Coindesk

Ether (ETH) fell to a two-year low of $1,412 this week and the volatility appears to have been too much for one long-time holder, who sold of the majority of their stash acquired at around $8 in 2016.On-chain data shows that the wallet in question swapped 14,015 ETH for $22 million USDC over a 15-hour period on decentralized exchange Uniswap.The investor also sold 6,630 ETH in May 2022 and 4,035 ETH in June 2023 — each time during a major market dip. This time was no different with ETH having just tumbled from a cycle high of $4,000 in December. They still hold 521 ETH valued at $830,000.ETH has rebounded in line with the wider market on Thursday, currently...

The Nasdaq closed 12% higher on Wednesday, marking its second-largest gain in history, following President Trump's decision to pause the implementation of tariffs for 90 days. Strategy (MSTR), one of the fastest-recovering stocks and a component of the Invesco QQQ Trust, Series 1 (QQQ) ETF, surged 25%.Meanwhile, the S&P 500 climbed nearly 10%, recording its third-largest single-day gain—surpassed only by two days in 2008.While this may seem bullish on the surface, it’s worth noting that the Nasdaq’s three biggest rallies occurred in 2001 and 2008—both during recessions and followed by new lows. Similarly, the S&P 500’s two larger green days were also during the 2008 financial crisis. Investors should be aware of bear market rallies. There’s growing speculation about why...

Bitcoin (BTC) and altcoin spot trading volumes have declined as crypto prices entered into correction mode in the last two months, with crypto exchange Binance emerging as the preferred avenue for traders, according to a report from CryptoQuant.Total bitcoin spot trading volume on crypto exchanges declined from a high of $44 billion on February 3 to $10 billion at the end of Q1, a nearly 77% drop, according to the analytics firm. Meanwhile, total altcoin spot trading volume on crypto exchanges declined from a high of $122 billion on February 3 to $23 billion at the end of Q1 — a more than 80% fall.A volume drop of such magnitude suggests traders and investors are losing interest or confidence, possibly...

U.S.-listed spot bitcoin (BTC) and ether (ETH) exchange-traded funds (ETFs) saw outflows Wednesday even as the cryptocurrencies' prices surged after President Donald Trump announced a 90-day pause in tariffs on most countries, excluding China.The 11 bitcoin ETFs lost a net $127.2 million Wednesday, with investors withdrawing $89.7 million from BlackRock's IBIT alone, according to data from Farside Investors. Wednesday marked the fifth consecutive day of outflows, with the funds losing a cumulative $722 million over the period.Ether ETFs have also fallen out of investor favor and the nine funds saw a net outflow of $11.2 million Wednesday.The dwindling demand can be attributed to the macroeconomic uncertainty caused by the U.S.-China trade tensions and volatility in the bond markets that likely...

Non-fungible token (NFT) marketplace Magic Eden has acquired Slingshot, a trading app that allows users to see their crypto balance across multiple protocols.Slingshot allows users to trade tokens from a single universal USDC balance, removing hurdles like wallet setup, bridging assets across chains, and juggling gas fees, thus expanding Magic Eden well past Solana to every chain, including bitcoin.“This acquisition is a major step forward in advancing the Magic Eden vision, which is to provide users worldwide with a seamless and safe way to buy and sell crypto and digital assets across all chains,” Jack Lu, CEO and Co-Founder of Magic Eden said in a blog post. “Pairing Slingshot’s team of product visionaries with Magic Eden’s best-in-class marketing and scaling...