By Alicia Maher
Bitcoin managed to retain its position above the $20,000 mark on Wednesday. The asset prolonged its gains from the night before as risk appetite improved. The world’s king cryptocurrency by its market capitalization gained 1% on Wednesday.
US Stocks Fall Again
Stock futures in the US pulled back from their two-day rally. The top market indexes the US and Europe lost ground. The traditional market’s rally picked up pace on Tuesday after the weak labor report.
Dogecoin rose by 5% on the day. This came on the back of Elon Musk’s return to the Twitter purchase deal. Elon Musk will be buying the social media plat at the initially stated price.
As a result of the Elon Musk news, Twitter’s share price rose by 22%. Whereas, XRP gained 3% while Ethereum lost slightly on Wednesday.
The recently launched Fidelity Ethereum Index Fund is going to give clients exposure to Ethereum. The Fund has secured a raise of $5 million since the 26Th of September. This is according to the report gathered from the Security and Exchange Commission.
Bitcoin Resilience
Note that the minimum investment for the Fund is $50,000. The Chief Strategy Officer of Celsius Network resigned on Tuesday. Daniel Leon who is also a co-founder of the company is only the latest resignation.
Celsius’ former CEO, Alex Mashinsky, left the company last week. The rounds of resignations are due to financial crises rocking the company. Celsius has been combating liquidation fears.
San Reynolds of CoinDesk has clarified the situation regarding NFTs belonging to Starry Night Capital. He said they were moving wallets on Gnosis as part of 3AC’s liquidation process. It was verified by a filing obtained from Teneo, the company’s liquidator.
The filing states that the classification of sectors is made through the DACS. The DACS was developed by indices gotten from CoinDesk and they were designed for reliability. They will also provide a standardized and comprehensive classification mechanism for digital tokens.
Whereas, CoinDesk designed a broad-based market index to gauge market cap. It will also weigh the digital market performance based on exchange and trading eligibility requirements.
Bitcoin has displayed remarkable resilience in spite of the market’s instability over the past months. It fell by 2.5% last month but it has gained 3.2% so far this month.