The latest price moves in crypto markets in context for Nov. 17, 2022.
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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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” for Voyager, 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, VGX, jumped more than 55% following CoinDesk's report.
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.
The chart shared by Stéphane Monier, chief investment officer at Lombard Odier, a Swiss private bank, 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.
– Omkar Godbole
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