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First Mover Americas: FTX Faces Whopping Claims, Ackman's Hot for Helium
The latest price moves in crypto markets in context for Nov. 21, 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.
Latest Prices
CoinDesk Market Index (CMI) 806.33 −25.2 ▼ 3.0% Bitcoin (BTC) $16,022 −504.7 ▼ 3.1% Ethereum (ETH) $1,119 −44.4 ▼ 3.8% S&P 500 futures 3,950.75 −23.3 ▼ 0.6% FTSE 100 7,381.42 −4.1 ▼ 0.1% Treasury Yield 10 Years 3.82% ▲ 0.0 BTC/ETH prices per CoinDesk Indices, as of 7 a.m. ET (11 a.m. UTC)
STORY CONTINUES BELOW
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Bankrupt crypto exchange FTX owes its largest creditor $226 million, recently filed court documents show.The second-largest claim is for $203 million. The identities of the creditors weren’t named in the report, but collectively, the claims of the top 50 creditors are worth $3.1 billion.
TradFi investor Bill Ackman, a billionaire who founded hedge fund Pershing Square Capital Management, said he likes Helium, a decentralized network that allows users to set up their own wireless network for low-power internet-of-things devices. Helium has been accused of using fraudulent endorsements from tech giants like Salesforce and mobility company Lime to give its network legitimacy, while also reportedly exaggerating its relationship with Dish Network, which it claimed would grant it access to Dish's 5G spectrum. HNT is down nearly 95% during the last year according to CoinGecko data and was recently trading at $2.23.
FTX’s Japanese arm is preparing to resume customer withdrawals by the end of the year, according to a report by broadcaster NHK. An unnamed executive of the exchange said in an interview that withdrawals cannot be resumed immediately because FTX Japan uses the same payment system as its parent company, and that system is now suspended.
Chart of the Day
- The chart tweeted by pseudonymous crypto analyst @GameofTrades_ shows bitcoin recently fell to a two-year low with record trading volume.
- Historically, big spikes in trading volume have marked a significant turning point for bitcoin.
- The analysis is performed on spot bitcoin (Coinbase) on the weekly chart.
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Lyllah Ledesma
Lyllah Ledesma is a CoinDesk Markets reporter currently based in Europe. She holds a master's degree from New York University in Business and Economics and an undergraduate degree in Political Science from the University of East Anglia. Lyllah holds bitcoin, ether and small amounts of other crypto assets.
Omkar Godbole
Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team based in Mumbai, holds a masters degree in Finance and a Chartered Market Technician (CMT) member. Omkar previously worked at FXStreet, writing research on currency markets and as fundamental analyst at currency and commodities desk at Mumbai-based brokerage houses. Omkar holds small amounts of bitcoin, ether, BitTorrent, tron and dot.
