Crypto-Linked Bonds Beaten Down

Plus, Court filings show that FTX faces $3.1 billion in claims from its creditors.

Nov. 21, 2022 The latest moves in crypto markets, in context By Lyllah Ledesma, CoinDesk reporter Was this newsletter forwarded to you? Sign up here.  Supported by   Welcome to a new week. Here's what you need to know in crypto. FTX faces $3.1 billion in claims from its creditors.  Billionaire investor Bill Ackman's hot for Helium. FTX's Japanese arm plans to resume withdrawals.  In an effort to provide the best possible experience for you, we're collecting info from our readers to find out how we could improve First Mover. Click here to take the survey!   Latest Prices CoinDesk Market Index (CMI) 806.33 −25.2 ▼ 3.0% Bitcoin (BTC) $16,022 −504.7 ▼ 3.1% Ethereum (ETH) $1,119 −44.4 ▼ 3.8% S&P 500 futures 3,950.75 −23.3 ▼ 0.6% FTSE 100 7,381.42 −4.1 ▼ 0.1% Treasury Yield 10 Years 3.82% ▲ 0.0 BTC/ETH prices per CoinDesk Indices, as of 7 a.m. ET (11 a.m. UTC)   Top Stories Bankrupt crypto exchange FTX owes its largest creditor $226 million, recently filed court documents show. The second-largest is claim is for $203 million. The identities of the creditors weren't named in the report, but collectively, their claims are worth $3.1 billion.  Leon Neal/Getty Images TradFi investor Bill Ackman, a billionaire who founded hedge fund Pershing Square Capital Management, said he likes Helium, the decentralized Wi-Fi mesh network. Helium has been accused of using fraudulent endorsements from tech giants like Salesforce and mobility company Lime to give its network legitimacy, while also reportedly exaggerating its relationship with Dish Network, which it claimed would grant it access to its 5G spectrum. HNT is down nearly 95% during the last year according to CoinGecko data and now trades for $2.23. FTX's Japanese arm is preparing to resume customer withdrawals by the end of the year, according to a report by broadcaster NHK. An unnamed executive of the exchange said in an interview that withdrawals cannot be resumed immediately because FTX Japan uses the same payment system as its parent company, and that system is now suspended. Since 2013, Grayscale has been an industry leader in offering investors secure and regulated access to crypto.   Grayscale's suite of publicly-traded products helps investors access crypto while removing the operational burdens of buying, storing, and safeguarding cryptocurrencies directly. Many of Grayscale's products are SEC-reporting, which means adhering to standard reporting practices and offering heightened disclosures to provide investors with more information when making investment decisions. Grayscale's products are further supported by a network of best-in-class service providers and partners. Investors can access our products directly via a ticker symbol in certain investment and retirement accounts, allowing them to diversify their portfolios into crypto with ease.   Experience crypto differently with Grayscale.   Investing involves risks and the possible loss of principal. Visit grayscale.com for more information.  Market Insight: 'Crypto' Bonds Beaten Down Yield on Coinbase's bond due in 2031, Source: Finra-Morningstar The prices of bonds issued by cryptocurrency exchange Coinbase (COIN) and MicroStrategy (MSTR), a software company that holds a large amount of  bitcoin in its reserves, have slumped as investor confidence in the industry tumbles in the wake of FTX's collapse. The price of Coinbase's bond due 2031 has dropped 15% this month to 50 cents on the dollar, according to data source Finra-Morningstar. Bonds tied to MicroStrategy have taken a similar beating. On Friday, the yield on the company's 2028 notes, issued last year to finance bitcoin purchases, climbed to 13.35% as the price dropped to a record low of 72.5 cents on the dollar.  Read the full story by Omkar Godbole Crypto winter is bearing down and your cold wallet isn't getting any warmer, even though you've stacked up a bunch of coins. At DeFiChain, we're building your decentralized future on the world's most secure blockchain, Bitcoin. We make use of your sitting crypto with rewards for liquidity mining and staking, and even offer decentralized options for real-world assets, like stocks and precious metals. Strengthen your hold on your investments and get through crypto winter by joining DeFiChain at choose.defichain.ac. Chart of the Day Source: crypto analyst @GameofTrades_ The chart tweeted by pseudonymous crypto analyst @GameofTrades_ shows bitcoin recently fell to a two-year low with record trading volumes. Historically, big spikes in trading volume have marked a significant turning point for bitcoin. The analysis is performed on spot bitcoin (Coinbase) on the weekly chart. - Omkar Godbole Trending Posts More Than 50% of Bitcoin Addresses Are Now in Loss New FTX CEO Paid $1,300 an Hour, Court Filings Show FTX Exploiter Converts Millions in Ether to Alameda-Linked Ren Bitcoin Tokens Want our 5 p.m. ET market update? Subscribe to Market Wrap below! Sign up 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.  First Mover: A newsletter from CoinDesk Were you forwarded this newsletter? Sign up here.  Don't want this newsletter? Unsubscribe. Copyright © 2022 CoinDesk, All rights reserved.  250 Park Avenue South New York, NY 10003, USA See all of CoinDesk's newsletters | Manage subscriptions | Opt out