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 Wednesday! Here's what you need to know today in crypto: |
- Binance.US CEO Brian Shroder left the crypto exchange and the company eliminated one-third of its workforce.
- Crypto derivatives exchange BitMEX has started a prediction market.
- FTX tweaks its crypto sale proposal to placate the U.S. government.
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CoinDesk Market Index (CMI): 1,079 −0.1%
Bitcoin (BTC): $26,105 −0.1%
Ether (ETC): $1,599 −0.8%
S&P 500: 4,461.90 −0.6%
Gold: $1,934 +1.2%
Nikkei 225: $1,934 +1.2% |
Binance.US CEO Brian Shroder left the crypto exchange and the company eliminated one-third of its workforce, according to a spokesperson. It's been a tough year for crypto exchanges in the U.S., with Binance.US feeling particular pressure. The Securities and Exchange Commission sued the company in June for allegedly violating securities laws, building on accusations from another American regulator. "The actions we are taking today provide Binance.US with more than seven years of financial runway and enable us to continue to serve our customers while we operate as a crypto-only exchange," the company said in a statement. "The SEC's aggressive attempts to cripple our industry and the resulting impacts on our business have real world consequences for American jobs and innovation, and this is an unfortunate example of that." |
Crypto derivatives exchange BitMEX started a prediction market that allows traders to bet on the outcome of real-world events. Prediction markets have been around for some time but have enjoyed a surge in popularity thanks to Polymarket. Polymarket, which was fined $1.4 million in January 2022 for unregistered swaps, offers bettors a plethora of contracts from the serious, such as the victor in the first Republican primary debate, to the absurd, like former President Obama's sexuality, the chance of Russia using a nuclear weapon before the end of 2023, or the existence of aliens. BitMEX's prediction market, which it's calling its newest derivative product, is going for the former rather than the latter, starting with prediction contracts on the percentage recovery rate of FTX's bankruptcy claims, the chance of approval for a Bitcoin Exchange Traded Fund on or before Oct. 17, and the chances of Sam Bankman-Fried ending up in jail. Crypto exchange FTX amended its proposal to sell off billions in crypto assets as it seeks to assuage concerns raised by the U.S. Trustee, the bankruptcy branch of the Department of Justice. In the proposal filed Tuesday, FTX would still not have to issue advance public notice of transactions given their market-moving implications – as the prospect that a crypto player selling off as much as $100 million of assets a week has already chilled crypto prices. The U.S. Trustee originally objected to FTX's plan, saying that any intention to sell bitcoin (BTC) or ether (ETH) should be flagged as widely as possible to give others an opportunity to object. In its compromise, FTX has agreed to keep the U.S. Trustee privately in the loop, alongside committees representing the exchange's creditors. |
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Bitget KCGI 2023: Contest to Win a Share of 2,650,000 USDT! Get ready for the exciting return of Bitget's King's Cup Global Invitational (KCGI) in 2023! This year's KCGI is our biggest trading competition, boasting a whopping prize pool of 2,650,000 USDT. But that's not all – we're also offering fantastic giveaways, including the chance to win an Airbus H135 helicopter, a Tesla Cyberquad for Kids, and an iPhone 15 Pro Max! KCGI 2023 consists of four thrilling competitions: spot trading, futures copy trading, demo trading, and futures trading. And here's the best part: when you sign up, you can grab a share of the $300,000 BGB! Don't miss out on this incredible opportunity to showcase your trading skills and win big. |
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Market Insight: Crypto Shows Signs of Stability Ahead of U.S. CPI |
Bitcoin is trading at $26,100, up 0.66% over the last 24 hours, in the lead up to a release of U.S. CPI data. Despite an earlier seesaw in crypto prices, digital assets have remained fairly stable even as economists predict a small jump in CPI growth in August compared with July. Economists forecast a 0.6% rise in the CPI for August, an increase from July's 0.2%. The gain is attributed to escalating oil prices, with WTI crude nearing a 2023 peak of $89 per barrel. Core CPI, however, is expected to slow to 4.3% from 4.7%. |
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- The chart shows changes in the crypto market depth since November 2022. Depth refers to the ability of the market to absorb large buy and sell orders at stable prices.
- The 0.1% depth, a collection of buy and sell orders within 0.1% from the mid-price, has recovered more than the 1%, 2% and 4% gauges, representing liquidity in wider ranges.
- The data show market makers are increasingly providing liquidity in a tight range, Kaiko said.
- Overall liquidity conditions have deteriorated since January, making it hard for whales to execute large orders.
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Senator Lummis, Representative Hill and More to Join CoinDesk's State of Crypto Event |
Several legislators shaping the future of digital assets policy have committed to joining CoinDesk's inaugural State of Crypto: Policy and Regulation, including Sen. Lummis, Rep. Hill, Rep. McHenry, Rep. Thompson, Rep Torres and many more.
State of Crypto is a one-day boutique event uniting key policymakers, regulators and government officials with legal, policy and compliance executives representing the largest and most influential TradFi and DeFi leaders in asset management and financial services.
The gathering provides an unprecedented opportunity to evaluate, dissect and ultimately shape crypto regulatory frameworks that support a vibrant, secure and healthy future for the digital economy.
Are you a GC, CCO, CLO, COO or head of policy or government affairs evaluating or actively investing in digital assets? Join State of Crypto: Policy and Regulation to help drive crypto policy forward collaboratively. Save 10% with code FM10. Learn more and register. |
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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 CEO Departs as Company Cuts 1/3 of Workforce