The latest moves in crypto markets, in context By Lyllah Ledesma, CoinDesk news reporter Was this newsletter forwarded to you? Sign up here. |
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Happy Wednesday! Here's what you need to know today in crypto: |
- The Fed will announce its rate decision at 14:00 ET. The way bitcoin options are priced suggests the cryptocurrency may not move more than 3% by Friday.
- A recent court filing in FTX's bankruptcy case suggests a unique family dynamic in how SBF's crypto company was managed.
- Bitcoin trading volumes on Binance have tumbled this month.
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CoinDesk Market Index (CMI): 1,109 −0.7%
Bitcoin (BTC): $27,068 −0.4%
Ether (ETC): $1,628 −1.1%
S&P 500: 4,443.95 −0.2%
Gold: $1,954 +1.1%
Nikkei 225: $1,954 +1.1% |
Volatility, or the degree of price turbulence, in bitcoin (BTC) remains suppressed, consistent with the calm in U.S. stock and bond markets. The low volatility will likely continue after Wednesday's Federal Reserve rate decision, according to some crypto traders. The Fed will announce the rate decision at 14:00 ET accompanied by a statement, the Summary of Economic Projections and a new "dot plot" of interest-rate estimates. Fed Chair Jerome Powell will follow with a press conference 30 minutes later. To tame inflation, the central bank has raised rates by 525 basis points since March 2022, with the early phase of the so-called tightening cycle injecting volatility into the liquidity-addicted crypto and traditional markets. |
Sam Bankman-Fried's dad, Joe Bankman, was paid a $200,000 salary by FTX's U.S. division, according to the filing from FTX's bankruptcy estate, which just sued the parents. But that wasn't enough, he said, telling an FTX executive in a Jan. 12, 2022, message that he was supposed to get $1 million annually starting the previous month, according to a filing. Then he emailed his son. "Gee, Sam I don't know what to say here," he wrote, according to the filing. "This is the first [I] have heard of the 200K a year salary! Putting Barbara on this." Barbara is former FTX CEO Bankman-Fried's mom, Barbara Fried. Bitcoin trading volumes on Binance have tumbled this month as lawsuits and regulatory scrutiny mount on the world's largest crypto exchange. According to K33 Research, Binance's seven-day average spot BTC volume is down 57% since the beginning of September versus roughly flat readings at a number of other exchanges. Volumes at U.S.-based competitor Coinbase are 9% higher. The dramatic decline comes as Binance is in the crosshairs of regulators around the world following a string of lawsuits, license rejections and voluntary withdrawals. Prosecutors at the U.S. Department of Justice (DOJ) are reportedly weighing charges against the company, while the Securities and Exchange Commission (SEC) three months ago sued Binance, the exchange's U.S. entity Binance.US and founder Changpeng "CZ" Zhao, alleging breaches of multiple federal securities laws. |
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Market Insight: Volatility in $25 Trillion U.S. Treasury Market Slides. Why It Matters to Crypto |
There is an uncanny sense of calm in the $25 trillion U.S. Treasury market even as the Federal Reserve shows its resolve to keep borrowing costs higher. The tranquility is supportive of risk assets, including cryptocurrencies. The MOVE index, an options-based measure of volatility in Treasury notes, fell to 96.61 on Friday, the lowest since the Fed began raising rates in March 2022, according to charting platform TradingView. At press time, it is down almost 50% from the peak of 198 registered this March. Treasury debt securities, issued by the government and widely considered the world's safest and most liquid instruments, have risen to the apex of global collateral and securities finance. |
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| - The chart shows top 10 cryptocurrencies by market capitalization.
- Toncoin (TON), the native token of the decentralized layer one blockchain The Open Network, formerly known as Telegram Open Network, has replaced programmable blockchain solana's SOL token as the 10th largest cryptocurrency.
- At press time, TON had a market value of $8.618 billion.
- Telegram and the TON Foundation jointly announced Ton Space, a new self-custodial wallet, at last week's Token 2049 conference in Singapore.
- Source: Coingecko
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Senator Lummis, Representative Hill and More to Join CoinDesk's State of Crypto Event |
Several legislators shaping the future of digital assets policy have committed to joining CoinDesk's inaugural State of Crypto: Policy and Regulation, including Sen. Lummis, Rep. Hill, Rep. McHenry, Rep. Thompson, Rep Torres and many more.
State of Crypto is a one-day boutique event uniting key policymakers, regulators and government officials with legal, policy and compliance executives representing the largest and most influential TradFi and DeFi leaders in asset management and financial services.
The gathering provides an unprecedented opportunity to evaluate, dissect and ultimately shape crypto regulatory frameworks that support a vibrant, secure and healthy future for the digital economy.
Are you a GC, CCO, CLO, COO or head of policy or government affairs evaluating or actively investing in digital assets? Join State of Crypto: Policy and Regulation to help drive crypto policy forward collaboratively. Save 10% with code FM10. Learn more and register. |
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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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