BTC/ETH prices per CoinDesk Indices, as of 7 a.m. ET (11 a.m. UTC)
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Metaverse- and non-fungible token (NFTs)-focused tokens are surging, with Axie Infinity’s AXS leading the way. The play-to-earn game’s token, AXS, has surged 20% over the past 24 hours. AXS’ jump comes along with an increase in sales volume over the past 24 hours, according to data from CryptoSlam. Axie also made an announcement Monday that it has selected a team of 700 community members to help build out the future of Axie Infinity. The Sandbox’s SAND token has also posted a large gain, up 7% on the day.
AXS price chart
Genesis creditor groups’ loans total $1.8 billion, according to a person familiar with the matter. In addition to the previously reported group of Gemini customers owed $900 million through its Gemini’s Earn program, which is tied to Genesis, a second group of assorted Genesis creditors, with loans also amounting to $900 million, is being represented by law firm Proskauer Rose, a second source told CoinDesk. Genesis and CoinDesk are both owned by crypto conglomerate Digital Currency Group.
Crypto exchange Bybit is the latest company to announce layoffs amid the crypto winter. The exchange will implement another round of job cuts as it tries to refocus its operations amid a “deepening bear market,” CEO Ben Zhou announced on Sunday in a Twitter post. The layoffs will affect 30% of staff. Bybit previously announced layoffs in June. Australian crypto exchange Swyftx also announced on Monday it has cut 90 jobs, citing the crypto downturn.
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Market Insight: Bitcoin Breaks From Stocks
The chart shows bitcoin trades at a discount to the 200-day moving average. The S&P 500 has topped its 200-day average amid a sharp slide in the dollar index (DXY). (TradingView/CoinDesk) (TradingView, CoinDesk)
You probably know that selling risky assets like U.S. stocks and bitcoin and buying the U.S. dollar against the Japanese yen (JPY) have been some of the most popular macro bets since the start of 2022.
Investors have been reassessing their commitment to these so-called hawkish Federal Reserve trades in recent weeks and piling back into risky assets, except bitcoin, thanks to the peak inflation narrative and the central bank hinting at moderation in liquidity tightening from December.
The S&P 500 has gained 16% in less than two months to trade above its widely tracked 200-day moving average for the first time since early April. The USD/JPY pair, often called a turbo bet on the Fed policy and U.S. rates, has dropped 11% to its 200-day moving average. The dollar index, which tracks the greenback’s value against major fiat currencies, has also dropped below its 200-day average.
Bitcoin, however, appears to have decoupled from macroeconomic developments and traditional markets. At press time, the leading cryptocurrency by market value changed hands at $17,340, a discount of 22% to its 200-day moving average.
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The chart shows CHZ, the native cryptocurrency of Chiliz blockchain that powers the largest sports fan token creator platform Socios.com, has declined over 35% since the beginning of the FIFA World Cup on Nov. 20.
The pullback is typical of a “buy the rumor, sell the news” trade.
CHZ rallied sharply in the lead-up to the World Cup, defying broader market weakness as soccer fans poured money into the fan tokens.
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.
