Kategorie: Fussball

Summary

• BlockFi has asked the U.S. bankruptcy court to dismiss a bankruptcy case filed by Sam Bankman-Fried’s (SBF) Emergent Technology company.
• The tussle is over control of 55 million Robinhood shares, which were used to secure a $600 million loan from BlockFi.
• BlockFi argued that Emergent Technology is ineligible for bankruptcy protection because it has no property in the U.S.

Background Information

Crypto lender BlockFi and Sam Bankman-Fried’s (SBF) Emergent Technology company are at odds over a tussle to control 55 million Robinhood shares. SBF owned 90% of shares in Emergent Technology — a company he co-founded with Gary Wang solely to purchase Robinhood shares. The Robinhood shares were reportedly worth $455 million and had been used by SBF to secure a $600 million loan from BlockFi, however they were seized by the U.S government following FTX’s collapse.

Emergent Files For Bankruptcy

In response, Emergent Technology filed for bankruptcy on Feb. 3 claiming that the 55 million Robinhood shares pledged to BlockFi belonged to its estate. This would mean that the company would be able to reclaim them despite their seizure by the U.S government, giving them an unfair advantage over other creditors vying for access to these funds.

BlockFi Responds With Counter Motion

In response, BlockFi filed a counter-motion on Feb 16 arguing that Emergent’s bankruptcy case was futile as it was ineligible for bankruptcy protection under the bankruptcy code due to its lack of property in the United States; “Emergent has no employees, no income, and no business; its sole assets were shares in Robinhood Markets Inc.“ Furthermore, they claim that this case was engineered solely in order to enrich joint provisional liquidators Angela Barkhouse and Toni Shukla who are seeking legal control of the seized Robinhood Shares via this route..

Conclusion

BlockFi has asked the U.S. bankruptcy court to dismiss Emergent’s bankruptcy case given that it lacks any property or assets within the United States making it ineligible for any form of legal protection under existing US laws governing bankruptcies and asset seizure proceedings

• Paxos denied rumors of bank charter rejection from the Office of the Comptroller of the Currency (OCC).
• OCC granted preliminary approval in 2021 and has 22 months since that date.
• Separate rumors emerged about a potential investigation by the New York Department of Financial Services (NYDFS), but neither party has confirmed it.

Paxos Refutes Bank Charter Rejection Rumors

Stablecoin issuer Paxos said that it has not been denied a national bank charter from the Office of the Comptroller of the Currency (OCC).

Office Of The Comptroller Of The Currency Preliminary Approval

The OCC granted preliminary approval in April 2021, and it has now been 22 months since that date, making the opening four months overdue.

Denial Of Rumors

Paxos categorically denied all rumors in its Feb. 8 tweet. It said that the OCC has not rejected its application for the charter, nor has the regulator asked it to withdraw its application. If Paxos obtains the charter, it will operate as a federally-regulated digital asset bank alongside competitors Anchorage and Protego. It will be able to operate across the U.S. without obtaining licenses in individual states that would otherwise require one.

New York Department Of Financial Services Investigation

Separate rumors emerged on Feb. 9 suggesting that Paxos faces a probe from the New York Department of Financial Services (NYDFS). Those rumors did not disclose the reasons for the supposed investigation and neither party has publicly confirmed any probe.

Crypto Brokerage & Stablecoins

Paxos is responsible for stablecoins Binance USD (BUSD) and Pax Dollar (USDP). It also operates a crypto brokerage and powers PayPal’s crypto trading capabilities

• The cryptocurrency market cap saw a net outflow of around $10 billion over the last 24 hours and currently stands at $1.08 trillion.
• Bitcoin and Ethereum’s market cap fell 1.32% and 1.51% to $453.27 billion and $201.57 billion, respectively.
• Over the last 24 hours, Bitcoin fell 1.3% to trade at $23,523 as of 07:00 ET while Ethereum declined 1.4% to trade at $1,648 as of 07:00 ET.

Crypto Market Overview

The cryptocurrency market cap saw a net outflow of around $10 billion over the last 24 hours and currently stands at $1.08 trillion — down 0.86% from $1.09 trillion. Over the reporting period, Bitcoin and Ethereum’s market cap fell 1.32% and 1.51% to $453.27 billion and $201.57 billion, respectively while the top 10 crypto assets posted losses across the board except Polkadot which is up 3%.

Bitcoin Price Movement

Over the last 24 hours, Bitcoin fell 1.3% to trade at $23,523 as of 07:00 ET while its market dominance dropped to 41.9%. During this period BTC managed to stay above 23500 after hitting 24091 on Feb 2nd but was soon taken over by bears leading it back down to current levels after liquidating over 30 million from traders who held long positions .

