Share this article
First Mover Americas: FTX Faces Criminal Probe
The latest price moves in crypto markets in context for Nov. 14, 2022.
Updated Nov 15, 2022, 11:58 a.m. Published Nov 14, 2022, 1:38 p.m.
Make us preferred on Google
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 (CMI) 850.19 +6.0 ▲ 0.7% Bitcoin $16,671 +59.6 ▲ 0.4% Ethereum $1,247 +10.2 ▲ 0.8% S&P 500 futures 3,985.00 −15.3 ▼ 0.4% FTSE 100 7,336.54 +18.5 ▲ 0.3% Treasury Yield 10 Years 3.81% ▼ 0.0 BTC/ETH prices per CoinDesk Indices, as of 7 a.m. ET (11 a.m. UTC)
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Top Stories
Bankrupt crypto exchange FTX faces a criminal investigation in the Bahamas following its dramatic collapse last week. Authorities in the Caribbean country where FTX has its headquarters are investigating whether any criminal misconduct occurred in the exchange’s decline and bankruptcy. Sam Bankman-Fried’s crypto exchange went from being one of the world’s largest to filing for bankruptcy in barely a week, after a CoinDesk article raised questions about the financial stability of its sister company Alameda Research.
The native token of Binance-owned Trust Wallet soared 80% on Sunday after CEO Changpeng Zhao encouraged crypto users to take personal control of their digital assets. Zhao made the warning following the collapse of Binance’s rival FTX, which Binance briefly agreed to rescue before aborting its plan after it took a closer look at FTX’s balance sheet. Trust Wallet is a decentralized hot wallet facilitating the storage of cryptocurrencies. Its native token TWT allows holders to participate in decision making related to the app’s features. At the time of writing, TWT was up about 50% in the last 24 hours at $2.44, according to data by CoinMarketCap.
Crypto.com CEO Kris Marszalek has attempted to assuage fears that the exchange could be the next to face a liquidity crisis. Crypto.com’s native token CRO has dropped around 45% in the last week, while its daily volume was down to about $284 million in October compared with last year’s highs of around $4 billion. In a YouTube interview, Marszalek reiterated that Crypto.com’s balance sheet is strong and its exposure to FTT was limited. He added that CRO, unlike FTX’s native token FTT, has never been used as loan collateral.
Chart of the Day
- This chart shows similarities between the current bitcoin bear market and the 2018 market swoon.
- The latest decline is reminiscent of the November 2018 capitulation that saw bitcoin drop nearly 50% to $3,200 precisely one year after the bull run peaked.
Trending Posts
More For You
Pudgy Penguins is building a multi-vertical consumer IP platform — combining phygital products, games, NFTs and PENGU to monetize culture at scale.
What to know:
Pudgy Penguins is emerging as one of the strongest NFT-native brands of this cycle, shifting from speculative “digital luxury goods” into a multi-vertical consumer IP platform. Its strategy is to acquire users through mainstream channels first; toys, retail partnerships and viral media, then onboard them into Web3 through games, NFTs and the PENGU token.
The ecosystem now spans phygital products (> $13M retail sales and >1M units sold), games and experiences (Pudgy Party surpassed 500k downloads in two weeks), and a widely distributed token (airdropped to 6M+ wallets). While the market is currently pricing Pudgy at a premium relative to traditional IP peers, sustained success depends on execution across retail expansion, gaming adoption and deeper token utility.
More For You
HYPE token's 30% surge is a story of crypto-traditional market convergence, treasury firm says
HYPE has surged 30%, outperforming bitcoin, ether and the CoinDesk 20 index by a big margin.
What to know:
- Hyperliquid's HYPE token has surged more than 30% to $33, far outpacing bitcoin, ether and the broader crypto market, as trading activity on the platform accelerates.
- The token rally represents the merging of traditional assets with the crypto world, according to Hyperion DeFi, which is a HYPE treasury company.
- Originally a crypto perpetuals exchange, Hyperliquid has expanded into tokenized trading of equity indices, individual stocks, commodities and major fiat pairs via its HIP-3 upgrade.
Top Stories
