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First Mover Americas: BlockFi the Latest Chapter (11) in FTX Saga
The latest price moves in crypto markets in context for Nov. 29, 2022.
Por Lyllah Ledesma
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) 844.11 +18.8 ▲ 2.3% $16,484 +272.0 ▲ 1.7% $1,217 +46.3 ▲ 4.0% S&P 500 futures 3,980.75 +10.5 ▲ 0.3% FTSE 100 7,528.84 +54.8 ▲ 0.7% Treasury Yield 10 Years 3.7% ▲ 0.0 BTC/ETH prices per CoinDesk Indices, as of 7 a.m. ET (11 a.m. UTC)
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Crypto lender BlockFi filed for Chapter 11 bankruptcy protection on Monday, saying ithoped to restructure while it continues its operations. BlockFi received a $400 million line of credit from bankrupt exchange FTX earlier this year and has about $257 million in cash on hand, according to a press release.
BlockFi sued FTX founder Sam Bankman-Fried for his Robinhood Market shares on Monday. Bankman-Fried, through his Emergent Fidelity Technologies holding company, pledged his stake in the online trading company as collateral for a loan.
Crypto exchange Huobi’s token, HT, climbs 15% over the past 24 hours after the firm announced a partnership with the Commonwealth of Dominica. Blockchain developer Tron and DMC Labs will issue a national token called dominica coin (DMC) and a digital identity, or DID. Huobi will provide Dominica DID status to every registered user.
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Solana CME Futures Fell Short of BTC and ETH Debuts, but There's a Catch
When adjusted for asset market capitalization SOL's relative futures volume looks better, K33 Research noted.
What to know:
- Solana's SOL futures began trading on the Chicago Mercantile Exchange (CME) on Monday, with a notional daily volume of $12.3 million and $7.8 million in open interest, significantly lower than the debuts of bitcoin (BTC) and ether (ETH) futures.
- Despite the seemingly lackluster debut, when adjusted to market value, SOL's first-day figures are more in line with BTC's and ETH's, according to K33 Research.
- Despite the bearish market conditions, the launch of CME SOL futures offers new ways for institutions to manage their exposure to the token, said Joshua Lim of FalconX.
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