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The dark, black cloud that has formed over the crypto market since the FTX implosion only seems to be spreading for now. Coinbase shares are at their lowest and Bitcoin is again below US$16,000.

Meanwhile, Ethereum and most other cryptos are also plunging. Is it ALL pessimism? It’s not exactly where the vast majority of the crypto industry expected the market to be at this point in the year, but it’s not the end of the crypto world either. , as industry critics and pessimists would have it.

Some might even see it as a non-financially-advised opportunity to trade at potential fire-sell levels on the cryptos they believe have the strongest fundamentals. But they might want to make that call understanding that it’s entirely possible things could get even worse, before they get better in the cryptoverse.

Coinbase stock plunges

Shares of Coinbase, which is the leading US cryptocurrency exchange, fell to a new low of US$40.61. COIN, like the rest of the crypto world, has been further shaken up lately by the collapse of the FTX exchange.

The heady days of a COIN stock price of US$429 now seem like a distant memory, but it wasn’t until April 2021 that it was at its peak. Let’s assume it’s some kind of eternity in crypto years, though.

Does Coinbase have direct exposure to the FTX sh*tstorm? No, nothing significant has been revealed in this regard. There have been concerns that institutional crypto asset manager Grayscale is does not want to participate in public disclosure of evidence of reservationsand it is common knowledge that it uses Coinbase’s custodial service.

However, Coinbase Custody Trust has publicly confirmed to concerned investors that it holds 635,000 BTC on behalf of the Grayscale Bitcoin Trust, as well as three million ETH on behalf of the Grayscale Ethereum Trust and 11.9 million Ethereum Classic on behalf. from the Grayscale Ethereum Classic Trust, in September. 30.

In the meantime, could someone check on Cathie Wood?

FTX Contagion: Potential Genesis Misfortunes Grow

Digital asset brokerage Genesis, which is owned by Digital Currency Group – which also owns Grayscale (“everything is connected, mannnn”) – is reportedly struggling to raise much-needed capital for its lending unit. A unit that took the decision last week to suspend withdrawals from this part of the platform.

Quoting “people knowledgeable about the subject”, Bloomberg reported that Genesis warned potential investors that it may have to file for bankruptcy if it fails to secure the cash it needs. He would have collected at least 1 billion US dollars.

Binance has apparently been scouted as a potential investor, but nothing has been confirmed about it at this point, and nothing is likely to come of it.

Genesis Trading, while having no “material exposure to the collapsed FTX token FTT, had funds locked in the FTX platform. On November 10, he confirmed that it was about 175 million US dollars, according to Investopedia.

Genesis denied being on the verge of bankruptcy, one of its spokespersons reportedly said The street:

“We do not intend to file for bankruptcy any time soon. Our goal is to resolve the current situation in a consensual manner without the need for a bankruptcy filing. Genesis continues to have constructive conversations with creditors.

A Genesis bankruptcy filing would also affect cryptocurrency exchange Gemini founded by twins Tyler and Cameron Winklevoss, wrote The street. And that’s because Genesis is a Gemini partner.

Fun times at Cryptoland, huh? When someone coughs, the whole space gets the fucking flu.

Overview of the top 10

With the overall crypto market cap at $819 billion, down 3.6% since this time yesterday, here’s the current state of affairs among the top 10 tokens – according to CoinGecko.

The total crypto market capitalization has lost over US$20 billion since this time yesterday. But what are several billion dollars between friends, huh?

As of this writing, Bitcoin appears to have found support just above the US$15,500 mark, while Ethereum is clinging to US$1,100 by the skin of its teeth.

XRP, meanwhile, is the only major crypto, in the top 10 at least, to show some semblance of a positive green shape.

Any recent news on the creator of XRP Ripple and his legal battle with the SEC? Just that, from attorney Jeremy Hogan, who is following the case like a hawk. Or legal eagle or something.

In the meantime, here is Ripple CTO David Schwartz’s response to a tweet from former US congressional candidate turned crypto podcaster David Gokhshtein about the millionaires who “will be created in the next few months” in the crypto space.

Gotta love a little gallows humor.

Highs and lows: 11–100

Sweeping a market cap range of around US$6.1 billion to around US$297 million across the rest of the top 100, find some of the biggest 24-hour winners and losers as of press time. (Stats accurate at time of publication, based on data from CoinGecko.com.)

DAILY PUMPS

Houbi (HT), (market cap: $620 million) +10%

NMS (XEM), (mc: USD 299 million) +7%

EthereumPoW (ETHW), (mc: USD 363 million) +5%

ApeCoin (APE), (mc: USD 986 million) +4%

Trust Wallet (TWT), (mc: $831 million) +2%

ARE WE DAILY

Chain (XCN), (market cap: 936 million USD) -11%

LEO token (LEO), (market cap: 3.63 billion USD) -10%

KuCoin (KCS), (mc: USD 638 million) -6%

Chiliz (CHZ), (mc: USD 1 billion) -16%

The graphic (GRT), (mc: $399 million) -15%

around the blocks

A selection of rumors, randomness, and relevance that stuck with us on our morning commutes through the Crypto Twitterverse…

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