Ethereum Price Movement

Ethereum declined 1,.4 % over the last 24 hours to trade at 1648 as of 07:00 ET with its market dominance remaining flat at 18%,7%. ETH traded above 1700 for first time since September 2022 but soon retraced back down after bears took control of the market .

Top 5 Gainers

TerraUSD (USTC) is day’s biggest gainer rising 57%,97 %over reporting period trading at 039 as of press time with a market cap standing 390 .36 million . Illuvium (ILV) grew 38.,35 % , trading 101 ,96 with 214 .84 million in terms ifmarketcap . Orbs (ORBS) gained 32.,67 % , trading 040 as of press time with a total markectcap standing 203 ,18 million . Akash Network (AKT) rose 22.,63 %to 009 trading level with a totalmarketcap standing 97 ,26 million and NEAR Protocol (NEAR) was up 20.,71 %rising 030 levels by press time having 819 ,65million in terms ifmarketcap .

Conclusion

Overall crypto markets have seen losses across board except Polkadot which is up 3%, Bitcoin has dipped below 23500 again after hitting 24091 on Feb 2nd while Ethereum has stayed above 1600 for first time since September 2022 before being taken over by bears resulting in retracement back down current levels during last24hours . In terms offtop gainers TerraUSD (USTC), Illuvium(ILV), Orbs(ORBS), Akash Network(AKT)and NEAR Protocol(NEAR) allmade significant gains during sameperiod

• Solana-based DeFi platform Friktion has urged its users to withdraw their funds from the protocol, as it moves to suspend all frontend operations.
• Friktion has disabled its frontend interface to prevent users from initiating new deposits and is in “withdrawal-only mode” to allow users to withdraw their Volt deposits.
• Before the recent insolvency crisis, Friktion reached over $150 million in total-value-locked (TVL) on Solana and recorded about $3 billion in trading volume.

The Solana-based DeFi protocol Friktion has recently announced that they are suspending all front-end operations and urged their users to withdraw their funds from the platform. This decision was made due to the worsening financial crisis resulting from the FTX collapse as well as Solana’s repeated outages. The high operating cost of the platform has also been a factor in this decision.

In order to prevent new deposits and protect user funds, Friktion has disabled its front-end interface. The platform is now in “withdrawal-only mode”, allowing users to be able to withdraw their Volt deposits. The Friktion team has strongly encouraged users to withdraw their funds as the platform begins to sunset.

Before the recent insolvency crisis, Friktion had achieved great success with their platform. Over $150 million in Total Value Locked (TVL) had been achieved on Solana, and the platform had recorded a massive $3 billion in trading volume.

Despite the current setback, Friktion remains committed to the Solana ecosystem and is exploring ways to continue operations. They have discussed various options such as creating a new version of Friktion as a DApp on Solana, or a potential collaboration with another service provider.

Moving forward, Friktion is committed to providing the best possible user experience and will continue to inform users of any updates or changes. They hope to eventually resume full operations and continue to serve their users.

• Bitcoin dominance has hit 41.5% as of Jan. 20 — the highest level over six months.
• Ethereum dominance is also up and currently stands at 19.4%.
• The market cap for the entire crypto space sits at just under $1 trillion.

The cryptocurrency market has been experiencing a surge in recent months, with Bitcoin (BTC) leading the way. As of Jan. 20, Bitcoin dominance has hit its highest level in six months – 41.5%. This means that Bitcoin’s market capitalization is greater than that of all other cryptocurrencies combined.

At the same time, Ethereum (ETH) is also making gains. Its market capitalization has risen to 19.4%, the second-highest level among all cryptocurrencies. This is largely due to the ongoing success of DeFi projects, which are built on the Ethereum blockchain.

The combined market capitalization of all cryptocurrencies sits at just under $1 trillion. This is a significant increase from the end of 2020, when the market cap was around $700 billion. This shows that investor sentiment for the cryptocurrency market is still strong, and that demand for digital assets is still growing.

Bitcoin has been the primary driver of the market’s growth, but other cryptocurrencies have also contributed. For example, the market cap of the top 10 cryptocurrencies is now over $800 billion, up from around $500 billion at the end of 2020.

Overall, the cryptocurrency market is continuing to show signs of growth, with Bitcoin leading the way. Despite some volatility, the market cap of all digital assets is approaching the $1 trillion mark, and investor sentiment is still strong. Ethereum is also making gains as the DeFi sector continues to gain traction. If this positive momentum continues, the cryptocurrency market could reach even higher levels in the months to come.

• Bitcoin (BTC) hashrate recently hit an all-time high for the second time in the last seven days, rising 20% to 251.79 EH/s.
• Crypto lenders are taking advantage of miners using their rigs as collateral, using repossessed rigs to mine Bitcoin.
• The increased hashrate is expected to lead to a 9% rise in mining difficulty, according to bitrawr.

