First Mover Americas: BNB-Bitcoin Ratio Falls to Lowest Level Since August

The latest price moves in crypto markets in context for Feb. 21, 2023.

AccessTimeIconFeb 21, 2023 at 1:08 p.m. UTC
Updated Feb 21, 2023 at 2:42 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.

Latest Prices

1,159
−20.9 1.8%
$24,581
−243.2 1.0%
$1,674
−35.1 2.1%
S&P 500 futures
4,055.25
−32.3 0.8%
FTSE 100
7,995.70
−18.6 0.2%
Treasury Yield 10 Years
3.83%
0.0
BTC/ETH prices per CoinDesk Indices, as of 7 a.m. ET (11 a.m. UTC)

Top Stories

FTX bankruptcy claims are being picked up for 20 cents on the dollar in private over-the-counter (OTC) markets. The distressed asset fund managers doing so are projecting around a 50 cents on the dollar recovery in five years, an anonymous FTX creditor told CoinDesk. Most of the deals are private as not all claims are fungible. "There may also be a clawback period for those who tried to withdraw leading up to the bankruptcy, so the quality of claims is important," the source said. FTX, which went bankrupt in November, has an estimated 1 million creditors, with the 50 largest being owed a combined $3.1 billion.

FMA 2:21 #1.png

Factor, the decentralized digital asset management platform built on Ethereum scaler Arbitrum, attracted over $4.3 million in trades in the first 12 hours after going live. Factor’s aim is to allow developers to be able to offer tokenized baskets, yield pools or derivative offerings to community users. Depositors to these products will profit from the upside created by those developers, who themselves earn a cut of fees. The initial coin offering for Factor’s FCTR token started with a $10 million target and will last for three more days, after which the resulting pool of money will be distributed to determine the initial price of FCTR in the open market.

The Litecoin network has effectively gotten its first non-fungible token (NFT) after a copy of its mimblewimble upgrade was placed on the platform’s blockchain. Bitcoin developer Anthony Gurrera forked the code behind Bitcoin ordinals to the Litecoin network, answering a challenge from a Twitter user who offered a public bounty of 15 LTC ($1,410) to the first party to fork Ordinals to Litecoin. Ordinals Protocol has recently enabled Bitcoin-based NFTs by allowing users to inscribe references to digital art into small denominations of BTC.

Chart of the Day

(Kaiko)
(Kaiko)
  • The chart by Kaiko shows daily trading volumes on centralized Nasdaq-listed cryptocurrency exchange Coinbase and dominant decentralized crypto exchange Uniswap since early January.
  • Coinbase has seen more than $185 billion in trading volume so far this year. That's nearly double of Uniswap's tally of $93 billion.
  • The data dents the narrative that crypto traders are increasingly flocking to decentralized platforms in the wake of FTX's collapse.

- Omkar Godbole

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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 offers all employees above a certain salary threshold, including journalists, stock options in the Bullish group as part of their compensation.

Jamie Crawley

Jamie Crawley is a CoinDesk news reporter based in London.

Omkar Godbole

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


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