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 Tuesday! Here's what you need to know today in crypto: |
- Bitcoin climbs to $27,000 for the first time since Aug. 31.
- FTX bankruptcy estate sues Sam Bankman-Fried's parents to claw back 'misappropriated funds.'
- Sino Global, Coinbase and Libra alums start a $60 million Web3 fund.
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CoinDesk Market Index (CMI): 1,116 +0.0%
Bitcoin (BTC): $27,160 −0.1%
Ether (ETC): $1,645 −0.5%
S&P 500: 4,453.53 +0.1%
Gold: $1,957 +1.3%
Nikkei 225: $1,957 +1.3% |
Bitcoin held just above $27,000 after rising to the highest since Aug. 31 as U.S. rates traders penciled in greater odds of the Federal Reserve keeping borrowing costs unchanged later this week and through the rest of the year. The leading cryptocurrency by market value jumped to $27,220 Monday, having climbed almost 8% since the ominous-sounding death cross pattern appeared on its daily price chart a week ago. The advance since that bearish crossover of the 50-day simple moving average (SMA) below the 200-day moving average reinforces the measure's reputation as an unreliable standalone indicator. Bitcoin has retreated slightly since, trading at around $27,100. Solana's SOL gained 3% on Tuesday and ether was up slightly at $1,643. |
Bankrupt crypto exchange FTX has sued founder and former CEO Sam Bankman-Fried's parents, Joseph Bankman and Barbara Fried, to "recover millions of dollars in fraudulently transferred and misappropriated funds," the company said in a Monday court filing. The filing, redacted in parts, asks the court to award the FTX estate damages, the return of any property given or payment made to the parents by FTX, and punitive damages resulting from "conscious, willful, wanton, and malicious conduct." According to the filing,"FTX Trading paid $18,914,327.82, inclusive of taxes, fees, and costs, for Blue Water, to which Bankman and Fried received title, as well as various expenses related to Blue Water totaling more than $90,000," as one example. The filing also alleged that "Bankman's command of tax law and unique understanding of the FTX Group's muddled corporate structure allowed him to facilitate the transfer of a cash gift totaling $10 million to himself and Fried consisting of Alameda Ltd. funds." Alums from some well-known names in crypto and fintech are starting a new $60 million fund called Oak Grove Ventures, which focuses on the intersection of Web3, artificial intelligence and biotech. The Singapore-based team includes some notable figures including Sally Wang, formerly of Sino Global Capital (now Ryze Labs), Ethan Wang, former tech lead of Libra, Shawn Shi, co-founder of Alchemy Pay, as well as Michael Li, a former VP of Coinbase. "We understand that the journey of building groundbreaking technologies is not just about capital; it's about fostering a community of visionaries, pioneers, and founders who share our passion for innovation. With this fund, our strategy is simple yet profound: to raise funds for the founders," Sally Wang, the fund's head of investments, said in a statement to CoinDesk. |
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Market Insight: BTC Dominance Could Rise Higher |
Bitcoin (BTC) has largely been running in place for the past month, but its market dominance has been on the rise as risks increase for the rest of the cryptocurrency sector. The Bitcoin market dominance rate, which tracks the largest cryptocurrency's share of the total digital asset market, rose to 50.2% on Monday, its strongest level in a month and near a 26-month high of 52% reached at the end of June. Taking a broader view, the rate ranged between 39% and 49% for more than two years before it hit June's 52% level after asset manager BlackRock's filing for a spot BTC exchange-traded fund spurred hopes about unleashing massive inflows into the asset. |
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| - Chainlink's LINK token has climbed 14% over the past 7 days.
- LINK climbed to $6.83 on Monday, gaining just over 10% on the day, outperforming the wider crypto market.
- On-chain data from spotonchain shows that four Chainlink wallets unlocked and transferred out 18.75 million LINK (worth around $117 million) over the weekend.
- Lookonchain noted that the Chainlink wallet has been depositing LINK to Binance every three months since August 2022, totalling over 71 million LINK (worth around $446 million).
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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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Bitcoin Hits $27K for First Time in Two Weeks