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First Mover Americas: Cathie Wood’s Ark Buys More COIN; Do Kwon is in Serbia
The latest price moves in crypto markets in context for Dec. 12, 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) 853 −14.0 ▼ 1.6% Bitcoin (BTC) $16,982 −168.7 ▼ 1.0% Ethereum (ETH) $1,250 −24.1 ▼ 1.9% S&P 500 futures 3,946.75 +10.5 ▲ 0.3% FTSE 100 7,451.72 −24.9 ▼ 0.3% Treasury Yield 10 Years 3.55% ▼ 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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Cathie Wood's Ark Investment Management bought 78,982 shares in cryptocurrency exchange Coinbase (COIN), its first investment in the crypto exchange in a month. At Friday's closing price of $40.24 the purchase would have cost about $3 million. The stock has been in a funk in recent months, and is down almost 60% from $98 in early August. The purchase takes the ARK Innovation ETF's (ARKK) holding to 5.7 million COIN shares.
Crypto media site The Block (a competitor to CoinDesk) was secretly funded over the last two years by Sam Bankman-Fried’s Alameda Research. The Block’s CEO, Michael McCaffrey, immediately resigned after the loans came to light, and will also step down from The Block's board. McCaffrey received three loans for a total of $43 million. The first loan was for $12 million in 2021, the second was for $15 million in January and the third was for $16 million.
Do Kwon, who is wanted internationally in connection with the collapse of the Terra ecosystem, has moved to Serbia through Dubai, CoinDesk Korea reported on Monday. Kwon was the co-founder and CEO of Terraform Labs, which was behind the stablecoin terraUSD (UST) that was deppeged from the U.S. dollar in May. The Terra domino was the first to fall in a crypto winter that most recently saw the collapse of crypto exchange FTX.
Chart of the Day
- The chart shows the neutrino dollar, or USDN, an algorithmic stablecoin of the Waves ecosystem, has crashed to about 78 U.S. cents, the lowest point on record.
- Last week, South Korea's Digital Asset Exchange Association, comprising five major crypto exchanges – Upbit, Bithumb, Coinone, Korbit and Gopax – labeled WAVES, an asset backing USDN, as an "Investment Warning" asset.
- The group said WAVES could become volatile due to USDN de-peg.
- The stablecoin has lost its peg at least five times this year.
– Omkar Godbole
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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.
