First Mover Americas: Axie Infinity's Token Is Soaring

The latest price moves in crypto markets in context for Jan. 23, 2023.

AccessTimeIconJan 23, 2023 at 1:18 p.m. UTC
Updated Jan 23, 2023 at 1:21 p.m. UTC

This article originally appeared in First Mover, CoinDesk’s daily newsletter putting the latest moves in crypto markets in context. Subscribe to get it in your inbox every day.

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Top Stories

Online game Axie Infinity's AXS cryptocurrency has rallied 40% over the past 24 hours to a four-month high of $13.94 despite the impending unlocking of millions of dollars’ worth of the tokens. Meanwhile, layer 1 blockchain Aptos’ APT tokens are up 250% over the past 14 days. The price of APT traded just shy of $13 on Monday, up from last week’s $7 and from a low of $3 in November, according to CoinDesk data. NFT (non-fungible token) markets on Aptos appear to have contributed to the growth. Data from Aptos NFT marketplace Topaz show collections such as Aptomingos – a set of comic flamingos – and Aptos Monkeys attracted tens of thousands of dollars in trading volume in the past 24 hours. Aptos was founded by former employees of Facebook parent Meta Platforms (META). Bitcoin was up slightly on the day, trading at $22,900 after briefly reaching $23,000 on Sunday.

Crypto lender Genesis Global Capital’s first-day hearing in its Chapter 11 bankruptcy case will take place on Monday, according to court filings. Genesis’ trading arm, which remained out of Chapter 11, is still moving money around on exchanges – a sign the business is running at least somewhat as normal. About $125 million was sent to exchanges in the run-up to Genesis’ lending division filing for Chapter 11. A wallet controlled by Genesis’ over-the-counter  trading desk sent about $125 million of ETH, FTM and USDT to Coinbase (COIN), Binance, Bitstamp and Kraken on Thursday. CoinDesk and Genesis are both owned by Digital Currency Group.

Signature Bank won’t handle transactions of less than $100,000 for crypto-exchange customers starting on Feb. 1, according to a statement from Binance. The exchange said in the statement emailed to CoinDesk that Signature had also told Binance that the minimum would apply to customers of all other crypto exchanges, as well.

Chart of the Day

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(CME Group)
  • The CME's FedWatch tool shows markets are certain the Federal Reserve will take another step down in its pace of its interest rate hikes.
  • Monday morning's market pricing showed a 100% probability that the Fed would deliver an increase of 25 basis points on Feb. 1, lifting the benchmark borrowing rate to 4.5%-4.75%.
  • The central bank slowed the pace of rate hikes to 50 basis points last month, offering relief to battered risky assets, including cryptocurrencies. The Fed had lifted its benchmark rate by 75 points in each of its previous four meetings.

Omkar Godbole

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The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

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Lyllah Ledesma is a CoinDesk Markets reporter currently based in Europe. She holds bitcoin, ether and small amounts of other crypto assets.

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Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team.

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