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's happening in crypto today: |
- Cathie Wood's ARK Invest buys $5.5 million in Coinbase shares.
- Regulators in the Bahamas are holding $3.5 billion in FTX customer assets.
- Solana's native token SOL erased most of Thursday's gains.
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Want our 5 p.m. ET market update? |
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CoinDesk Market Index (CMIP): 809 −0.8%
Bitcoin (BTC): $16,470 −0.8%
Ether (ETC): $1,189 −0.8%
S&P 500 futures: 3,855.75 −0.4%
FTSE 100: 7,473.65 −0.5%
Treasury Yield 10 Years: 3.84% −0.1 |
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Noted investor Cathie Wood's ARK Invest made its largest investment in Coinbase's (COIN) stock since Dec. 14 on Thursday, adding about $5.5 million of the crypto exchange's shares, based on closing prices. The firm bought more than 158,000 shares for its ARK Fintech Innovation ETF. Coinbase's stock closed at $34.78 in New York Thursday, up roughly 7%. The shares have fallen 86% this year. |
Marco Beller/Getty Images |
The Bahamian Securities Commission has taken custody of FTX deposits valued at more than $3.5 billion as of Nov. 12. Shortly after FTX filed for bankruptcy, about $372 million worth of tokens were stolen from the exchange by an unknown actor thought to be an external hacker. Given media reports of a cyberattack on FTX, and possible looting of FTX-controlled wallets by former employees, the Commission said in a statement that it "determined that there was a significant risk of imminent dissipation as to the digital assets under the custody or control of [FTX] to the prejudice of its customers and creditors." Solana's native token SOL erased most of Thursday's 15% fall after Ethereum founder Vitalik Buterin tweeted support for the blockchain battered by FTX's implosion. SOL rebounded from Thursday's low of $8.19 to retake the $9.50 range where it had been trading for much of the day. But the token is still 96% below its all-time high of nearly $260, in part because of sellers dumping the "Sam coin" alleged FTX fraudster Sam Bankman-Fried once loudly boosted. |
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Market Insight: Bitcoin's 'Beat' Goes On
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Although the price of bitcoin has fallen 64% this year, CoinDesk research shows that bitcoin and ether returns in 2022 per unit of risk were about the same as equities and significantly better than bonds. Bitcoin and ether are the top two cryptocurrencies by market cap. "We want to underscore this is not too different from what you would see in traditional markets, especially stock markets," Andrew Baehr, CoinDesk Indices managing director, said on CoinDeskTV's "First Mover" program. "Look at some of the darlings that people were really excited about 18 months ago in stocks, they've lost 80-90% of their value as well," he said. |
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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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