First Mover Americas: Axie Infinity's Token Takes Off

The latest price moves in crypto markets in context for Dec. 5, 2022.

AccessTimeIconDec 5, 2022 at 1:34 p.m. UTC
Updated Mar 3, 2023 at 7:01 p.m. UTC
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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.

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Top Stories

Metaverse- and non-fungible token (NFTs)-focused tokens are surging, with Axie Infinity’s AXS leading the way. The play-to-earn game’s token, AXS, has surged 20% over the past 24 hours. AXS’ jump comes along with an increase in sales volume over the past 24 hours, according to data from CryptoSlam. Axie also announced Monday that it has selected a team of 700 community members to help build out the future of Axie Infinity. The Sandbox’s SAND token has also posted a large gain, up 7% on the day.

Genesis creditor groups’ loans total $1.8 billion, according to a person familiar with the matter. In addition to the previously reported group of Gemini customers owed $900 million through its Gemini’s Earn program, which is tied to Genesis, a second group of assorted Genesis creditors, with loans also amounting to $900 million, is being represented by law firm Proskauer Rose, a second source told CoinDesk. Genesis and CoinDesk are both owned by crypto conglomerate Digital Currency Group.

Crypto exchange Bybit is the latest company to announce layoffs amid the crypto winter. The exchange will implement another round of job cuts as it tries to refocus its operations amid a "deepening bear market," CEO Ben Zhou announced on Sunday in a Twitter post. The layoffs will affect 30% of staff. Bybit previously announced layoffs in June. Australian crypto exchange Swyftx also announced on Monday it has cut 90 jobs, citing the crypto downturn.

Chart of the Day

  • The chart shows CHZ, the native cryptocurrency of Chiliz blockchain that powers the largest sports fan token creator platform, has declined over 35% since the beginning of the FIFA World Cup on Nov. 20.
  • The pullback is typical of a "buy the rumor, sell the news" trade.
  • CHZ rallied sharply in the lead-up to the World Cup, defying broader market weakness as soccer fans poured money into the fan tokens.

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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.

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