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First Mover Americas: FTX Faces Whopping Claims, Ackman's Hot for Helium
The latest price moves in crypto markets in context for Nov. 21, 2022.
Updated Mar 3, 2023, 6:59 p.m. Published Nov 21, 2022, 1:42 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) 806.33 −25.2 ▼ 3.0% Bitcoin $16,022 −504.7 ▼ 3.1% Ethereum $1,119 −44.4 ▼ 3.8% S&P 500 futures 3,950.75 −23.3 ▼ 0.6% FTSE 100 7,381.42 −4.1 ▼ 0.1% Treasury Yield 10 Years 3.82% ▲ 0.0 BTC/ETH prices per CoinDesk Indices, as of 7 a.m. ET (11 a.m. UTC)
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Bankrupt crypto exchange FTX owes its largest creditor $226 million, recently filed court documents show.The second-largest claim is for $203 million. The identities of the creditors weren’t named in the report, but collectively, the claims of the top 50 creditors are worth $3.1 billion.
TradFi investor Bill Ackman, a billionaire who founded hedge fund Pershing Square Capital Management, said he likes Helium, a decentralized network that allows users to set up their own wireless network for low-power internet-of-things devices. Helium has been accused of using fraudulent endorsements from tech giants like Salesforce and mobility company Lime to give its network legitimacy, while also reportedly exaggerating its relationship with Dish Network, which it claimed would grant it access to Dish's 5G spectrum. HNT is down nearly 95% during the last year according to CoinGecko data and was recently trading at $2.23.
FTX’s Japanese arm is preparing to resume customer withdrawals by the end of the year, according to a report by broadcaster NHK. An unnamed executive of the exchange said in an interview that withdrawals cannot be resumed immediately because FTX Japan uses the same payment system as its parent company, and that system is now suspended.
Chart of the Day
- The chart tweeted by pseudonymous crypto analyst @GameofTrades_ shows bitcoin recently fell to a two-year low with record trading volume.
- Historically, big spikes in trading volume have marked a significant turning point for bitcoin.
- The analysis is performed on spot bitcoin (Coinbase) on the weekly chart.
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KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
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Dogecoin, PEPE rocket as much as 25% as 2026 starts with a bang for memecoins
The broader meme coin market is heating up, with CoinGecko's GMCI Meme Index showing a market value of $33.8 billion and a trading volume of $5.9 billion.
What to know:
- Dogecoin and Pepe led a significant meme coin rally, with Dogecoin rising 11% and Pepe surging 17% in a single day.
- The broader meme coin market is heating up, with CoinGecko's GMCI Meme Index showing a market value of $33.8 billion and a trading volume of $5.9 billion.
- Traders are speculating on meme coins as a high-risk, high-reward opportunity amid uneven liquidity and a lack of clear macroeconomic catalysts.
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