Good morning. Here’s what’s happening:
Prices: Bitcoin suffers through another day of declines; ether falls.
Insights: Binance merits some criticism, but it’s not a Ponzi scheme.
●Bitcoin (BTC): $21,234 −1.8%
●Ether (ETH): $1,440 −2.0%
●S&P 500 daily close: 3,921.05 −1.2%
●Gold: $1,716 per troy ounce −0.2%
●Ten-year Treasury yield daily close: 2.79% −0.03
Bitcoin, ether and gold prices are taken at approximately 4pm New York time. Bitcoin is the CoinDesk Bitcoin Price Index (XBX); Ether is the CoinDesk Ether Price Index (ETX); Gold is the COMEX spot price. Information about CoinDesk Indices can be found at coindesk.com/indices.
Prices
Bitcoin, Ether Drop on a Difficult Day for Cryptos
By James Rubin
Cryptocurrencies on Tuesday drifted further away from their recent highs as investors processed the latest spike in macroeconomic uncertainty and braced for aftershocks of the U.S. Federal Reserve’s expected 75 basis point rate hike.
Bitcoin was recently trading at about $21,200, off slightly for the past 24 hours, although it was down more than 5% earlier in the day. The largest cryptocurrency by market value was changing hands over $24,000 as recently as last Wednesday amid renewed investor optimism that inflation might have peaked and that the global economy was declining at a reasonable pace. But the rally proved short-lived as BTC returned to the $18,000 to $22,000 range it has occupied since the first part of June, at one point dipping below $21,000 on…
