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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Happy Thursday! Here's what you need to know today in crypto: |
- Gemini, DCG and Genesis have been sued by a New York Attorney General
- Coinbase chooses Ireland as its EU hub.
- The crypto winter may be over, according to Morgan Stanley Wealth Management.
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CoinDesk Market Index (CMI): 1,125 −0.4%
Bitcoin (BTC): $28,429 +0.1%
Ether (ETC): $1,554 −1.8%
S&P 500: 4,314.60 −1.3%
Gold: $1,962 +0.4%
Nikkei 225: $1,962 +0.4% |
New York Attorney General Letitia James today filed a lawsuit against cryptocurrency companies the Gemini Trust Company, trading firm Genesis Global Capital, and crypto conglomerate Digital Currency Group (DCG) for allegedly defrauding more than 230,000 investors, including at least 29,000 New Yorkers, of more than $1 billion. The lawsuit alleges that Gemini knew Genesis' loans were undersecured and, at one point, highly concentrated with one entity, Sam Bankman-Fried's trading firm Alameda, but did not reveal this information to investors. Spokespeople for DCG, Gemini and Genesis did not immediately respond to a request for comment from CoinDesk. Genesis and CoinDesk are owned by Digital Currency Group. |
Coinbase has picked Ireland to be its regulatory hub within the European Union (EU), the company said. New EU laws known as the Markets in Crypto Assets regulation (MiCA) will allow crypto service providers to operate across the bloc based on a license from one of its 27 national regulators. "Ireland has a supportive political environment for FinTech companies, as well as a globally respected regulator," said a statement by Coinbase's Vice President and Regional Managing Director for Europe, the Middle East and Africa, of the EU country that already plays host to tech giants like Apple and Google. "We look forward to working with regulators in Ireland, Germany and beyond to bring this industry to its full potential with the advent of MiCA." The crypto winter may be over, Morgan Stanley Wealth Management said in a post examining whether the recent bear market in digital assets has run its course. "Based on current data, signs indicate that crypto winter may be in the past and that crypto spring is likely on the horizon," the Tuesday post said. The investment manager noted that the trough in bitcoin (BTC) prices in previous crypto winters occurred 12 to 14 months after the peak. The cryptocurrency reached an all-time high of around $68,000 in November 2021 and bottomed out a year later. "A 50% increase in price from bitcoin's low is typically a good sign that the trough has been achieved," strategist Denny Galindo wrote. The world's largest cryptocurrency has risen 70% year-to-date and 77% from last year's lows. |
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Market Insight: Do Kwon's SEC Case May Hinge on Role of Jump Trading |
A legal case against Do Kwon and his company, Terraform Labs, could hinge on the role of market maker Jump Trading, according to filings made in a New York court on Wednesday. The collapse of Kwon's terraUSD stablecoin (UST) in May 2022 sent a shockwave across the cryptocurrency market, heralding a crypto winter. Kwon was subsequently sued by the U.S. Securities and Exchange Commission for misleading investors. New documents in the case focus on the role of Jump – a market maker that appears to have made $1.28 billion in profits as the doomed ecosystem fell apart. |
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- The chart shows share of TRY, BRL, EUR. GBP and six other fiat -denominated cryptocurrency trading pairs in Binance total trading volume since early 2021.
- Turkish Lira (TRY)-denominated pairs are now most popular, accounting for over 70% of the total volume.
- Lira is perhaps the most volatile fiat currency in the world and has depreciated by 50% against the U.S. dollar this year. Bitcoin, meanwhile, has risen by 70%.
- Source: Kaiko
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A message from MultiversX |
Europe's leading Web3, AI & Metaverse conference comes to Bucharest between 19-21 October. More than 3,000 participants, including government officials, venture capitalist funds, and key industry players will be present at xDay2023 to unveil the latest technical innovations, strategic partnerships and products. In parallel with xDay, within the grand Palace of Parliament, MultiversX, the organizer of xDay, will host a hackathon offering prizes totaling up to $1 million. Meet the builders that write the future of technology: xday.com |
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- The chart shows share of TRY, BRL, EUR. GBP and six other fiat -denominated cryptocurrency trading pairs in Binance total trading volume since early 2021.
- Turkish Lira (TRY)-denominated pairs are now most popular, accounting for over 70% of the total volume.
- Lira is perhaps the most volatile fiat currency in the world and has depreciated by 50% against the U.S. dollar this year. Bitcoin, meanwhile, has risen by 70%.
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Hear from Key Lawmakers and Regulators at State of Crypto: Policy and Regulation |
Several lawmakers and regulators shaping the future of digital assets policy have committed to joining CoinDesk's inaugural State of Crypto: Policy and Regulation, 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 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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