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 Thursday and Happy Thanksgiving. Here's what you need to know in crypto. |
- Binance is targeting $1 billion for distressed crypto assets.
- Binance.US is making a fresh bid for Voyager.
- The Bahamas fires back at FTX accusations.
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CZ aka Changpeng Zhao CEO of Binance at Consensus Singapore 2018 (CoinDesk) |
CZ also confirmed in the Bloomberg interview, that Binance's U.S. arm will be making a fresh bid for crypto lender Voyager now that FTX is unable to follow through with acquiring it. Following Voyager's bankruptcy, FTX emerged as the frontrunner to acquire the lender, with Binance's bid said to be held back by concerns it would represent a national security concern for the U.S. government. The Securities Commission of The Bahamas is firing back at collapsed crypto exchange FTX's accusations that the nation had directed unauthorized access to transfer assets off the platform after it filed for bankruptcy protection in the U.S. In a Wednesday notice, the regulator called the allegations "intemperate and inaccurate." |
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Market Insight: BTC, ETH Puts Draw Demand |
Puts remain in demand after dovish Fed minutes, indicating the market is squarely focused on the fallout from the FTX exchange. (Amberdata) |
U.S. Federal Reserve (Fed) policy and macroeconomic factors are no longer the focal points for crypto traders. That's the message from the derivatives market, which shows no signs of a let-up in demand for puts, or bearish bets, tied to bitcoin and ether in the wake of the dovish Fed minutes released Wednesday. The persistent put bias indicates the market is squarely focused on contagion sparked by the downfall of Sam Bankman-Fried's FTX, formerly the world's third-biggest crypto trading platform, and is unlikely to find a bottom solely on the back of improving macro conditions. |
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- The chart shows the price of liquid-staking protocol Lido's staked ether (stETH) token fell to 0.97 ETH early Thursday.
- According to blockchain sleuth Lookonchain, the de-pegging happened after a whale removed over 84,00 ETH from decentralized exchange Curve's stETH-ETH liquidity pool.
- Historically, stETH's deviation from ETH price has coincided with market uncertainty.
- The previous episodes of de-pegging saw smart money snap up stETH at a discount and eventually sell at par.
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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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Binance.US to Bid for Voyager