Coindesk

Starting next Monday, First Mover Americas will become Crypto Daybook Americas, your new morning briefing on what happened in the crypto markets overnight and what's expected during the coming day. Publishing at 7 a.m. ET, it will kickstart your morning with comprehensive insights. You won't want to start your day without it.CoinDesk 20 Index: 3,108.77 -9.55%Bitcoin (BTC): $92,029.63 -6.72%Ether (ETH): $3,319.02 -4.95%S&P 500: 5,987.37 +0.3%Gold: $2,632.36 +0.57%Nikkei 225: 38,442.00 -0.87%Top StoriesA bitcoin-led crypto market correction entered a third day as the asset lost a further 6% in the past 24 hours, falling below $93,000. BTC has pared weekly gains from over 10% to just less than 1% amid profit-taking on the expected pullback. Major tokens have followed the tumble, with...

Bitcoin (BTC) has dropped 7.6% since it almost — but not quite — touched the psychological wall of $100,000 on Nov. 22.That's the biggest drop since Donald Trump won the U.S. presidential election, sparking a rally that sent the largest cryptocurrency by market capitalization soaring from a level of around $66,000 through its record high.Even so, the slide isn't out of the ordinary. In bull markets bitcoin typically tumbles as much as 20% or even 30%, so-called corrections that tend to flush out leverage in an overheated market. A large part of the reason the bitcoin price didn't get to $100,000 was the amount of profit-taking that took place. A record dollar value of $10.5 billion of profit-taking took place...

Ethereum is witnessing a surge in "blob" usage, an effective data management tool introduced earlier this year, signaling that more users are embracing layer-2 scaling solutions for faster and more affordable transactions."The number of blobs or binary large objects posted to Ethereum has consistently averaged more than 21,000 this month, matching the record activity seen in March, according to pseudonymous data analyst Hildobby's Dune Analytics dashboard.Ethereum's Dencun upgrade, which went live earlier this year, introduced blobs, which attach large data chunks to regular transactions, storing data offchain without congesting the mainnet, unlike call data which is stored permanently. Think of blobs as a consolidated large box filled with letters while paying for an entire box instead of call data, which...

XRP outperformed bitcoin (BTC) and other major tokens in the past 24 hours as regulated crypto broker and custodian Archax unveiled a money market fund on the XRP Ledger, a first for the network, in collaboration with closely related Ripple Labs and Abrdn.Archax has provided access to Abrdn’s U.S. dollar Liquidity Fund (Lux) in tokenized form on XRPL. Ripple will allocate $5 million worth of tokens into Abrdn’s Lux fund, part of a larger allocation to real-world assets (RWAs) on the XRPL.XRP price jumped 6%, touching a high of $1.49 in the hours following the release, before paring gains in a market-wide drop. The token is up 27% over the past week and more than has more than doubled in...

Bitcoin's (BTC) much-anticipated breakout above $100,000 remains out of reach, with prices retreating to $94,500 overnight. Key indicators point to further declines, potentially to levels below $90,000.The first indicator is the 25-delta risk reversal, which measures the volatility premium of out-of-the-money calls used to bet on price rallies relative to OTM put options offering downside protection.On Deribit, calls expiring this Friday now trade at a cheaper valuation to puts, resulting in a negative risk reversal, according to data source Amberdata. The first negative reading in at least a month indicates a bias for protective puts.Perhaps sophisticated traders are prepping for an extension of Monday's price slide. On Monday, traders sold call spreads and bought put options tied to BTC on...