Nov. 21, 2022

The latest moves in crypto markets, in context

By Lyllah Ledesma, CoinDesk reporter

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Welcome to a new week. Here's what you need to know in crypto.

FTX faces $3.1 billion in claims from its creditors.
Billionaire investor Bill Ackman's hot for Helium.
FTX's Japanese arm plans to resume withdrawals.

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Latest Prices

CoinDesk Market Index (CMI)

806.33

−25.2 ▼ 3.0%

Bitcoin (BTC)

$16,022

−504.7 ▼ 3.1%

Ethereum (ETH)

$1,119

−44.4 ▼ 3.8%

S&P 500 futures

3,950.75

−23.3 ▼ 0.6%

FTSE 100

7,381.42

−4.1 ▼ 0.1%

Treasury Yield 10 Years

3.82%

▲ 0.0

BTC/ETH prices per CoinDesk Indices, as of 7 a.m. ET (11 a.m. UTC)

Top Stories

Bankrupt crypto exchange FTX owes its largest creditor $226 million, recently filed court documents show. The second-largest is claim is for $203 million. The identities of the creditors weren't named in the report, but collectively, their claims are worth $3.1 billion.

Leon Neal/Getty Images

TradFi investor Bill Ackman, a billionaire who founded hedge fund Pershing Square Capital Management, said he likes Helium, the decentralized Wi-Fi mesh network. Helium has been accused of using fraudulent endorsements from tech giants like Salesforce and mobility company Lime to give its network legitimacy, while also reportedly exaggerating its relationship with Dish Network, which it claimed would grant it access to its 5G spectrum. HNT is down nearly 95% during the last year according to CoinGecko data and now trades for $2.23.

FTX's Japanese arm is preparing to resume customer withdrawals by the end of the year, according to a report by broadcaster NHK. An unnamed executive of the exchange said in an interview that withdrawals cannot be resumed immediately because FTX Japan uses the same payment system as its parent company, and that system is now suspended.

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Market Insight: 'Crypto' Bonds Beaten Down

Yield on Coinbase's bond due in 2031, Source: Finra-Morningstar

The prices of bonds issued by cryptocurrency exchange Coinbase (COIN) and MicroStrategy (MSTR), a software company that holds a large amount of bitcoin in its reserves, have slumped as investor confidence in the industry tumbles in the wake of FTX's collapse.

The price of Coinbase's bond due 2031 has dropped 15% this month to 50 cents on the dollar, according to data source Finra-Morningstar.

Bonds tied to MicroStrategy have taken a similar beating. On Friday, the yield on the company's 2028 notes, issued last year to finance bitcoin purchases, climbed to 13.35% as the price dropped to a record low of 72.5 cents on the dollar.

Read the full story by Omkar Godbole

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Chart of the Day

Source: crypto analyst @GameofTrades_

The chart tweeted by pseudonymous crypto analyst @GameofTrades_ shows bitcoin recently fell to a two-year low with record trading volumes.
Historically, big spikes in trading volume have marked a significant turning point for bitcoin.
The analysis is performed on spot bitcoin (Coinbase) on the weekly chart.

- Omkar Godbole

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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.