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“The ability to trace and track stolen funds has just gotten better and better – not just by investigators using blockchain intelligence like TRM, but by sleuths on Twitter using open source tools – and has created an environment where hacked funds are be


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Ether was recently changing hands at about $1,820, up 0.8%. The second largest crypto in market value has been similarly range-bound between $1,750 and $1,850 over the past two weeks. Other major cryptos were largely in the green, albeit paler shades, with TRX and AVAX, the tokens of smart contracts platform Tron and Avalanche, recently up 3.8% and 2.3%, respectively. The CoinDesk Market Index, a measure of crypto markets performance, recently rose 0.4%

Among major equity indexes, the tech-focused Nasdaq Composite climbed 0.5% to hit a 2023 high, while the S&P 500, which has a vital technology component, and Dow Jones Industrial Average (DJIA) ticked up 0.2% and 0.4%, respectively. Yields on Treasurys rose, and the price of gold sank slightly to $1,990, well below its near-record high early this month when investors were turning more to safe-haven assets.

Meanwhile, in an interview with CoinDesk TV’s “First Mover” program Monday, Ahmed Ismail, CEO of quant-based liquidity aggregator Fluid, said that the retreat of market makers Jane Street and Jump Trading from crypto trading in the U.S. had spooked investors, decreasing an already dwindling supply of market liquidity.

“One of the very big problems that crypto suffers with is liquidity being massively fragmented, and events such as this only exacerbate the problem,” Ismail said. “So what we're seeing right now is there is not much activity because liquidity is even more fragmented, and markets are very inefficient. As a result, you will see I think we are seeing certain narratives coming back.

Ismail noted an increase in call options on crypto exchange Bybit, a signal of unrest about the debt ceiling and other macroeconomic uncertainties. “The narrative of people taking liquidity out because they’re afraid of what’s going to happen and the uncertainty around the debt ceiling, that’s certainly a huge problem in keeping (the) crypto crisis so narrow now.”

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