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First Mover Americas: Cathie Wood 'Bargain Hunts' Coinbase
The latest price moves in crypto markets in context for Dec. 30, 2022.
Updated Mar 3, 2023, 7:03 p.m. Published Dec 30, 2022, 1:08 p.m.
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This article originally appeared in First Mover, CoinDesk’s daily newsletter putting the latest moves in crypto markets in context. Subscribe to get it in your inbox every day.
Latest Prices
CoinDesk Market Index (CMIP) 810 −6.2 ▼ 0.8% Bitcoin $16,492 −112.8 ▼ 0.7% Ethereum $1,192 −6.6 ▼ 0.5% S&P 500 futures 3,849.75 −22.0 ▼ 0.6% FTSE 100 7,451.74 −61.0 ▼ 0.8% Treasury Yield 10 Years 3.84% ▼ 0.1 BTC/ETH prices per CoinDesk Indices, as of 7 a.m. ET (11 a.m. UTC)
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Noted investor Cathie Wood’s ARK Invest made its largest investment in Coinbase’s (COIN)stock since Dec. 14 on Thursday, adding about $5.5 million of the crypto exchange's shares, based on closing prices. The firm bought more than 158,000 shares for its ARK Fintech Innovation ETF. Coinbase's stock closed at $34.78 in New York Thursday, up roughly 7%. The shares have fallen 86% this year.
The Bahamian Securities Commission has taken custody of FTX deposits valued at more than $3.5 billion as of Nov. 12. Shortly after FTX filed for bankruptcy, about $372 million worth of tokens were stolen from the exchange by an unknown actor thought to be an external hacker. Given media reports of a cyberattack on FTX, and possible looting of FTX-controlled wallets by former employees, the Commission said in a statement that it "determined that there was a significant risk of imminent dissipation as to the digital assets under the custody or control of [FTX] to the prejudice of its customers and creditors."
Solana’s native token SOL largely bounced back from Thursday’s 15% fall after Ethereum founder Vitalik Buterin tweeted support for the blockchain battered by FTX’s implosion. SOL rebounded from Thursday’s low of $8.19 to retake the $9.50 range where it had been trading for much of the day. But the token is still 96% below its all-time high of nearly $260, in part because of sellers dumping the “Sam coin” alleged FTX fraudster Sam Bankman-Fried once loudly boosted.
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- Even a 1% crypto allocation in standard portfolios across Asia could translate into nearly $2 trillion of inflows, highlighting how modest shifts in asset allocation could transform the digital asset market, according to the head of APAC iShares at BlackRock, Nicholas Peach.
- BlackRock's iShares unit, whose U.S.-listed spot Bitcoin ETF IBIT has rapidly grown to about $53 billion in assets, is seeing strong demand from Asian investors as ETF adoption accelerates across the region.
- Regulators in markets such as Hong Kong, Japan and South Korea are moving toward broader crypto ETF offerings, but industry leaders say investor education and portfolio strategy will be critical to channeling traditional finance capital into digital assets.
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