Cryptocurrency markets have been volatile in recent weeks, with the CoinDesk Market Index (CMI) down 1.8% and Bitcoin (BTC) down 1.0%. Ethereum (ETH) has also seen a 2.1% drop, while traditional markets have been relatively stable, with the S&P 500 futures down 0.8%, FTSE 100 down 0.2%, and Treasury Yield 10 Years unchanged.
The latest news in the crypto space is that FTX bankruptcy claims are being picked up for 20 cents on the dollar in private over-the-counter (OTC) markets. Distressed asset fund managers are projecting around a 50 cents on the dollar recovery in five years. Meanwhile, Factor, the decentralized digital asset management platform built on Ethereum scaler Arbitrum, has attracted over $4.3 million in trades in the first 12 hours after going live.
The Litecoin network has also seen its first NFT after a copy of its mimblewimble upgrade was placed on the platform’s blockchain. Bitcoin developer Anthony Gurrera forked the code behind Bitcoin ordinals to the Litecoin network, answering a challenge from a Twitter user.
A chart by Kaiko shows daily trading volumes on centralized Nasdaq-listed cryptocurrency exchange Coinbase and dominant decentralized crypto exchange Uniswap since early January. Coinbase has seen more than $185 billion in trading volume so far this year, nearly double of Uniswap’s tally of $93 billion. This data dents the narrative that crypto traders are increasingly flocking to decentralized platforms in the wake of FTX’s collapse.
Overall, the crypto markets have been volatile in recent weeks, with traditional markets relatively stable. The latest news in the crypto space includes FTX bankruptcy claims being picked up for 20 cents on the dollar, Factor’s successful launch, and the Litecoin network’s first NFT. Coinbase and Uniswap’s trading volumes also show that decentralized exchanges are not yet dominating the market.