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Bitcoin fell more than 3% on Wednesday morning. may have influenced the market sentiment, even though there was no immediate cause for the sell-off. An unexpectedly high U.K. inflation figure in March of over 10% could have played a part. Laurent Kssis is a crypto trading advisor at CEC Capital. He said that Binance saw a few decent liquidations, as long contracts were washed off early this morning. Kssis said that there was a total of close to $100m in liquidations. He added that many investors were buying under $29,000. He said that many investors had waited for the fall to buy at lower prices.

U.S. Securities and Exchange Commission chairman Gary Gensler declined to state whether ether was a security in a five-hour hearing Tuesday before the House Financial Services Committee. Gensler dodged questions on whether his agency pushed too hard for proposed rules, and provided too little time to the public for feedback on these rules. He also avoided questions on how the SEC approached crypto companies who wanted to operate in the U.S.

Bloomberg reported that Tribe Capital was interested in the plan of bankrupt crypto exchange FTX to restart operations. Tribe Capital, which had as part of its portfolio before the collapse of FTX in November, may lead a $250 million fundraising campaign with a commitment to $100 million, according the report. A Bloomberg source said that Tribe Capital’s co-founder, Arjun Sethi, met with FTX’s official committee for unsecured creditors to discuss an informal proposal in January. The committee is working closely with the debtors in order to determine the best options for reviving or selling the FTX Exchanges, and creating value for creditors,” FTX Creditors’ Committee Tweeted on February 2. There is no set timetable for a sale or reboot at this point.

Chart of the Day

  • The graph shows the amount of bitcoins held in wallets linked to miners from February.
  • The balance of the miner decreased by 800 BTC in the last week. This is a sign that those who mint coins are starting to deplete their coin stock again.
  • However, the miner selling accounts for less that 1% of Bitcoin’s daily average trading volume, which is over $20 billion. This suggests a negligible negative impact on cryptocurrency’s value.

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Mark Nacinovich is the editor.