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First Mover Americas: SEC Subpoenas PayPal About USD Stablecoin
The latest price moves in crypto markets in context for Nov. 2, 2023.
Updated Nov 2, 2023, 2:59 p.m. Published Nov 2, 2023, 12:18 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.
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PayPal (PYPL) received a subpoena from the U.S. SEC requesting documentation about its USD stablecoin on Wednesday, the global payments giant said in a filing. In August, the firm announced it was entering the cryptocurrency market with the U.S. dollar-pegged stablecoin, PayPal USD. "On Nov. 1, 2023, we received a subpoena from the U.S. SEC Division of Enforcement relating to PayPal USD stablecoin. The subpoena requests the production of documents. We are cooperating with the SEC in connection with this request," PayPal revealed in its quarterly earnings report.
An updated bankruptcy plan filed by crypto lender Genesis last week represents a significant change of plans, the U.S. government said in a filing on Wednesday. The lender is now seeking to liquidate its assets rather than reorganize them. The apparent U-turn by Genesis – made after the crypto lender and its parent company Digital Currency Group (DCG) were sued by the New York Attorney General (NYAG) – could add extra delays to the wind-up process, the filing by U.S. Trustee William Harrington said. DCG is also CoinDesk’s parent company.
One of the most famous sayings on Wall Street is that a bull market tends to stay in motion unless an external force acts upon it. Bitcoin has historically lived up to the adage modeled along Sir Isaac Newton’s third law of motion and could do so again, rising as high as $56,000 by the end of the year, according to crypto services provider Matrixport. “If bitcoin is up at least +100% by this time of the year, then there is a +71% chance or five in seven that bitcoin would finish the year higher with average year-end rallies of +65%," Markus Thielen, head of research and strategy at Matrixport, said in a note to clients on Thursday. “As bitcoin tends to reach its peak by December 18th, we could call the six to seven weeks from early November to mid-December Bitcoin’s Santa Claus Rally.”
Chart of the Day
- The chart shows the six-month BTC options skew, which measures the spread between call and put options expiring in 180 days, has risen to 9.47%, the highest since August 2021.
- It shows bias for bitcoin strength over the next six months is strongest in over two years.
- Source: Amberdata
- Omkar Godbole
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Bank of Japan Set to Hike Rates to 30-Year High, Posing Another Threat to Bitcoin
Rising Japanese rates and a stronger yen threaten carry trades and could pressure crypto markets despite easing U.S. policy.
What to know:
- According to the Nikkei, the Bank of Japan (BoJ) is set to increase interest rates to 75bps, the highest level in 30 years.
- Rising Japanese funding costs, alongside falling U.S rates, could force leveraged funds to reduce carry trade exposure, increasing downside risk for bitcoin.
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