First Mover Americas: FTX’s First Hearing, Genesis Seeks Help

The latest price moves in crypto markets in context for Nov. 23, 2022.

AccessTimeIconNov 23, 2022 at 1:27 p.m. UTC
Updated Mar 3, 2023 at 7:01 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

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

831.65
+36.1 4.5%
$16,482
+571.8 3.6%
$1,162
+55.0 5.0%
S&P 500 futures
4,015.75
+NaN NaN%
FTSE 100
7,474.76
+22.0 0.3%
Treasury Yield 10 Years
3.76%
0.1
BTC/ETH prices per CoinDesk Indices, as of 7 a.m. ET (11 a.m. UTC)

Top Stories

Genesis Global Capital hired investment bank Moelis & Co. to explore options including a potential bankruptcy. The New York Times said a final decision hasn’t been made and it is still possible for the company to avoid a bankruptcy filing. Separately, Barry Silbert, founder of Genesis owner DCG, disclosed in a note to shareholders that the company had a roughly $575 million liability to Genesis Global Capital, which is due in May 2023. (DCG is also the parent company of CoinDesk.)

Sam Bankman-Fried, former CEO of FTX, apologized to the crypto exchange’s employees in a new letter sent out over the company’s Slack on Tuesday. He did not address concerns about customers' funds being misappropriated or other recent revelations about the company. Bankman-Fried said he felt "deeply sorry about what happened.” FTX also had its first hearing on Tuesday, letting the company’s lawyers finally get a better sense of just what was going on at the bankrupt crypto exchange.

Singapore’s largest bank by market cap, DBS, completed a fixed income trade on JPMorgan’s blockchain network Onyx. DBS said it is the first Asian bank to use the Onyx network, which is a blockchain-based fixed income trading network, to complete a trade. The Onyx Digital Assets network uses tokens for short-term trading in fixed income markets, enabling investors to lend assets for a period of hours without them leaving their balance sheets.

Chart of the Day

(Skew, CMI Group)
(Skew, CMI Group)
  • The chart shows the open interest in bitcoin futures traded on the Chicago Mercantile Exchange (CME) has soared to 98,725 BTC, surpassing the peak of 93,628 BTC reached in October last year.
  • Institutions have returned to the bitcoin market but on the bearish side.
  • Open interest refers to the number of contracts open or active at a given time.

Trending Posts

Disclosure

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 Block.one; 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.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.