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 Friday! Here's what you need to know today in crypto: |
- Sam Bankman-Fried defrauded his customers and lenders, a New York jury found after a five-week trial.
- Coinbase topped analysts' earnings and revenue estimates in the third quarter.
- MicroStrategy acquired an additional 155 bitcoin after the end of Q3.
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CoinDesk Market Index (CMI): 1,324 −3.0%
Bitcoin (BTC): $34,201 −3.5%
Ether (ETC): $1,788 −2.8%
S&P 500: 4,317.78 +1.9%
Gold: $1,995 +0.5%
Nikkei 225: $1,995 +0.5% |
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Sam Bankman-Fried defrauded his customers and lenders, a New York jury found after a five-week trial for the FTX founder and former chief executive. A tentative sentencing date was set for March 28, 2024. Bankman-Fried could spend decades in prison (and theoretically up to 115 years). "Sam Bankman-Fried perpetrated one of the biggest financial frauds in American history," U.S. Attorney Damian Williams said outside the courthouse after the guilty verdicts on all seven charges were revealed. "This kind of fraud, this kind of corruption is as old as time. We have no patience for it." |
Coinbase (COIN) topped analyst estimates for the third quarter on earnings and revenue, while falling short in total trading volume expectations. The crypto exchange reported a third-quarter adjusted loss of $0.01 per share, compared with FactSet estimates for a loss of $0.55 per share, marking the third consecutive earnings beat for Coinbase. Total revenue for the quarter was $674.1 million, beating estimates of $650.9 million. Total trading volume, however, was just $76 billion, less than the $80.1 billion estimate and down from $92 billion in the previous quarter. Transaction revenue was $288.6 million, 12% less than in the previous quarter.
Alongside its third-quarter earnings report, software developer MicroStrategy (MSTR) disclosed the purchase of another 155 bitcoins (BTC) during October, bringing the total acquired since the beginning of Q3 to 6,607. As of the end of October, the Tysons, Virginia-headquartered firm co-founded by Michael Saylor was the owner of 158,400 bitcoins acquired at a total cost of $4.69 billion, or $29,586 per bitcoin. The company booked an impairment loss on its digital asset holdings of $33.6 million during Q3. Cumulative impairment losses have now risen to $2.23 billion, reflecting an average carrying amount per bitcoin of roughly $15,491. That, of course, isn't terribly reflective of the market value as of Sept. 30 of the company's bitcoin, which was $27,030, nor the current price of just under $35,000.
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Market Insight: Solana's Rally Marshalled by Buyers From Coinbase |
Solana's SOL has rallied more than 50% in two weeks, with Nasdaq-listed digital assets exchange Coinbase proving to be a significant source of bullish pressures for the cryptocurrency, according to data tracked by Paris-based Kaiko. Since Oct. 25, SOL's cumulative volume delta (CVD) has increased by nearly $1 million on Coinbase, indicating net capital inflows. CVD on Binance and Kraken turned positive early this week, while on the South Korean exchange Upbit, it has been negative and trending south for two weeks. The CVD metric tracks the net difference between buying and selling volumes over time. It's a running total of net bullish/bearish pressures in the market, with positive values indicating an excess of purchase volume. Negative values suggest the opposite. |
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- The chart shows bitcoin's price and the ratio between open interest in the perpetual swaps market and the cryptocurrency's market capitalization since March 2020.
- While bitcoin's price has surged by over 25% in four weeks, the ratio remains near its yearly lows, indicating a tepid demand for leveraged products.
- It's a sign of a spot-led price rally.
- Source: IntoTheBlock
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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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