Share this article
First Mover Americas: Binance Increases Recovery Fund, wBTC Loses Its Peg
The latest price moves in crypto markets in context for Nov. 25, 2022.
Updated Mar 3, 2023, 7:01 p.m. Published Nov 25, 2022, 1:05 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) 839.05 +2.6 ▲ 0.3% Bitcoin $16,514 −31.5 ▼ 0.2% Ethereum $1,192 −1.1 ▼ 0.1% S&P 500 futures 4,037.25 +NaN ▲ NaN% FTSE 100 7,488.65 +22.0 ▲ 0.3% Treasury Yield 10 Years 3.71% ▼ 0.1 BTC/ETH prices per CoinDesk Indices, as of 7 a.m. ET (11 a.m. UTC)
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Top Stories
Crypto exchange Binance has allocated another $1 billion for its crypto recovery fund, increasing the size of the fund to over $2 billion. Aptos Labs, Jump Crypto and other prominent crypto companies joined the exchange’s initiative and will contribute $50 million to it. The increase comes a day after Binance CEO Changpeng "CZ" Zhao announced the fund.
Crypto lending firm Matrixport is looking to raise $100 million at a $1.5 billion valuation. The Singapore-based firm led by Jihan Wu already has commitments for $50 million from lead investors at the sky-high valuation, but is still looking for investors for the rest. The firm has $5 billion in trading volume every month, along with $10 billion in assets under management and custody.
Ethereum developers have agreed on what could be included in the network’s next upgrade. The developers have decided to consider eight Ethereum Improvement Proposals for its upcoming hard fork, called “Shanghai.” The upgrade will unlock Beacon Chain staked ether withdrawals. However, there is no consensus on when the upgrade will happen.
Chart of the Day
- Wrapped bitcoin (WBTC), an ERC-20 token meant to trade in line with bitcoin's price, has lost its BTC peg since Sam Bankman-Fried's crypto exchange FTX filed for bankruptcy on Nov. 11.
- The prolonged de-pegging has raised alarm bells in the investor community, with some associating the spread with a substantial lag on redemptions at BitGo, a custodian for the Wrapped Bitcoin protocol.
- "Maybe the smart move really is to just nuke all wBTC exposure for the time being unless it is paramount to your operations on chain, better safe than sorry with all the recent shenanigans," pseudonymous market expert @0xMerp said in a Twitter thread.
Trending Posts
More For You
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.
More For You
BTC $80K Check-Back Risk Rises as Nasdaq Rebound Stalls
Nasdaq and MOVE index patterns warrant caution for BTC bulls.
What to know:
- Bitcoin retreated from $93,000 to under $90,000 since Friday despite the spot-Fed weakness in the dollar index.
- Nasdaq's bearish engulfing candle points to potential downside volatility ahead.
- The MOVE index hints at renewed volatility in Treasury notes.
Top Stories
