Plus, Genesis seeks help to stave off bankruptcy.
The latest moves in crypto markets, in context By Lyllah Ledesma, CoinDesk reporter Was this newsletter forwarded to you? Sign up here. |
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Welcome to Wednesday. Here’s what you need to know about crypto today: |
| Coinbase Wallet ends support for four tokens, including bitcoin cash. Genesis Global Trading hires lawyers to try to prevent bankruptcy.Texas regulators ask for FTX founder Sam Bankman-Fried. Bitcoin gains 2%, and ether is up 4%. |
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Coinbase Wallet has said it will end support for bitcoin cash (BCH), ethereum classic (ETC), Ripple’s XRP ledger (XRP) and stellar (XLM). This will be effective as of Dec. 5. The exchange cited “low usage” for dropping the tokens. XRP remains the seventh-largest cryptocurrency with a market cap of almost $20 billion. |
Genesis Global Trading has hired lawyers to help find a way to prevent the firm from having to file for bankruptcy. Some creditors are working with law firm Proskauer Rose, while others have retained Kirkland & Ellis, according to Bloomberg. This follows the lending arm of the crypto investment bank suspending redemptions and new loan organizations in the wake of crypto exchange FTX’s collapse. Genesis and CoinDesk share the same parent company, Digital Currency Group. Sam Bankman-Fried has been called to an FTX hearing by a Texas securities regulator. The Texas State Securities Board has been investigating FTX US since October, and it is asking the ex-FTX CEO to answer claims that FTX US offered unregistered securities products through its yield-bearing service. FTX Capital Markets LLC is registered as a dealer with the board, and “Texans were able to buy and sell publicly traded stock through the firm,” according to the hearing notice that was dated Nov. 22. |
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Market Insight: GMX Tops Uniswap in Fees |
Delphi Digital, Token Terminal |
Decentralized exchange GMX has evolved as a serious competitor to established industry players like Uniswap in the wake of FTX's collapse. On Monday, GMX earned $1.15 million in trading fees, surpassing Uniswap's $1.06 million for the first time on record, according to data tracked by Delphi Digital. The decentralized exchange, which allows users to trade perpetuals or futures with no expiry without an intermediary using smart contracts, is perhaps benefitting from a broader shift toward perpetual-focused decentralized platforms triggered by the recent fall of centralized giant FTX. Read the full story by Omkar Godbole. |
.Source: Glassnode, Blockware Solutions |
| The chart shows bitcoin's hash ribbon going back to January. The hash ribbon uses the 30-day and 60-day simple moving averages of the hash rate or the computing power being used to process transactions to identify periods where miners are in stress. The 30-day average is about to cross below the 60-day gauge, indicating miner capitulation."Hash ribbons, a metric created by Charles Edwards, illustrate when the 30-day moving average of bitcoin’s hashrate crosses below the 60-day moving average. Another miner capitulation officially has begun," Blockware Solutions said. |
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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. |
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