The bank is a supporter of Zodia Custody, a digital asset custodian, and Zodia Markets, its exchange arm. While other financial institutions like Goldman Sachs have been active in crypto derivatives trading for years, Standard Chartered’s move to establish a spot trading desk underscores its commitment to embracing the evolving landscape of digital assets.
Chart of the Day
(Fidelity)
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