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Ether and Uniswap Advance on Regulatory Actions: CoinDesk Indices Market Update
Bitcoin relinquished early gains above $70,000 to close the week only marginally higher.
Updated May 24, 2024, 2:08 p.m. Published May 24, 2024, 2:08 p.m.
CoinDesk Indices (CDI) presents its bi-weekly market update, highlighting the performance of leaders and laggards in the benchmark CoinDesk 20 Index (CD20) and the broad CoinDesk Market Index (CMI).
Ether gained more than 20% this week, buoyed by first the rumor and then the news that the SEC was moving to approve the listing of a spot ETH ETF.
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Uniswap added 21% alongside its response this week to a Wells Notice it received from U.S. regulators.
Among underperforming large-cap assets were Ripple , Cardano and ChainLink , not to mention bitcoin which gave up early gains to finish the week just marginally higher.
CoinDesk 20 tracks top digital assets and is investible on multiple platforms. The broader CMI comprises approximately 180 tokens and seven crypto sectors: currency, smart contract platforms, DeFi, culture & entertainment, computing, and digitization.
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Bitcoin's massive underperformance to stocks in Q4 bodes well for January, says K33's Lunde
After an active morning Tuesday, bitcoin flattened out in afternoon trading around the $87,500 area, up 2% over the past 24 hours.
What to know:
- Bitcoin held in the $87,500 in U.S. afternoon action on Tuesday, up 2% over the past 24 hours.
- K33 analyst Vetle Lunde suggested BTC's relative weakness to stocks this quarter could mean rebalancing-led buying once January rolls around.
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