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 Thursday! Here's what you need to know today in crypto: |
- Bitcoin climbed slightly higher and Hedera Hashgraph's HBAR jumped 6%.
- FTX can sell and invest its crypto holdings to pay back creditors, a judge ruled.
- Singapore's financial regulator has issued a nine-year prohibition order against the founders of Three Arrows Capital.
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CoinDesk Market Index (CMI): 1,087 +0.8%
Bitcoin (BTC): $26,387 +0.8%
Ether (ETC): $1,626 +1.5%
S&P 500: 4,467.44 +0.1%
Gold: $1,929 +1.1%
Nikkei 225: $1,929 +1.1% |
Bitcoin rose slightly on Thursday as traders digested concerns of a ruling in the FTX court case that temporarily spooked markets earlier this week. BTC added less than 1% over the past 24 hours to trade over $26,300 at the time of writing. Hedera Hashgraph (HBAR) and Solana's SOL led gains amongst major tokens, rising 6% and 3%. Hedera announced on Wednesday at Token 2049 in Singapore that Stablecoin Studio, its open-source stablecoin issuance and management toolkit, is live. The CoinDesk Market Index (CMI), a broad-based index that tracks the prices of hundreds of tokens, rose 1.67% in the past 24 hours. |
Crypto exchange FTX can sell and invest its crypto holdings to pay back creditors, a judge in the U.S. Bankruptcy Court for the District of Delaware ruled Wednesday. In a court hearing, Judge John Dorsey said he approved the motion and overruled two objections that were made opposing the plan. This allows the bankrupt exchange to sell, stake and hedge its crypto holdings, which it said are worth over $3.4 billion. An attorney representing the ad hoc committee of FTX customers supported the plan during the hearing, while a lawyer for the unsecured creditors committee said all of the involved parties looked to expedite the process. "The sooner we can get this process rolling, the better," he said. Singapore's financial regulator issued a nine-year prohibition order against the founders of Three Arrows Capital prohibiting them from operating in the country's regulated financial services industry. Su Zhu and Kyle Davies will be prohibited from performing any regulated activity and from taking part in the management of, acting as a director of, or becoming a substantial shareholder of, any capital market services firm. MAS says the prohibition order comes after the regulator began investigating Three Arrows Capital after it reprimanded the fund in June 2022 for providing false information to the public and the role Zhu and Davies played in Three Arrows' Singapore and British Virgin Island entities. |
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Bitget KCGI 2023: Contest to Win a Share of 2,650,000 USDT! Get ready for the exciting return of Bitget's King's Cup Global Invitational (KCGI) in 2023! This year's KCGI is our biggest trading competition, boasting a whopping prize pool of 2,650,000 USDT. But that's not all – we're also offering fantastic giveaways, including the chance to win an Airbus H135 helicopter, a Tesla Cyberquad for Kids, and an iPhone 15 Pro Max! KCGI 2023 consists of four thrilling competitions: spot trading, futures copy trading, demo trading, and futures trading. And here's the best part: when you sign up, you can grab a share of the $300,000 BGB! Don't miss out on this incredible opportunity to showcase your trading skills and win big. |
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Market Insight: Onchain Data Show Bullish Undercurrents |
Bullish bitcoin undercurrents lurk below the boringly calm crypto waters, setting the stage for a potentially outsized price rally. The percentage of bitcoin's circulating supply active on-chain within the last month fell to a record low of 5.4% early this week, according to Blockware Solutions and Glassnode. In other words, fewer coins are changing hands, indicating supply-side weakness. At press time, bitcoin's circulating supply was 19.48 million. "Price is set at the margin, which means those who trade Bitcoin back and forth drive short-term price action. As supply-side illiquidity continues to increase, as indicated by fewer supply exchanging hands, any demand catalyst will send the price skyrocketing," Blockware Solutions said in an email. |
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- The chart shows open interest in perpetual futures contracts tied to solana (SOL). Open interest refers to the number of contracts active at a given time.
- Open interest has jumped 35% to a two-month high of 16.25 million SOL in one week.
- The surge, representing an influx of money in the market, comes as investors brace for FTX creditor liquidations.
- Bankrupt exchange FTX holds around $7 billion in assets, including $1.16 billion in SOL and $560 million in bitcoin.
- Source: Coinglass
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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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