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Lyllah Ledesma is a CoinDesk Markets reporter currently based in Europe. She holds bitcoin, ether and small amounts of other crypto assets.

Omkar Godbole was a senior reporter on CoinDesk's Markets team.

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Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.

This article originally appeared in First Mover, CoinDesk’s daily newsletter putting the latest moves in crypto markets in context. Subscribe to get it in your inbox every day.

Latest Prices

876
−12.0 1.4%
$17,719
−147.2 0.8%
$1,290
−39.5 3.0%
S&P 500 futures
3,959.25
−38.8 1.0%
FTSE 100
7,462.50
−33.4 0.4%
Treasury Yield 10 Years
3.5%
0.0
BTC/ETH prices per CoinDesk Indices, as of 7 a.m. ET (11 a.m. UTC)

Top Stories

U.S. Sens. Elizabeth Warren (D-Mass.) and Roger Marshall (R-Kan.) have introduced a bill to crack down on money laundering and financing of terrorists using cryptocurrencies. If it becomes law, the Digital Asset Anti-Money Laundering Act would bring know-your-customer rules to crypto participants such as wallet providers and miners and prohibit financial institutions from transacting with digital-asset mixers, which are tools designed to obscure the origin of funds.

Cathie Wood’s ARK Invest continues to buy on Coinbase’s dip, adding $3.2 million of the crypto exchange’s shares to its portfolio. The investment firm now holds 5.8 million shares. This comes on top of two recent purchases, as the fund increases its holdings of the stock while the share price hits all-time lows. Year to date, the stock is down nearly 84%, underperforming bitcoin, which is down 61%. ARKK is down 64%.

PayPal is integrating its buy, sell and hold crypto services with the MetaMask wallet. The partnership between the payments firm and MetaMask developer ConsenSys is intended to enable users to select their PayPal accounts as a payment option to buy ether on the MetaMask app. MetaMask hopes the offering will help bring more users into the Web3 ecosystem at a time when the sector is looking for a way forward during the crypto winter.

Chart of the Day

CoinDesk - Unknown

  • The chart shows correlations between the year-over-year change in the price of bitcoin and backward-looking inflation measures like the Consumer Price Index, Producer Price Index, forward-looking metrics like University of Michigan inflation expectations, the five-year break-even rate, the M2 money supply and S&P 500 and Case-Shiller housing index.
  • The yellow areas show correlations between changes in bitcoin's price and forward and backward-looking inflation indicators and assets like gold and the S&P 500.
  • Bitcoin closely tracks inflation expectations and appears to be negatively correlated to core CPI, real estate prices and M2 money-supply changes.
  • "Bitcoin changes are leading changes in realized CPI inflation and appear to be more correlated to changes in inflation expectations," analysts at Deutsche Digital Assets wrote in a deep dive published early this month.

– Omkar Godbole

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CoinDesk - Unknown

Lyllah Ledesma is a CoinDesk Markets reporter currently based in Europe. She holds bitcoin, ether and small amounts of other crypto assets.

CoinDesk - Unknown

Omkar Godbole was a senior reporter on CoinDesk's Markets team.


Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.


CoinDesk - Unknown

Lyllah Ledesma is a CoinDesk Markets reporter currently based in Europe. She holds bitcoin, ether and small amounts of other crypto assets.

CoinDesk - Unknown

Omkar Godbole was a senior reporter on CoinDesk's Markets team.