BTC/ETH prices per CoinDesk Indices, as of 7 a.m. ET (11 a.m. UTC)
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Genesis Global Capital hired investment bank Moelis & Co. to explore options including a potential bankruptcy. The New York Times said a final decision hasn’t been made and it is still possible for the company to avoid a bankruptcy filing. Separately, Barry Silbert, founder of Genesis owner DCG, disclosed in a note to shareholders that the company had a roughly $575 million liability to Genesis Global Capital, which is due in May 2023. (DCG is also the parent company of CoinDesk.)
Sam Bankman-Fried and Bill Clinton at the Crypto Bahamas conference in Nassau in April 2022 (Danny Nelson/CoinDesk)
Sam Bankman-Fried, former CEO of FTX, apologized to the crypto exchange’s employees in a new letter sent out over the company’s Slack on Tuesday. He did not address concerns about customers’ funds being misappropriated or other recent revelations about the company. Bankman-Fried said he felt “deeply sorry about what happened.” FTX also had its first hearing on Tuesday, letting the company’s lawyers finally get a better sense of just what was going on at the bankrupt crypto exchange.
Singapore’s largest bank by market cap, DBS, completed a fixed income trade on JPMorgan’s blockchain network Onyx. DBS said it is the first Asian bank to use the Onyx network, which is a blockchain-based fixed income trading network, to complete a trade. The Onyx Digital Assets network uses tokens for short-term trading in fixed income markets, enabling investors to lend assets for a period of hours without them leaving their balance sheets.
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Market Insight: Litecoin Surges 43%
Historically, litecoin has seen a bearish-to-bullish trend change in months leading up to the mining reward halving. (TradingView, CoinDesk)
Litecoin (LTC) is shining brightly amid the FTX-induced chaos in the crypto market. The cryptocurrency’s outperformance perhaps stems from an impending positive change in its supply dynamics.
CoinDesk data show LTC has rallied over 43% to $79 this month, with prices rising 28% in the past 24 hours alone. Market leaders bitcoin and ether have dropped 19% and 26% this month.
LTC’s bullish turn comes eight months ahead of Litecoin’s third mining reward halving – a programmed code that will reduce rewards paid to miners for recording transactions on Litecoin’s blockchain from 12.5 LTC per block to 6.25 LTC per block.
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Chart of the Day
Arcane Research, Skew, CME Group
The chart shows the open interest in bitcoin futures traded on the Chicago Mercantile Exchange (CME) has soared to 98,725 BTC, surpassing the peak of 93,628 BTC reached in October last year.
Institutions have returned to the bitcoin market but on the bearish side.
Open interest refers to the number of contracts open or active at a given time.
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.
