Coindesk

A broad crypto market slide worsened at the start of U.S. trading hours as bitcoin (BTC) neared the $93,000 level, leading to a fallback across all major tokens.Ether, Solana’s SOL, Cardano’s ADA, xrp (XRP) and bnb (BNB) fell as much as 16%, while memecoin dogecoin (DOGE) fell over 27%, data shows. Crypto market capitalization is down more than 11% in the past 24 hours, one of the worst single-day drops in the year.Some traders say a hawkish tone in this week’s FOMC meeting flipped market sentiment ahead of the new year.“The Fed rate cut itself was already expected and priced in as markets hinged on the Fed's outlook for next year, which was less optimistic than expected and included only...

By Omkar Godbole (All times ET unless indicated otherwise)Keeping an eye on the Far East has been our mantra lately, and the latest news from the Chinese bond market shows why. Just today, China's one-year government bond yield dropped below 1% for the first time since the Great Financial Crisis, adding to the year-to-date downturn. The benchmark 10-year yield slipped to 1.7%.How does that play out for risk assets like bitcoin, which slumped overnight? Well, there are two key reasons to feel optimistic. For a start, the continued decline in yields suggests Beijing will have to roll out more aggressive stimulus measures than we saw earlier this year.Jeroen Blokland, the founder and manager of the Blokland Smart Multi-Asset Fund, put...

Bitcoin (BTC) is currently trading 13% below its record high of around $108,000, the most since President-elect Donald Trump won the U.S. election in early November. Since then, the largest cryptocurrency has spent several periods at 10% below the record, a level that some investors term a correction.The selling pressure originates with long-term holders (LTHs), which Glassnode defines as investors who have held bitcoin for at least 155 days. They tend to sell into price strength after accumulating bitcoin when prices are depressed.LTHs were already distributing a significant amount of BTC about a week ago, previous CoinDesk research showed. Since then, they've picked up the pace and have reduced their total holdings to about 13.2 million BTC from around 14.2...

Digital asset custody firm Copper has withdrawn its application to become registered with the U.K.'s financial services regulator, the Financial Conduct Authority (FCA), the company said in a statement on Friday.The company chaired by former U.K. Chancellor of the Exchequer Philip Hammond said the decision to withdraw was part of the company's strategic shift, and that U.K. registration no longer fitted the company's future business trajectory.The London-based custodian recently announced a new strategy more focused on international opportunities. It appointed Amar Kuchinad as its new global CEO in October. He has been tasked with leading the firm's global growth strategy, with a focus on strengthening the company's U.S. presence.Copper isn't the only crypto company to withdraw from the registration process...

The U.S.-listed spot bitcoin (BTC) exchange-traded funds (ETF) registered record outflows Thursday and the CME futures premium dropped into single digits in a sign of weakening short-term demand.Investors ended a 15-day streak of inflows by withdrawing a net $671.9 million from the 11 ETFs, the largest single-day tally since their inception on Jan. 11, according to data from Coinglass and Farside Investors.Fidelity's FBTC and Grayscale's GBTC led the outflows, losing $208.5 million and $188.6 million, respectively. Other funds registered outflows, too, and BlackRock's IBIT scored its first zero in several weeks.Bitcoin extended its post-Fed losses Thursday, falling to $96,000, down nearly 10% from the record high of $108,268 seen early this week. The bearish sentiment was mirrored in the derivatives...