The latest price moves in crypto markets in context for Sept. 8, 2023.
from its September stupor late on Thursday, rising around 3% to $26,400, before dropping back below $26,000 during the European morning.
The CoinDesk Market Index also hit its highest point this month, rising over 2% before retreating. Bitcoin has mostly languished below $26,000 this month as traders awaited clarity around the big regulatory hotspots, such as the SEC’s decision on the listing of a spot bitcoin ETF in the U.S. September is a difficult month for bitcoin, which has posted negative returns every year since 2016. So far, 2023 looks so far to be no exception.
CEO Brian Armstrong has expressed concerns in the last few months about the lack of regulatory certainty in Coinbase’s native U.S., so it is targeting the EU, U.K., Canada, Brazil, Singapore and Australia as immediate priorities. The exchange added that it is"in the final stages of selecting the location" for its EU hub, saying it wishes to"leverage our being the most trusted brand in the crypto space ahead of the European elections in June 2024.
MicroStrategy has reported $2.23 billion of cumulative impairment losses from its BTC holdings since August 2020, Berenberg said in a report on Wednesday. Proposed changes by the Financial Accounting Standards Board will allow companies like MicroStrategy to “eliminate the poor optics that have been created by impairment losses,” the bank said.
Skew fell to nearly -5% on Thursday, the lowest since the U.S. banking crisis of March, indicating a bias for puts, which offer protection against price drops.
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