‘Largest Drawdown For Digital Assets Now in the Rearview Mirror’: Markets Wrap

Cardano’s ADA token shot up 19% in the morning with a smart contract upgrade on the horizon.

article-image

Source: Shutterstock

share

key takeaways

  • Parkwood, a private investment firm, reported owning 125,000 shares of Grayscale Bitcoin, an SEC filing revealed.
  • Kaszek, a leading Latin American VC fund, led a $3 million funding round for DeFi lending protocol, Exactly.

Cardano (ADA) became the third largest cryptocurrency by market capitalization on Friday ahead of the launch of its smart contracts update. Bitcoin and ethereum continue to advance.

Cardano’s ADA token shot up 19% on Friday morning, with a trading day-high above $2, according to data from Messari. The crypto simmered down to gains of 12% midday, trading $1.99 as of press time.

The token is approaching the launch of its smart contract update as its price rises. The Sept. 12 update (referred to as “Alonzo Purple” upgrade) is expected to improve the blockchain’s code, matching Ethereum’s capabilities. 

Other altcoins like XRP and Polkadot were up roughly 6% on-day too. 

Ethereum and bitcoin continued their upward trend after briefly sliding on Thursday. Bitcoin and ether traded 4% and 5% ahead, respectively. 

Security Exchange Commission (SEC) filings signal more institutional adoption for bitcoin on Friday, according to MacroScope.

  • Private investment firm Parkwood reported owning 125,000 shares of Grayscale Bitcoin, up 32,000 shares since March. 
  • Boston Private, which was recently acquired by SVB Finance Group, reported owning 103,469 shares of Grayscale Bitcoin as of June 30, 2021. This is 15,280 more shares than in March.

In decentralized finance (DeFi) news, Exactly, a start-up building a DeFi credit protocol, raised $3 million in a seed funding round. Latin American VC fund, Kaszek, led the round, benchmarking their first major investment in the DeFi space.

DeFi

  • Uniswap is trading at $29.24 with a total value locked of $5,008,572,413 up 5.51% in 24 hours at 4:00 pm ET. 
  • Chainlink is trading at $26.50, advancing 6.4% with trading volume at $1,029,106,491 in 24 hours at 4:00 pm ET.
  • DeFi:ETH is 30.3% at 4:00 pm ET.

Crypto

  • Bitcoin is trading around $46,313.64, up 4.44% in 24 hours at 4:00 pm ET.
  • Ether is trading around $3,216.30, advancing 5.09% in 24 hours at 4:00 pm ET.
  • ETH:BTC is at 0.069, rising 1.29% at 4:00 pm ET.
  • VIX fell -1.41% to 15.37 at 4:00 pm ET.

Insight

Sean Rooney, head of research at digital asset manager Valkyrie Investments, weighed in on recent BTC price action.

“The initial shock from this year’s largest drawdown for the digital asset markets is now in the rearview mirror as bitcoin has made steady gains for almost a month,” Rooney said in a note to Blockworks. “It has been quiet on the corporate treasury and institutional front for bitcoin since the pullback in Q2, however the reversal of this trend is what will help propel bitcoin back towards challenging all-time highs and beyond. I am expecting continued signs of strengths for the next 6 weeks followed by fireworks in Q4.”

Cardano and XRP trading over the past five days. Source: TradingView

Equities

  • The Dow was up 0.01% to 35,503.
  • S&P 500 advanced 0.11% to 4,465.
  • Nasdaq declined -0.03% to 14,811.

Commodities

  • Brent crude fell to $70.27 per barrel, shedding -1.46%.
  • Gold advanced 1.55% to $1,778.90.

Fixed Income

  • US 10-year treasury yields 1.292% as of 4:00 pm ET.

Currencies

  • The US dollar fell -0.56%, according to the Bloomberg Dollar Spot Index.

In other news…

  • Crypto wallet Ledger announced users can now stake ethereum directly on Ledger Live’s interface through Lido. In an effort to make staking more accessible, Lido doesn’t require participants to own a set amount of ether to become a network validator, Blockworks reported.

That’s it for today’s markets wrap. I’ll see you back here on Monday.

Want more investor-focused content on digital assets? Join us September 13th and 14th for the Digital Asset Summit (DAS) in NYC. Use code ARTICLE for $75 off your ticket. Buy it now.

Tags

Upcoming Events

Hilton Metropole | 225 Edgware Rd, London

Mon - Wed, March 18 - 20, 2024

Crypto’s premier institutional conference returns to London in March 2024. The DAS: London Experience: Attend expert-led panel discussions and fireside chats Hear the latest developments regarding the crypto and digital asset regulatory environment directly from policymakers and experts.

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Top Icon.png

Research

Osmosis thrived in H2 2023 on the back of increased DeFi activity deriving from recently launched Cosmos-related projects and better market conditions. With new value accrual mechanisms for the native token, Osmosis is well-positioned to continue its strong performance in 2024.

/

article-image

Even with the dip, bitcoin remains up more than 7% this week and 44% over the month, an increase analysts attribute to a combination of tailwinds

article-image

Bitcoin is putting up some of its best numbers in years as it inches closer to retesting record highs

article-image

Coinbase users took to X to air concerns about their accounts showing zero funds

article-image

The iShares Bitcoin Trust shattered its daily trade volume record hours before market close Wednesday

article-image

The mining segment has healthy buyers likely to be “very inquisitive and active” around the halving, crypto advisory firm partner says

article-image

In reality, many of the oft-touted uses for bringing blockchain and AI together aren’t actually all that useful