- Crypto and traditional markets slid lower today, with $BTC and $ETH falling 1.37% and 1.03% and SPX and NDQ falling 0.85% and 1.23%. Altcoins continue to decline relative to Bitcoin and Ethereum as investors have a "flight to quality" into year-end. $AVAX, $SOL, and $NEAR for example are down 2.64%, 1.76%, and 3.93% at the time of writing. This rotation into bitcoin and ethereum is seen in BTC and ETH dominance metrics, each nearing some of their highest levels in months. BTC dominance is at 42.14%, and ETH dominance is at 19.38%. Despite declining crypto prices, the dollar (DXY) has continued its pullback and is down slightly (0.20%) on the day.
- The Securities Commission of the Bahamas stated that they seized $3.5 billion worth of crypto assets from FTX. The regulators took these funds in November after receiving information from SBF about cyberattacks on FTX. The Commission plans to hold the funds until directed by the Bahamian Supreme Court to deliver the funds to customers, creditors, or liquidators of the insolvency estate. In other FTX news, FTX Japan is looking to return customer assets beginning in February next year. FTX Japan is working to allow customers to withdraw through Liquid, a crypto trading platform acquired by FTX Trading Ltd in a deal this spring. It was reported that FTX Japan holds ~$94.5 million in crypto assets and $46 million in fiat currency in designated client accounts.
- Cathie Wood's ARK Invest purchased 158,000 Coinbase ($COIN) shares (worth $5.5M) as the stock made new all-time lows on Thursday. This purchase comes after ARK Invest purchased 300,000 shares worth $12 million on December 14th. ARK is one of the largest holders of Coinbase, holding over 7.7 million shares as of September 29th, 2022. Coinbase isn't the only crypto investment ARK has made in recent months. In November of this year, Cathie Wood bought 176,945 shares (worth $1.5 million) of Grayscale Bitcoin Trust shares.
Cathie Wood Buys the Coinbase Dip and Bahamian Regulators Seize Crypto from FTX
Dec 30, 2022
|
Reports you may have missed
By Tom Couture
•
May 1, 2024
Risk markets were selling off before today's FOMC meeting where it was unanimously voted to keep interest rates steady. The Fed announced it would be reducing the speed of its balance sheet taper from $60 billion per month to $25 billion per month, a larger than expected reduction. Following the announcements and Chair Powellâs comments, yields turned sharply lower with the US10Y falling 9 basis points while equity indices rose....
By Sean Farrell
•
Apr 30, 2024
We are witnessing a continuation of the recent weakness in crypto markets today, with BTC -4.06% now testing $60k, ETH -1.57% just below $3k, and SOL 6.00% dipping under $130. The broader altcoin market is experiencing even more pronounced declines, with very few names posting a green candle today. The market was pushed lower in the overnight hours following a disappointing debut from the Hong Kong ETFs (more on that below). However, this...
By Tom Couture
•
Apr 29, 2024
Investors will have a lot to digest this week, including various data releases such as consumer confidence, ADP Employment, JOLTS, and non-farm payrolls. Likely more important is the FOMC meeting and Treasury Quarterly Refunding Announcement (QRA), both set for Wednesday. Equities are gaining to start the week with the $SPY and $QQQ both up approximately 0.30% as the DXY 0.00% (-0.44%) slides after the BOJ intervened to support the Yen against the dollar. Crypto assets are struggling so...
By Sean Farrell
•
Apr 26, 2024
Major equity indices are rallying on the back of solid earnings, with both the $SPX and $QQQ up over 1%. Meanwhile, crypto markets are churning lower, which is understandable as we should not expect crypto to rally alongside equities during an earnings-driven market. Crypto remains an apparently undecided market ahead of next week's FOMC meeting and the Quarterly Refunding Announcement (QRA), evidenced by another day of ETF outflows and a...
