First Mover Americas: The Graph’s GRT Soars 92% in 7 Days

The latest price moves in crypto markets in context for Feb. 7, 2023.

AccessTimeIconFeb 7, 2023 at 1:01 p.m. UTC
Updated Feb 7, 2023 at 3:19 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.

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Indexing protocol The Graph’s GRT token surpassed a $1 billion market capitalization again on Sunday, according to data from CoinMarketCap. The spike reflects the platform’s significant ecosystem growth in 2022, particularly during the fourth quarter. The token began to climb at the beginning of 2023 after plummeting in the second half of 2022, and is now trading at around $0.17, up 94% over the last seven days. GRT in 2021 had risen above $5 billion in market value before spiraling lower as the wider crypto market started tumbling late that year.

Binance is temporarily suspending U.S. dollar bank transfers starting on Wednesday, the company confirmed to CoinDesk on Monday. "We are temporarily suspending USD bank transfers as of February 8th," a Binance spokesperson said, noting just 0.01% of monthly active users use USD bank transfers. "Affected customers are being notified directly." "In the interim, all other methods of buying and selling crypto remain unaffected, including bank transfer using one of the other fiat currencies supported by Binance (including euros), buying and selling crypto via credit card, debit card, Google Pay and Apple Pay and via our Binance P2P marketplace," the spokesperson added. Binance.US is not affected by the suspension, the exchange later said.

Crypto friendly lender Signature Bank faces a putative class-action suit for its involvement in the operations of now bankrupt cryptocurrency exchange FTX. Statistica Capital, an algorithmic trading firm, claims the bank "had actual knowledge of and substantially facilitated the now-infamous FTX fraud," according to a filing in the U.S. District Court for the Southern District of New York. "In particular, Signature knew of and permitted the commingling of FTX customer funds within its proprietary, blockchain-based payments network, Signet." Statistica says it advised Signature the funds were meant for FTX, but the bank allowed them to be transferred to accounts controlled by Alameda Research, the trading firm owned by FTX founder Sam Bankman-Fried.

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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.