The latest price moves in crypto markets in context for August 24, 2023.
. FTX, which collapsed in November 2022, wants to return funds to creditors in fiat currency rather than bitcoin or ether and hopes careful trading can avoid denting the value of its more than $3 billion in crypto holdings. “Hedging bitcoin and ether will allow the Debtors [FTX] to limit potential downside risk prior to the sale of such bitcoin or ether,” the filing by the FTX lawyers said.
No reason was provided for the decision, though the cryptocurrency exchange went on to say that less than 1% of its users in the regions would be affected. The card has been in use in Latin America for one year, having been rolled out in Argentina last August and in Brazil in January. The debit card allows customers to use their crypto assets to make transactions in shops or online as they would with a debit card issued by their bank.
The TVL has surged to $1.2 billion from $100 million at the start of the year, according to data tracked by Matrixport. "Smart traders increasingly use those RWA as the equivalent of safe-haven assets as holders collect the yield while waiting for the crypto downside volatility to subside," Matrixport said in a market note on Thursday.
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