First Mover Americas: Bitcoin Ordinals Protocol Token Jumps 50%

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

AccessTimeIconNov 7, 2023 at 1:01 p.m. UTC
Updated Nov 7, 2023 at 4:16 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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Prices of the ORDI token tied to the Bitcoin Ordinals protocol surged 50% in 24 hours after it was listed on the crypto exchange Binance as an emerging project under the "seed" tag. "ORDI is a relatively new token that poses a higher-than-normal risk, and as such will likely be subject to high price volatility," Binance said in a Tuesday announcement. "Please ensure that you exercise sufficient risk management, have done your own research in regard to ORDI’s fundamentals, and fully understand the project before opting to trade the token." "The Seed Tag represents innovative projects that may exhibit higher volatility and risks compared to other listed tokens. The Seed Tag will be applied to ORDI," the exchange added.

Silicon Valley investment firm Proof Group, part of the Fahrenheit consortium that successfully bid for bankrupt cryptocurrency lender Celsius, is in the running to relaunch FTX, according to two people familiar with the plans. FTX, at the time one of the largest crypto exchanges, collapsed almost a year ago, sending shockwaves through the industry. Since then, the bankrupt exchange has received multiple bids for a potential restart, now narrowed down to a shortlist of three, according to Perella Weinberg Partners, an investment bank involved in the process. Other options being considered include selling the entire exchange and its valuable 9 million-strong customer list or bringing in a partner. A decision should be made by mid-December, said Kevin Cofsky, a partner at Perella Weinberg last month. Proof Group is a venture capital investor in crypto projects such as Aptos, Lightspark and Sui.

Crypto funds had their best run of inflows since the 2021 crypto bull market as investors kept piling into the market, digital asset management firm CoinShares said in a report on Monday. Investment vehicles holding cryptocurrencies saw $261 million of net inflows last week, recording six consecutive weeks of positive influx totaling $767 million, according to CoinShares data. "This run of inflows now matches the July 2023 run of inflows and is the largest since the end of the bull market in December 2021," CoinShares head of research James Butterfill noted.

Chart of the Day

  • The chart shows bitcoin's average monthly volatility since 2014.
  • Bitcoin has doubled in value this year amid weak liquidity conditions. Still, volatility has been largely absent from the market.
  • Perhaps macro and leverage traders are continuing to sit on the fence.
  • Source: Ecoinometrics

- Omkar Godbole

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Edited by Sheldon Reback.


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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.