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First Mover Americas: DCG Reportedly Probed for Genesis Transfers
The latest price moves in crypto markets in context for Jan. 9, 2023.
Updated Mar 3, 2023, 7:03 p.m. Published Jan 9, 2023, 1:21 p.m.
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) 843 +31.4 ▲ 3.9% Bitcoin $17,241 +315.3 ▲ 1.9% Ethereum $1,320 +58.6 ▲ 4.6% S&P 500 futures 3,931.25 +15.8 ▲ 0.4% FTSE 100 7,691.39 −8.1 ▼ 0.1% Treasury Yield 10 Years 3.57% ▼ 0.2 BTC/ETH prices per CoinDesk Indices, as of 7 a.m. ET (11 a.m. UTC)
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Barry Silbert’s Digital Currency Group (DCG) is reportedly being investigated by the U.S. Department of Justice’s (DOJ) Eastern District of New York and the U.S. Securities and Exchange Commission (SEC), according to Bloomberg. The entities are examining financial transfers between DCG and its Genesis unit. The prosecutors with the DOJ's Eastern District of New York office have requested interviews and documents from DCG and Genesis, the report said, while the SEC appears to be in a similarly early stage of its own inquiry. The report, which cited people familiar with the matter, said that neither Genesis nor DCG, which is also the parent company to CoinDesk, has "been accused of wrongdoing."
Tokens associated with Solana and outpaced the broader crypto market amid signs of recovery over the weekend. SOL and ADA were up over 15% on Monday morning, before seeing a slight price retreat as traders took profits. Solana was buoyed over the past week as some projects – most notably the Shiba inu-themed – saw massive hype and adoption within the ecosystem. On-chain data shows daily active users of Solana increased by over 40% in the past two weeks, from nearly 300,000 users in late December to over 525,000 wallets as of Monday.
Bankrupt crypto lender Voyager Digital has defended its $1 billion plan to sell assets to Binance.US, calling criticisms “hypocrisy and chutzpah” based on unverified speculation, two legal filings posted late Sunday night show. The plan has been opposed by Alameda Research, the trading arm of bankrupt crypto exchange FTX, as well as the SEC, U.S. Justice Department and numerous state-level regulators, with a hearing due to be held at a New York bankruptcy court on Tuesday.
Chart of the Day
- The chart shows the seven-day moving average of blockchain analytics firm Glassnode's miner position change metric going back to November 2021. The metric gauges the 30-day change in bitcoin held in miners' addresses.
- The metric has recently turned positive in a sign of renewed holding by those responsible for mining the cryptocurrency.
– Omkar Godbole
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Japan’s Higher Rates Puts Bitcoin in the Crosshairs of a Yen Carry Unwind
A stronger yen typically coincides with de-risking across macro portfolios, and that dynamic could tighten liquidity conditions that recently helped bitcoin rebound from November’s lows.
What to know:
- The Bank of Japan is expected to raise interest rates to 0.75% at its December meeting, the highest since 1995, affecting global markets including cryptocurrencies.
- A stronger yen could lead to de-risking in macro portfolios, impacting liquidity conditions that have supported bitcoin's recent recovery.
- Governor Kazuo Ueda indicated a high probability of a rate hike, with officials prepared for further tightening if their economic outlook supports it.
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