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First Mover Americas: It’s Time to Come Clean About Those Crypto Losses
The latest price moves in crypto markets in context for Dec. 9, 2022.
Updated Mar 3, 2023, 7:03 p.m. Published Dec 9, 2022, 1:37 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) 872 +19.5 ▲ 2.3% Bitcoin $17,253 +439.3 ▲ 2.6% Ethereum $1,286 +48.9 ▲ 4.0% S&P 500 futures 3,989.00 +23.3 ▲ 0.6% FTSE 100 7,475.08 +2.9 ▲ 0.0% Treasury Yield 10 Years 3.49% ▲ 0.1 BTC/ETH prices per CoinDesk Indices, as of 7 a.m. ET (11 a.m. UTC)
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The U.S. Securities and Exchange Commission is warning publicly traded companies to disclose any crypto damage. The SEC issued letters to companies flagging the need to disclose any potential impact from the mayhem in the crypto markets. “Recent bankruptcies and financial distress among crypto asset market participants have caused widespread disruption in those markets,” the agency’s Division of Corporation Finance said in a sample letter to companies, published Thursday.
Grayscale Bitcoin Trust's (GBTC) discount has widened to a record high near 50%. Bearish sentiment surrounding the trust deepened over the last few weeks as fears surfaced that crypto trading firm Genesis Global Trading, which is owned by Grayscale’s parent company, Digital Currency Group (DCG), could file for bankruptcy. DCG is also CoinDesk's parent company. Shares of the world’s largest bitcoin fund, GBTC, hit a record-high discount rate of 47.3% on Thursday, according to data from crypto index provider TradeBlock.
Crypto trading firm Amber Group has ditched its $25 million Chelsea FC sponsorship deal and is laying off staff. Amber Group, which is backed by Singapore's investment fund, Temasek. and Sequoia Capital, is terminating its sponsorship deal with the soccer team, according to a Bloomberg report. The company is also laying off about 300 employees to slash its workforce to fewer than 400. At one point, Amber Group employed more than 1,100.
Chart of the Day
- The chart compares bitcoin's implied volatility with the dollar index, WTI crude, swaps and the S&P 500 going back to September 2021.
- Bitcoin’s implied volatility (shown in deep purple at the bottom of the chart), which represents investors’ expectations for price turbulence, has drifted lower this year despite the collapse of several crypto industry leaders, including Terra, FTX and BlockFi.
- "The cryptocurrency's volatility is likely to drop significantly next year – either because all the major risk events are out of the way or speculators lose interest to put on leveraged positions," Matrixport said.
– Omkar Godbole
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What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
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Crypto Markets Today: Bitcoin Rises, but Risk Appetite Remains Weak
Crypto prices are little changed, with bitcoin steady after dropping back from last week’s post-Fed high while altcoins continue to underperform amid risk-off sentiment.
What to know:
- BTC rebounded from Sunday’s $88,000 low to around $89,900, though it remains well below the $94,300 it hit after the Fed’s 25 basis-point rate cut.
- More than half of the top 100 tokens are lower over 24 hours, with the CoinDesk 20 up just 0.16% and the broader CD80 down 0.77%, underscoring altcoins' continuing underperformance.
- Sentiment has slipped back into “extreme fear,” altcoin season indicators remain depressed, and bitcoin dominance continues to climb, reflecting investor preference for larger-cap assets.
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