First Mover Americas: Investors Dig Risk Again

The latest price moves in crypto markets in context for March 30, 2023.

AccessTimeIconMar 30, 2023 at 12:32 p.m. UTC
Updated Mar 30, 2023 at 2:57 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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Bitcoin rose slightly on Thursday while the U.S. dollar slipped as investors showed an increased appetite for risk. Bitcoin was up 1% over the past 24 hours to about $28,500. It reached an intraday high of $29,100 but has since retreated a bit. Contracts on the tech-heavy Nasdaq 100 advanced 0.4% after a rally on Wednesday to enter into a bull market for the first time in nearly three years. Meanwhile, data from IntoTheBlock shows that bitcoin now has the highest "Sortino ratio" compared with traditional markets and ether. The metric measures the risk-adjusted performance of assets. A higher Sortino ratio suggests better risk-adjusted returns.

Crypto investors are fleeing Circle Internet Financial’s USD coin (USDC) stablecoin, with many of them switching to tether (USDT), another stablecoin, which has reached a 22-month high in market share. Net outflows from USDC have surpassed $10 billion since March 10 That's when regulators shuttered Silicon Valley Bank, a firm Circle banked with. Circle, a payments firm, has weathered SVB’s collapse as USDC has re-established the U.S. dollar price peg it lost in the immediate aftermath of SVB's failure, but the token has still dropped 23% from its one-time $43 billion market capitalization, according to crypto price tracker CoinGecko. USDC’s plunge comes as the stablecoin sector has been severely tested by problems in the banking industry and regulatory scrutiny. Crypto exchange Binance’s BUSD token has also plummeted, as have other stablecoins.

OKX says it has identified $157 million in digital assets belonging to FTX and Alameda Research and is turning them over to the bankruptcy estate for the two firms that both filed for bankruptcy in November. The exchange didn’t specify what digital assets it had found. OKX said in a release it conducted investigations to identify any FTX-related transactions on its exchange, and upon discovering assets and accounts linked to FTX and Alameda Research, a trading firm that is affiliated with FTX, it moved to secure the assets and freeze the connected accounts. Shortly after the collapse of FTX, a hacker siphoned $600 million from the exchange's wallets, leading to fears that FTX accounts on other exchanges were compromised.

Chart of the Day

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  • The bitcoin options market skew remains positive across time frames even as the cryptocurrency failed to keep gains above $29,000 early Thursday.
  • The positive skew reflects a bullish bias.
  • The skew measures the richness of bullish call options relative to the bearish put options. It shows what traders are willing to pay to acquire an asymmetric payout from an uptrend or downtrend.

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Edited by Mark Nacinovich.

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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.

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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