First Mover Americas: Meta’s Instagram Move Boosts Web3 Tokens

The latest price moves in crypto markets in context for Nov. 3, 2022.

AccessTimeIconNov 3, 2022 at 4:01 p.m. UTC
Updated Nov 14, 2022 at 6:18 p.m. UTC

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

1,018.17 −0.5 0.0
$20,272 −158.2 0.8
$1,544 −16.6 1.1
S&P 500 daily close
3,734.61 −25.1 0.7
$1,630 −15.3 0.9
Treasury Yield 10 Years
4.15 0.1
BTC/ETH prices per CoinDesk Indices; gold is COMEX spot price. Prices as of about 4 p.m. ET

Top Stories

Meta Platforms, parent of Facebook and Instagram, said it will use decentralized storage product Arweave to archive creators' digital collectibles. That prompted a 60% price surge in AR, the Web3 platform’s native token, boosting AR's market cap to $838 million and making it the third-largest Web3 token worldwide. The effect rippled through the metaverse: The tokens of Web3 platforms Filecoin and Storj gained 10% and 25%, respectively.

Crypto exchange Huobi Global, one of the largest crypto platforms in Asia, appeared to confirm it plans to move to the Caribbean by retweeting a post by Justin Sun, founder of the Tron blockchain network and an adviser to the company. The exchange, which was founded in China in 2013, is now based in the Seychelles.

On paper, billionaire Sam Bankman-Fried’s cryptocurrency empire is split into two parts: FTX, his exchange, and Alameda Research, his trading firm – both giants in their respective industries. However, a private financial document shows Alameda’s balance sheet includes billions of dollars in FTT, the native token of FTX, blurring the line between the two companies.

Chart of the Day: The Layer 2 Surge

  • Adoption of layer 2 blockchains, led by Ethereum, has recently soared, with the number of transactions processed by these platforms reaching a record high of 5.78 million.
  • The data from Orbiter.Finance, shown above, measures the number of transactions processed by layer 2 networks over the past 12 months.
  • Networks like Arbitrum and Optimism promise fast, scalable and secure networks, as well as a cheaper option, compared with Ethereum's main network.

Omkar Godbole

Trending Posts

CoinDesk Market Index

Biggest Gainers

Asset Ticker Returns DACS Sector
Render Token RNDR +5.96% Computing
Ribbon Finance RBN +5.64% DeFi
Balancer BAL +4.29% DeFi

Biggest Losers

Asset Ticker Returns DACS Sector
Band Protocol BAND -35.03% Computing
Arweave AR -33.78% Computing
Gitcoin GTC -30.7% Currency

Sector classifications are provided via the Digital Asset Classification Standard (DACS), developed by CoinDesk Indices to provide a reliable, comprehensive and standardized classification system for digital assets. The CoinDesk Market Index (CMI) is a broad-based index designed to measure the market capitalization weighted performance of the digital asset market subject to minimum trading and exchange eligibility requirements.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Lyllah Ledesma

Lyllah Ledesma is a CoinDesk Markets reporter currently based in Europe. She holds bitcoin, ether and small amounts of other crypto assets.

Omkar Godbole

Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team.