Plus: Genesis’ crypto-lending unit halts customer withdrawals.
The latest moves in crypto markets, in context By Lyllah Ledesma, CoinDesk reporter Was this newsletter forwarded to you? Sign up here. |
|
|
Welcome to Thursday. Here’s what you need to know in crypto. |
| Binance to make another bid for bankrupt crypto lender Voyager Digital.El Salvador President Nayib Bukele and Tron founder Justin Sun will buy bitcoin every day. Gemini suffers a $485 million rush in net outflows in the past 24 hours. |
|
|
Binance.US is making another bid to acquire bankrupt lender Voyager Digital, according to a person familiar with the plans. Previously, the now-defunct crypto exchange FTX emerged as the “white knight,” beating rivals Wave Financial and Binance. This time round, Wave Financial and trading platform Cross Tower are reported to be in the running. Voyager’s native coin jumped more than 55% following CoinDesk's report. |
Antonio Masiello/Getty Images |
Genesis’ crypto-lending unit has halted customer withdrawals temporarily in the wake of FTX’s collapse. The unit, which serves an institutional client base and had $2.8 billion in total active loans at the end of the third quarter, is exploring solutions, including finding a source of fresh liquidity. Genesis owner Digital Currency Group is also the parent company of CoinDesk. El Salvador President Nayib Bukele and Tron founder Justin Sun have committed to buying one bitcoin every day amid fears that FTX’s collapse will prolong the crypto winter. The strategy of purchasing bitcoin on a set schedule instead of in reaction to market movements is known as dollar cost averaging. |
|
|
There'd be no bitcoin without bitcoin mining. Invest in GDIO. Grayscale Digital Infrastructure Opportunity (GDIO) combines Grayscale’s proven track record in investment management with Foundry’s bitcoin mining expertise as the operator of the world’s largest bitcoin mining pool. GDIO is a new offering for accredited investors that aims to invest in bitcoin mining equipment, mine and sell bitcoin daily, and distribute a portion of its operating income to its investors quarterly. Diversify your crypto investments with GDIO. Visit grayscale.com/gdio to learn more and for important disclosures. Investing involves risks and the possible loss of principal. |
|
|
Market Insight: Gemini's Rush of Outflows |
Gemini, a crypto exchange and custodian founded by the Winklevoss brothers, has suffered a rush of withdrawals as crypto firms wrestle with the reverberations of the FTX-Alameda Research bankruptcy and subsequent contagion in the digital-asset industry. Data by blockchain intelligence platform Nansen shows that Gemini saw $485 million in net outflows in the past 24 hours, the largest among crypto exchanges. Outflows totaled $563 million and were offset by only $78 million in inflows. The rush of withdrawals came as Gemini paused withdrawals Wednesday from its yield-generating Earn program. Genesis, which powered the program for Gemini, had announced that it was suspending customer redemptions, citing “extreme market dislocation." |
Hex Trust is a fully licensed digital asset custodian for financial institutions and organizations. Our bank-grade platform Hex Safe™ integrates top emerging blockchains, token standards, and licensed custody services for NFTs and metaverse assets. Institutional-grade infrastructure: providing the highest standards of protection, scalability, and compliance Monetize digital assets: accessing DeFi, staking, and other on-chain servicesEnter the metaverse: integrating NFTs in your business operations safely Unlock the full potential of your digital assets. Get started |
| The chart shared by Stéphane Monier, chief investment officer at private bank Lombard Odier, shows global shipping rates have collapsed to pre-pandemic levels.The receding costs signal lower inflation and economic recession ahead, weakening the case for continued liquidity tightening by the Federal Reserve. |
|
|
Want our 5 p.m. ET market update? Subscribe to Market Wrap below! |
Disclaimer: The information presented in this message is intended as a news item that provides a brief summary of various events and developments that affect, or that might in the future affect, the value of one or more of the cryptocurrencies described above. The information contained in this message, and any information liked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. The information presented herein is accurate only as of its date, and it was not prepared by a research analyst or other investment professional. You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments. |
|
|
|
