This article originally appeared in First Mover, CoinDesk’s daily newsletter putting the latest moves in crypto markets in context. Subscribe to get it in your inbox every day.
CoinDesk Market Index (CMI)
872
+19.5 ▲ 2.3%
Bitcoin (BTC)
$17,253
+439.3 ▲ 2.6%
Ethereum (ETH)
$1,286
+48.9 ▲ 4.0%
S&P 500 futures
3,989.00
+23.3 ▲ 0.6%
FTSE 100
7,475.08
+2.9 ▲ 0.0%
Treasury Yield 10 Years
3.49%
▲ 0.1
BTC/ETH prices per CoinDesk Indices, as of 7 a.m. ET (11 a.m. UTC)
The U.S. Securities and Exchange Commission is warning publicly traded companies to disclose any crypto damage. The SEC issued letters to companies flagging the need to disclose any potential impact from the mayhem in the crypto markets. “Recent bankruptcies and financial distress among crypto asset market participants have caused widespread disruption in those markets,” the agency’s Division of Corporation Finance said in a sample letter to companies, published Thursday.
Grayscale Bitcoin Trust’s (GBTC) discount has widened to a record high near 50%. Bearish sentiment surrounding the trust deepened over the last few weeks as fears surfaced that crypto trading firm Genesis Global Trading, which is owned by Grayscale’s parent company, Digital Currency Group (DCG), could file for bankruptcy. DCG is also CoinDesk’s parent company. Shares of the world’s largest bitcoin fund, GBTC, hit a record-high discount rate of 47.3% on Thursday, according to data from crypto index provider TradeBlock.
Crypto trading firm Amber Group has ditched its $25 million Chelsea FC sponsorship deal and is laying off staff. Amber Group, which is backed by Singapore’s investment fund, Temasek. and Sequoia Capital, is terminating its sponsorship deal with the soccer team, according to a Bloomberg report. The company is also laying off about 300 employees to slash its workforce to fewer than 400. At one point, Amber Group employed more than 1,100.
The chart compares bitcoin’s implied volatility with the dollar index, WTI crude, swaps and the S&P 500 going back to September 2021.
Bitcoin’s implied volatility (shown in deep purple at the bottom of the chart), which represents investors’ expectations for price turbulence, has drifted lower this year despite the collapse of several crypto industry leaders, including Terra, FTX and BlockFi.
“The cryptocurrency’s volatility is likely to drop significantly next year – either because all the major risk events are out of the way or speculators lose interest to put on leveraged positions,” Matrixport said.
– Omkar Godbole
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The fallout from crypto exchange FTX’s implosion continued as data showed the GBTC discount rate to bitcoin hitting a record high. Crypto Markets Today is CoinDesk’s daily newsletter diving into what happened in today's crypto markets.
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Crypto media site The Block was secretly funded over the last two years by Sam Bankman-Fried’s Alameda Research, The Block confirmed on Friday. Bernstein reacted to Genesis’ extended withdrawal freeze, saying that saving Grayscale would cost a fortune for Digital Currency Group (DCG), which owns Genesis Trading, Grayscale and CoinDesk. Plus, details on Coinbase asking users to switch USDT for USDC and Bankman-Fried agreeing to testify before U.S. House Financial Committee.
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The user, who goes by the name "CoinMamba" on Twitter, started criticizing the exchange after some of his funds allegedly got stolen on his Binance account, but the exchange cited threats made to its customer service team in explaining the suspension.
Longer-dated Treasury yields were back up on Thursday morning, but they’re still far below their 52-week highs set earlier this fall, testament to a strong rally.
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CoinDesk Markets Managing Editor Brad Keoun weighs in on bitcoin's stagnant price action in December, along with news of Sen. Cynthia Lummis calling ether a security. Plus, CoinDesk Tech Managing Editor Christie Harkin discusses how protocol-based solutions like BOLT-12 could improve privacy for Bitcoin's Lightning Network.
India has taken over the G-20 – an intergovernmental forum of some of the world’s largest economies – just as much of the world is pondering whether stricter regulation of crypto is needed.
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The message the economy is sending now is that the Fed will probably have to raise interest rates beyond the roughly 5% range markets are expecting.
Metaplex accused Magic Eden of attempting to take over the NFT protocol as power players battle over royalties and decentralization.
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BlackRock warned investors to expect a recession, persistent inflation, and an era that requires a more “nimble” approach in its 2023 Global Outlook this week.
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