Coinbase and MicroStrategy bonds tanked, crypto markets plunged and the FTX exploiter moved a total of 180,000 ether. Market Wrap is CoinDesk’s daily newsletter diving into what happened in today's crypto markets.
Throughout much of 2022, cryptocurrency investors bemoaned the fact that prices of digital assets were highly correlated with the stock market. As major stock indexes fell into extended bear markets, crypto investors seemed to hope that prices of Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH), and other cryptocurrencies would break away from downturns in the stock market and assert their independence.
High bond yields are reflective of sharply higher rates as well as skepticism about the long-term viability of crypto amongst institutional investors, one investor said.