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First Mover Americas: FTT Token at Center of New US Charges in FTX Case
The latest price moves in crypto markets in context for Dec. 22, 2022.
Updated Dec 22, 2022, 3:44 p.m. Published Dec 22, 2022, 1:53 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.
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The U.S. Securities and Exchange Commission (SEC) has called FTX’s FTT exchange token a security. FTT was sold as an investment contract and is a "security," the SEC said in a complaint filed late Wednesday, in a move that is sure to have a wide-ranging impact on the industry. "If demand for trading on the FTX platform increased, demand for the FTT token could increase, such that any price increase in FTT would benefit holders of FTT equally and in direct proportion to their FTT holdings," the SEC wrote in its complaint.
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Former Alameda Research CEO Caroline Ellison and FTX co-founder Gary Wang have pleaded guilty to criminal fraud charges tied to FTX's collapse. The SEC and Commodity Futures Trading Commission also announced charges against the two, saying Ellison manipulated the price of FTT. The duo are cooperating with investigators. The U.S. Attorney for the Southern District of New York did not specify what they were being charged with.
Twitter has integrated cryptocurrency prices into search results using a plug-in from charting platform TradingView. The integration allows users to type crypto or stock tickers into the search bar to generate the current value and a price chart. The result also includes a link to trading app Robinhood. The social media giant has had several ties to the crypto industry over the past few years, adding a tipping feature in September 2021 while the company was under the management of Jack Dorsey. Since then, Twitter has been taken over by Elon Musk.
Chart of the Day
- The chart shows the number of daily active bitcoin addresses since January 2020. The metric filters out addresses with unsuccessful transactions.
- The average number of daily active addresses (DAA) this year has been 921,445 – a 16% drop from the 2021 average of 1.1 million.
- "Aside from the decline in trading volumes, the fall in DAA could also correspond to reduced mining operations as miners' activity corresponds to BTC's most significant on-chain movements," the Dec. 12 issue of Bitfinex's Alpha report said.
- The greater the active user participation on the blockchain, the higher the demand for and the price of the cryptocurrency.
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Mike McGlone softens bitcoin downside target to $28,000 after backlash over $10,000 call
Market analysts said the extreme downside scenario risked influencing real capital flows, prompting a heated public debate over bitcoin’s macro outlook.
What to know:
- Bloomberg Intelligence analyst Mike McGlone has shifted his bitcoin downside target from $10,000 to about $28,000 after criticism that his earlier call was alarmist and risky for investors.
- McGlone now argues that $28,000 is a more probable level based on historical price distribution and maintains that his analysis shows why investors should avoid bitcoin and other risk assets.
- Critics including Jason Fernandes and Mati Greenspan say the revised $28,000 target is still unlikely or overly deterministic, warning that such stark forecasts can distort positioning and put real capital at risk in reflexive crypto markets.
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