In the US stock market, virtual currency-related stocks such as Coinbase fell sharply, and FTT fell 36.1% from the previous week.

Macroeconomics and financial markets

On the 5th, in the US New York stock market, the Dow Jones Industrial Average closed down 274 points (0.71%) from the previous day, and the Nasdaq index closed down 31.2 points (0.2%).

Among U.S. stocks related to crypto assets (virtual currency), Coinbase plummeted by 9.9% from the previous day. Mining stocks Marathon Digital are down 11.8% and Riot is down 9.2%, continuing the adverse situation.

CoinPost app (heat map function)

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Virtual currency market conditions

In the crypto asset (virtual currency) market, the Bitcoin price rose 0.35% from the previous day to 1 BTC = $42,685.

BTC/USD daily

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Inflows into exchange-traded investment products (ETPs) totaled $708 million last week, according to asset management firm CoinShares’ weekly report.

coinsheres

Average inflows into U.S.-approved Bitcoin spot ETFs over the past four weeks reached $1.9 billion, bringing total inflows since launch to $7.7 billion.

This has been partially offset by outflows from existing issuers, led by Grayscale’s Bitcoin Trust (GBTC), but the momentum of outflows appears to have slowed significantly over the past few weeks.

coin shares

altcoin market price

Flare Network (FLR) is soaring 30.5% from the previous week and 69.2% from the previous month.

On January 15th, Google Cloud entered into a partnership with Flare, which was seen as an opportunity.

FLR is an L1 chain designed in 2020 to expand the functionality of XRP and focuses on interoperability.

The token was airdropped to some XRP holders in the early stages with support from Ripple, Inc., and snapshots of domestic crypto asset (virtual currency) exchanges such as bitbank were also subject to vesting dates. For some reason, it appears that there were a considerable number of Japanese holders at the time.

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Among other notable stocks, FTT, the native token of FTX, a major crypto asset (virtual currency) exchange that went bankrupt in 2022, has plummeted by 36.1% from the previous week.

#FTX exchange token #FTT lost more than 30% of its value last week after reports that the exchange will not be reviving its operations.

FTT which has no real use case after the collapse of FTX – has seen its price more than triple since November 2023 on FTX revival hopes. pic.twitter.com/1PJChm0xfR

— Kaiko (@KaikoData) February 5, 2024

What is behind this is the decline in expectations for FTX’s recovery. FTX, which is currently filing for bankruptcy, initially had the option of restructuring its business, but at a hearing held in a court in Delaware late last month, FTX’s lawyer revealed that the company was abandoning the idea of ​​reopening the exchange. There were no investors willing to invest in the company, and the value of the businesses it had acquired in the past were said to be at a low point.

The process of repaying debts to customers (creditors) will continue and it is expected that full compensation will be achieved.

connection:FTX gives up on restarting virtual currency exchange; customers will be refunded in full

We have introduced the “Heat Map” function to the CoinPost app for investors!
In addition to important news about virtual currencies, you can also see at a glance exchange information such as the dollar yen and price movements of crypto asset-related stocks in the stock market such as Coinbase.

■Click here to download the iOS and Android versions
https://t.co/9g8XugH5JJ pic.twitter.com/bpSk57VDrU

— CoinPost (virtual currency media) (@coin_post) December 21, 2023

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