Plus, Court filings show that FTX faces $3.1 billion in claims from its creditors.
The latest moves in crypto markets, in context By Lyllah Ledesma, CoinDesk reporter Was this newsletter forwarded to you? Sign up here. |
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Welcome to a new week. Here's what you need to know in crypto. |
- FTX faces $3.1 billion in claims from its creditors.
- Billionaire investor Bill Ackman's hot for Helium.
- FTX's Japanese arm plans to resume withdrawals.
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Bankrupt crypto exchange FTX owes its largest creditor $226 million, recently filed court documents show. The second-largest is claim is for $203 million. The identities of the creditors weren't named in the report, but collectively, their claims are worth $3.1 billion. |
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Market Insight: 'Crypto' Bonds Beaten Down |
Yield on Coinbase's bond due in 2031, Source: Finra-Morningstar |
The prices of bonds issued by cryptocurrency exchange Coinbase (COIN) and MicroStrategy (MSTR), a software company that holds a large amount of bitcoin in its reserves, have slumped as investor confidence in the industry tumbles in the wake of FTX's collapse. The price of Coinbase's bond due 2031 has dropped 15% this month to 50 cents on the dollar, according to data source Finra-Morningstar. Bonds tied to MicroStrategy have taken a similar beating. On Friday, the yield on the company's 2028 notes, issued last year to finance bitcoin purchases, climbed to 13.35% as the price dropped to a record low of 72.5 cents on the dollar. |
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Source: crypto analyst @GameofTrades_ |
- The chart tweeted by pseudonymous crypto analyst @GameofTrades_ shows bitcoin recently fell to a two-year low with record trading volumes.
- Historically, big spikes in trading volume have marked a significant turning point for bitcoin.
- The analysis is performed on spot bitcoin (Coinbase) on the weekly chart.
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Disclaimer: The information presented in this message is intended as a news item that provides a brief summary of various events and developments that affect, or that might in the future affect, the value of one or more of the cryptocurrencies described above. The information contained in this message, and any information liked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. The information presented herein is accurate only as of its date, and it was not prepared by a research analyst or other investment professional. You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments. |
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