BTC/ETH prices per CoinDesk Indices; gold is COMEX spot price. Prices as of about 4 p.m. ET
Bitcoin: $16,878 +2.0%
Ethereum: $1,215 +1.6%
CoinDesk Market Index: 797.35 +3.2%
S&P 500 daily close: 3,821.62 +0.1%
Gold: $1,828 +2.2%
Treasury Yield 10 Years: 3.68% +0.1
Top Story
Auros Global, the troubled crypto trading firm and market maker, disclosed Tuesday that it was granted a “Provisional Liquidation” request last month from a court in the British Virgin Islands, as part of efforts to restructure outstanding debt to lenders.
In a statement posted to Twitter, Auros said that the decision followed “the events that transpired around FTX,” the crypto exchange formerly helmed by Sam Bankman-Fried that imploded in November.
“The company found itself in a position where immediate liquidity was insufficient to satisfy recalls from lenders,” according to the statement. “Management and directors remained confident in the long-term prospects for the business.”
Auros said, “Upon the successful implementation of the restructuring, it is anticipated that Auros’ operations would resume as normal.”
The firm had $20 million of funds frozen on FTX, according to the intelligence site OffShoreAlert, which cited a Nov. 16 court filing submitted to the British Virgin Islands High Court. The news was previously reported by The Block.
Bitcoin (BTC): Thelargest cryptocurrency by market value rose 1.5% over the past 24 hours, trading around $16,890. Equities markets also rose after the Bank of Japan surprisingly widened the target range for its 10-year government bond yield earlier Tuesday. The Dow Jones Industrial Average closed up 0.28%. The S&P 500 was up 0.10%, while the tech-heavy Nasdaq Composite was up 0.01%.
Ether (ETH): The second-largest cryptocurrency followed BTC’s trajectory, up 3.1% around $1,215.
Polygon (MATIC): The MATIC price was recently trading up 1.5% to 79 cents after Polygon co-founder Sandeep Nailwal unveiled Web3 accelerator Beacon, which aims to connect founders with potential investors. The accelerator’s first remote-first, 12-week cohort kicked off in October with more than 30 founders from 15 companies across decentralized finance (DeFi), infrastructure and consumer applications.
Market Analysis: Investors Favor Safety
Money is searching for quality in both traditional and digital assets, as investors appear to favor safety above all for right now.
What today’s data shows is that, similar to in past market cycles, flights to safety within the cryptosphere is translating to movement of capital into BTC and ETH, relative to other coins. On the other end of the spectrum, the more speculative Computing Index (CPU) and Culture & Entertainment (CNE) have lagged other sectors in both week to date and month to date performance.
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.
