Crypto stocks including Coinbase and MicroStrategy fell as traders assess potential contagion from Alameda’s balance sheet.Read MoreCoinDesk
Bitcoin (BTC) has retaken the $20,000 level and crypto-related stocks like Coinbase (COIN) and MicroStrategy (MSTR) have sharply narrowed losses on Tuesday after Binance CEO Changpeng Zhao announced the outline of a deal for his exchange to purchase rival FTX.
Bitcoin (BTC) which had sunk to the low-$19,000 area, has bounced back to $20,500, with similar price action seen for ether (ETH).
Among stocks, Coinbase (COIN) had plunged below $50 per share for the first time this summer, but has bounced back to $55.66 at press time, now down 2.4% on the session. MicroStrategy (MSTR) has narrowed its loss by half, now lower by 7.7% on the day.
Brokerage Robinhood (HOOD) – of which FTX CEO Sam Bankman-Fried owns a 7.6% stake in – had been down as much as 10%, but has trimmed that to a 3.5% decline.
The speculation over Bankman-Fried’s FTX started after CoinDesk reported last week that a notable portion of sister company Alameda’s balance sheet was made up of FTT, which is the FTX exchange’s in-house token.
Read more about
DISCLOSURE
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
The Bitcoin’s behavior around US Federal Reserve announcements has become one of the most consistent…
Bitcoin Magazine Bitcoin Falls Below $90,000 As Vanguard Exec Struggles With Bitcoin Value The bitcoin…
Bitcoin Magazine Why Trump Should Pardon The Developers of Bitcoins Non Custodial Samourai Wallet On…
Crypto markets saw a modest lift after the US Federal Reserve made another move on…
Bitcoin Magazine Sangha Renewables Energizes 20 MW Bitcoin Mining Facility in West Texas Sangha Renewables…
Chipmaker Broadcom's 10% slide weighs on the market as Chicago Fed's Goolsbee signals more cuts…