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First Mover Americas: Crypto's November Fall
The latest price moves in crypto markets in context for Dec. 1, 2022.
Updated Mar 3, 2023, 7:00 p.m. Published Dec 1, 2022, 1:20 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 (CMI) 870.48 +8.4 ▲ 1.0% Bitcoin $17,130 +259.3 ▲ 1.5% Ethereum $1,287 +20.4 ▲ 1.6% S&P 500 futures 4,079.50 +NaN ▲ NaN% FTSE 100 7,579.12 +6.0 ▲ 0.1% Treasury Yield 10 Years 3.7% ▼ 0.0 BTC/ETH prices per CoinDesk Indices, as of 7 a.m. ET (11 a.m. UTC)
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Bitcoin plunged by 18% in November, its biggest monthly loss in five months. Meanwhile, ether lost 21% during the month. The hardest-hit digital assets were a group of tokens commonly associated with Sam Bankman-Fried, the disgraced ex-CEO of fallen crypto exchange FTX. FTT, the utility token of FTX, tumbled 90% to $1 from $26. Serum (SRM), the native token of a decentralized exchange on the Bankman-Fried-championed Solana blockchain, sank 70%.
Traditional-finance giant TP ICAP has registered as a digital-asset provider with the U.K.’s Financial Conduct Authority. The world’s largest interdealer-broker is attempting to break into the crypto world via its Fusion Digital Assets marketplace. TP ICAP is working with Fidelity Digital Assets to offer the platform, which will match orders and execute spot crypto trades.
Telegram is pushing forward with a buildout of crypto infrastructure. The messaging app, which is already a go-to for many crypto traders, is planning to build crypto wallets. The app has sold $50 million in usernames in less than a month through its blockchain-based auction platform, Fragment, CEO Pavel Durov said Wednesday.
Chart of the Day
- The chart shows U.S. financial conditions have eased notably since the release of the October inflation report on Nov. 10.
- The more the Federal Reserve pivots away from aggressive liquidity tightening, the greater the loosening of financial conditions and the bigger the risk of the central bank missing its inflation target.
- Therefore, the Fed may push back against easing financial conditions, more so as investors on Wednesday focused on Chairman Jerome Powell acknowledging the slowing in the rate hikes while ignoring his core message of stubbornly higher core inflation.
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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.
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Bitcoin trader warns of downside as gold rally continues to pull focus from BTC
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What to know:
- Bitcoin hovered around $88,000 after the Federal Reserve left interest rates unchanged, with trading subdued despite modest gains in ether, solana, BNB and dogecoin.
- A sharp rebound in the U.S. dollar and continued strength in commodities, especially record-high gold and elevated silver and copper, have overshadowed crypto markets.
- Analysts say bitcoin is trading more like a high-beta risk asset than a macro hedge, stuck in a bearish consolidation about 30 percent below its October peak and struggling to break above key resistance near $89,000.
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