Crypto
Bitcoin at $46,050, down 0.91% over 24 hours despite US ETF push
Bitcoin saw a 0.91 percent decline over the past 24 hours, reaching $46,050.71 around 10 am on January 12, as per data on Coinmarketcap. Over the 24 hours, the world’s biggest cryptocurrency saw its value drop lowest to $45,678.65, while the highest was $48,969.37.
Bitcoin’s current dominance is 51.14 percent, reflecting a decrease of 0.15 percent within the day. The decline comes despite the coin touching $49,012 (up 5 percent) on January 11 after Bitcoin exchange-traded funds (ETFs) were approved by the US SEC and began trading.
Also Read | US Bitcoin ETFs garnered $4.6 billion in trading volume after landmark SEC approval, competition for market share fierce
ETF Push?
This decision by US Securities allows 11 investment firms, including BlackRock, Fidelity, and Franklin Templeton to list Bitcoin-based ETFs on major US exchanges, including Nasdaq and the New York Stock Exchange.
The US-listed bitcoin ETFs saw substantial trading activity, with $4.6 billion worth of shares changing hands by Thursday afternoon, according to LSEG data. Notably, Grayscale, BlackRock, and Fidelity dominated trading volumes, the data showed.
This action was expected to inject fresh vitality into Bitcoin and the broader cryptocurrency sector, which has grappled with falling token values, unsuccessful ventures, and the collapse of exchanges since reaching its zenith in November 2021.
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Price Moves
The daily trading volume for Bitcoin on cryptocurrency exchanges surged to $52 billion, marking the highest level since March 21 of the previous year in New York, as of 7:15 am on Thursday, according to data compiled by CoinGecko.
Bitcoin trading surged to an almost 10-month peak as investors eagerly anticipated the opening bell on Wall Street. This moment, marked the widespread availability of the United States’ inaugural exchange-traded funds dedicated to direct investments in the largest cryptocurrency, according to a report by Bloomberg.
The all-time high for Bitcoin occurred on November 10, 2021, marking its peak value at $68,789.63, two years ago.
Also Read | Day trading guide for the stock market today: Six stocks to buy or sell on Friday — 12th January
Meanwhile, the global cryptocurrency market cap has reached $1.76 trillion, showing a 0.64 percent decrease in the last 24 hours. Over the same period, the total crypto market volume amounted to $101.2 billion, indicating a notable 12.88 percent decrease.
In the decentralized finance (DeFi) sector, the volume is presently at $8.09 billion, constituting 7.99 percent of the total crypto market 24-hour volume. Additionally, stablecoins contribute significantly with a volume of $90.43 billion, making up 89.36 percent of the total crypto market 24-hour volume.
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Published: 12 Jan 2024, 10:17 AM IST
Kraken Valued at $13 Billion After Deutsche Börse Stake
Deutsche Börse has taken a minority stake in crypto exchange Kraken, marking one of the clearest signs yet of Europe’s largest market operator deepening its exposure to digital assets.
The German exchange group said it invested $200 million in Payward, Kraken’s parent company, securing roughly a 1.5% fully diluted ownership. The transaction values Kraken at about $13.3 billion, according to reporting by Bloomberg.
The move builds on an existing relationship between the two firms and signals a broader push to integrate traditional financial infrastructure with crypto markets. The partnership is expected to focus on regulated offerings, including tokenized assets and derivatives, while improving liquidity for institutional clients.
As part of the collaboration, Kraken will integrate with 360T, Deutsche Börse’s foreign exchange trading platform. The connection is designed to provide Kraken users with access to bank-grade foreign exchange liquidity, potentially streamlining the conversion between fiat currencies and digital assets.
The companies also plan to expand the use of Kraken Embed, a service that allows institutions to offer crypto trading and custody under their own brands. The initiative targets banks, fintech firms, and asset managers seeking to enter the digital asset space without building infrastructure from scratch.
Further developments are expected, subject to regulatory approval. These include enabling trading of derivatives listed on Eurex, Deutsche Börse’s derivatives exchange, through Kraken’s platform.
The investment underscores a growing convergence between established financial institutions and the crypto sector. For Kraken, the backing from Deutsche Börse provides capital and strategic alignment with one of Europe’s most influential financial market operators. For Deutsche Börse, the stake offers a direct foothold in a global crypto platform at a time when competition for digital asset infrastructure is intensifying.
The deal also reflects a broader trend of legacy financial firms moving beyond exploratory partnerships toward equity investments in crypto companies. By combining trading, custody, and tokenization capabilities, both firms are positioning themselves to capture a larger share of institutional flows into digital assets.
Key Takeaways:
- Alameda moved $16 million worth of SOL to a wallet linked with repayment efforts, signaling ongoing FTX creditor payouts.
- Alameda still holds 3.5 million SOL ($294 million), meaning supply overhang may impact solana markets.
- FTX-era asset releases since 2022 suggest continued distributions could shape liquidity next.
Alameda Unstakes SOL, Signals Ongoing Creditor Distributions
Alameda Research has transferred roughly $16 million worth of solana ( SOL) tokens after unstaking the assets, in a move that points to continued creditor repayments tied to the collapse of FTX.
Blockchain data tracked by Arkham Intelligence shows the tokens were sent to an address previously associated with distribution efforts. The transaction follows a similar pattern observed in recent months, where unstaked assets were routed to wallets linked to reimbursing creditors.
While there has been no official confirmation that the latest transfer will be distributed immediately, the repetition of this process suggests it forms part of a structured repayment strategy rather than a one-off movement.
Unstaking allows previously locked tokens in proof-of- stake networks to be withdrawn and made liquid. In this case, it enables Alameda to free up assets that can be redirected toward obligations stemming from FTX’s bankruptcy proceedings.
The latest transfer comes about a month after a comparable transaction, when Alameda moved a similar tranche of SOL to the same destination address. That earlier move reinforced expectations that such transfers are tied to ongoing creditor payouts.
Despite the asset sales, Alameda retains a substantial position in solana. The firm still holds approximately 3.5 million SOL, valued at around $294 million, according to Arkham data.
Solana remains one of the largest digital assets by market value, with a capitalization of about $47 billion. The token has traded near $82 in recent sessions, significantly below its peak of $293 reached early last year.
Alameda, founded in 2017 by Sam Bankman-Fried, was once a dominant trading firm in the crypto market. It played a central role in providing liquidity across exchanges and operated extensively in spot and derivatives markets.
Its fortunes shifted dramatically following the collapse of FTX in late 2022, which triggered a wave of insolvencies and legal proceedings. Since then, asset recovery and creditor repayment have been central to the restructuring process.
The steady movement of funds such as SOL highlights the scale and complexity of unwinding Alameda’s positions. Each transfer offers a signal, albeit indirect, of progress in returning value to creditors.
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