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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Happy Wednesday! Here's what you need to know today in crypto: |
- JPMorgan debuts tokenized BlackRock shares as collateral with Barclays.
- U.S. state regulators intervene in Coinbase's unregistered securities case.
- Government star witness Caroline Ellison says Sam Bankman-Fried directed her to commit fraud.
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CoinDesk Market Index (CMI): 1,103 −0.9%
Bitcoin (BTC): $27,199 −1.4%
Ether (ETC): $1,572 −0.8%
S&P 500: 4,358.24 +0.5%
Gold: $1,886 +1.3%
Nikkei 225: $1,886 +1.3% |
JPMorgan has carried out its first live blockchain-based collateral settlement transaction involving BlackRock and Barclays, the U.S. banking giant said on Wednesday. JPMorgan's Ethereum-based Onyx blockchain and the bank's Tokenized Collateral Network (TCN) was used by BlackRock to tokenize shares in one of its money market funds. The tokens were then transferred to Barclays Plc for collateral in an OTC (over-the-counter) derivatives trade. The tokenization of traditional financial assets is a big deal for banks, and it's an area JPMorgan has been leading the charge with, now joined by the likes of Citi and others. |
JP Morgan office (Matthew Foulds/Unsplash) |
Coinbase's legal fight over the status of crypto met a new hurdle Tuesday, as U.S. state authorities and legal experts joined a campaign by federal securities regulators to argue the company unlawfully operated an unregistered exchange. The Securities and Exchange Commission's action against one of the country's biggest crypto exchanges has been seen as existential for the future of crypto, with the sector accusing the agency of regulating by enforcement in the absence of new laws from the U.S. Congress. Now, three new amicus briefs, which allow parties who are interested but not directly affected by the case to aid the court's reasoning, argue crypto is neither significant nor special, and that the SEC can take on digital assets under existing law. Caroline Ellison, former CEO of Alameda Research, testified that she committed fraud at the direction of her ex-boyfriend and former colleague, FTX exchange founder Sam Bankman-Fried. Ellison, 28, is the government's highly anticipated star witness in the six-week trial of Bankman-Fried. She was the CEO of Alameda Research, the hedge fund prosecutors say stole billions of dollars from customers of its sister company, the cryptocurrency exchange FTX. (Read the government's indictment here.) Prosecutors began their questioning of Ellison by asking her if she committed crimes and if so, who she committed them with. |
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Market Insight: Bitcoin Cash Sees Biggest Liquidity Jump in Q3 |
Crypto traders anticipating market volatility and looking for the best alternative cryptocurrencies (altcoins) may want to consider bitcoin's (BTC) offshoot, bitcoin cash (BCH). That's because, according to Paris-based crypto data provider Kaiko, bitcoin cash saw the most improvement in market liquidity during the third quarter. Liquidity refers to the ability of the market to absorb large buy and sell orders at stable prices. The greater the liquidity or market depth, the lower the slippage – the difference between the price a trader expects to pay and the price they actually pay – and the easier it is for large traders to execute big orders. |
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- The chart shows monthly changes in the number of active developers in crypto since 2016.
- The tally has declined to 19,630, its lowest level since late 2020.
- Per Reflexivity Research, the decline represents an exodus of "tourists" during the bear market as "hard-core believers/builders/investors" prevail.
- Source: Electric Capital, a16z
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Hear from Key Lawmakers and Regulators at State of Crypto: Policy and Regulation |
Several lawmakers and regulators shaping the future of digital assets policy have committed to joining CoinDesk's inaugural State of Crypto: Policy and Regulation, 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 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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JPMorgan Goes Live With First Blockchain-Based Collateral Settlement