Plus, Cardano to launch a regulated stablecoin.
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 Friday. Here's what you need to know in crypto. |
- Bahamas regulator ordered FTX crypto transferred to government wallets.
- Cardano is launching a regulated stablecoin to boost its network.
- The total market cap of digital assets has fallen to below $800 billion.
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The Bahamas securities commission said Thursday it had ordered the contents of FTX's crypto wallets to be moved to government-controlled wallets last Saturday. The commission said it has the authority to take such action to protect customers and their funds. It's unclear why the commission made the announcement five days after placing the order. It's also unclear whether and when exactly the transfers may have occurred. |
A Cardano-based regulated stablecoin USDA is hitting the market in early 2023. Emurgo, the official commercial arm and a founding entity of the Cardano blockchain, plans to launch USDA, a U.S.-pegged stablecoin. USDA will be the first fully fiat-backed, regulatory-compliant stablecoin in the Cardano network. That could help bolster Cardano's decentralized-finance (DeFi) ecosystem, which had just over $53 million in value locked as of Friday, according to DeFiLlama data. Bank of America said in a research report Thursday that crypto exchanges' proofs of reserves have too many shortcomings. Following the collapse of FTX and Alameda Research, crypto trading platforms are rushing to show that clients' assets are safe, but proof of reserves isn't complete enough to inspire confidence, the bank said. The crypto industry also needs to make a clear delineation between trading platforms and market makers, the report said. |
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Market Insight: Crypto Market Cap Sinking |
With investor confidence in cryptocurrencies ebbing as a result of the collapse of Sam Bankman-Fried's FTX exchange, the total market capitalization of digital assets has fallen this month to below $800 billion, a level not seen since early 2021, according to data from TradingView. The latest wave of turmoil in digital-asset markets shaved $183 billion from the industry market cap. The figure dropped to $736 billion on Nov. 9, the lowest since January 2021. The decline came as the FTX drama sent the prices of bitcoin and other cryptocurrencies into a fresh tailspin. Bitcoin, the largest cryptocurrency, fell 22% during the seven days through Nov. 13, its worst weekly performance in five months. |
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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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