First Mover Americas: Bitcoin Drops as FTX Fallout Spreads

The latest price moves in crypto markets in context for Nov. 22, 2022.

AccessTimeIconNov 22, 2022 at 1:16 p.m. UTC
Updated Nov 22, 2022 at 1:24 p.m. UTC

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

Omkar Godbole was a senior reporter on CoinDesk's Markets team.

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

791.68
−14.4 1.8%
$15,687
−325.5 2.0%
$1,080
−36.0 3.2%
S&P 500 futures
3,961.00
+3.0 0.1%
FTSE 100
7,415.25
+38.4 0.5%
Treasury Yield 10 Years
3.82%
0.0
BTC/ETH prices per CoinDesk Indices, as of 7 a.m. ET (11 a.m. UTC)

Top Stories

Talk of a Genesis bankruptcy has sent bitcoin to fresh new lows. The troubled trading firm sought funding from Binance and Apollo Global Management, according to the Wall Street Journal. Binance, the world's largest crypto exchange, declined to invest, citing potential conflicts of interest. A Genesis representative, however, told Bloomberg that "we have no plans to file bankruptcy imminently.”

The initial news sent bitcoin to a fresh two-year low of $15,480. Since then, the price has remained at about $15,650. (Genesis and CoinDesk share the same parent company, Digital Currency Group.)

Sam Bankman-Fried’s crumbling FTX empire held $1.2 billion in cash reserves as of Sunday, court documents show. That is far below the $3.1 billion it owes to its top 50 creditors. About $751 million of that is held in debtor entities, and the rest, $488 million, is in non-debtor entities, according to the document, which was filed on Monday. About $514 million is unrestricted cash, $260 million is custodial, and $465 million is restricted cash that is earmarked for specific purposes like loan repayments and can't be used for general business purposes.

Coinbase shares have sunk to an all-time low. The U.S. crypto exchange went public in April 2021, and its shares have lost nearly 90% over the past year, with the FTX contagion causing the latest leg down. The stock dropped 10% to $40.62 on Monday, and it is down 39% in November. Coinbase's shares traded at slightly over $400 last year on the day the company went public on Nasdaq.

Chart of the Day

CoinDesk - Unknown

  • The chart above shows an increase in the volume of on-chain transfers of bitcoin that have been inactive for at least six months, a sign of long-term holders losing conviction, according to Glassnode.
  • A total of 254,000 BTC older than six months appears to have changed hands since the collapse of FTX.

Trending Posts

DISCLOSURE

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

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

CoinDesk - Unknown

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

CoinDesk - Unknown

Omkar Godbole was a senior reporter on CoinDesk's Markets team.

CoinDesk - Unknown

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

CoinDesk - Unknown

Omkar Godbole was a senior reporter on CoinDesk's Markets team.