Bitcoin (BTC) recently hit an all-time high for the second time in the last seven days, with the hashrate rising 20% to 251.79 EH/s. This impressive milestone is being attributed to the consolidation of the mining industry, with crypto lenders taking advantage of miners using their rigs as collateral. This repossession of mining rigs has allowed lenders with mining experience to venture into crypto mining, making the most of the current situation.

The hashrate spike has caused some to speculate that the mining industry is being consolidated, with “weak hands” being replaced by “strong hands”. This consolidation is expected to cause a significant increase in the mining difficulty of Bitcoin, with bitrawr estimating a 9% rise.

The recent increase in hashrate is a clear example of the power of Bitcoin mining, and how it continues to be one of the most promising industries in the world. Crypto lenders have been quick to take advantage of the situation, repossessing rigs from miners who are struggling to keep up with the competition. This has allowed them to venture into the world of crypto mining, and possibly increase their profits.

The increase in hashrate will also have an effect on the network difficulty, making it harder for miners to mine Bitcoin. This may lead to an increase in the cost of mining, making it harder for smaller miners to be profitable. Despite this, the increased hashrate is a clear indication of the strength of Bitcoin’s network, and is a sign of the industry’s continued growth.

• Bitcoin (BTC) experienced its second-worst year to date in 2022, predicted to remain flat through 2023.
• The crypto winter of 2022 was fueled by tightening macro conditions and exacerbated by crypto-specific leverage and risk management.
• The Federal Reserve’s effective funds rate grew from 0% to 4.25%, leading to a massive repricing of risk assets that all benefitted from easy money and a low-interest rate regime.

Bitcoin (BTC) experienced a tumultuous year in 2022, with its second-worst performance to date since its launch in 2009. According to Arcane Research, Bitcoin was down 65% by the end of the year, performing worse than it had in only one other year since its inception: 2018, when it was down 73%. In comparison to other assets such as gold and the S&P 500, cryptocurrencies took the biggest hit to value in 2022, with a sharp drop in May and mid-June of the same year.

The cause of this crypto winter of 2022 was attributed to tightening macroeconomic conditions, as well as crypto-specific leverage and risk management. The Federal Reserve’s effective funds rate grew from 0% to 4.25% over the course of the year, leading to a massive repricing of risk assets that had all benefitted from easy money and a low-interest rate regime in late 2022 and throughout 2021. As a result, Arcane Research predicted that Bitcoin would remain largely flat throughout 2023, but close the year at a higher price than it opened.

In addition to the Federal Reserve’s monetary policy, the rise in institutional and retail investors also contributed to Bitcoin’s volatility. Investment firms, such as Grayscale, have been buying up large amounts of Bitcoin, while retail investors have been jumping in on the action as well, eager to capitalize on the asset’s potential. This influx of new investors has caused prices to skyrocket, only to be followed by sharp corrections.

Looking ahead, it remains to be seen whether Bitcoin will continue to experience such wild swings in price or if the asset will be able to stabilize. What is certain is that Bitcoin’s future will depend on a variety of factors, including government regulation, institutional investor interest, and retail investor sentiment. As long as these factors remain favorable, Bitcoin could continue on its path towards becoming a mainstream asset.

• Huobi exchange recorded $94.2 million in net outflows over the past seven days.
• Stablecoin and Ethereum wallets with high balances experienced the highest outflows.
• Tron founder Justin Sun deposited $100 million worth of USDT and USDC in Huobi.

Huobi, the world’s leading cryptocurrency exchange, recently experienced a significant net outflow of $94.2 million over the past seven days. According to data provided by Nansen, over $60 million (63.8%) of the outflows were recorded in the previous 24 hours. The exchange saw significant inflows of $87.9 million on December 15th and $46.04 million on December 28th, but since then, outflows have exceeded $200 million.

Nansen reported that the highest outflows were seen from stablecoins addresses (USDT and USDC) and Ethereum (ETH) wallets with high balances. Additionally, Huobi confirmed plans to lay off 20% of its staff in a “structural adjustment” that will be completed within the first quarter.

Furthermore, the exchange controls over 80% of HT, its native token. Earlier today, the token experienced a sell-off that saw its value drop by over 6%; however, its value rebounded and grew to $4.66590 as of press time.

The data also revealed that Tron founder cum Huobi’s advisor Justin Sun deposited $100 million worth of USDT and USDC in the exchange. This was followed by a buy wall of 1M HT, which further fueled speculations around the deposits. However, Justin Sun dispelled the rumors surrounding the exchanges, emphasizing that the deposits were only part of his regular activities.

Overall, it appears that Huobi’s outflows are a result of the exchange’s structural adjustment and changes in trader’s preferences. It remains to be seen how the exchange will tackle the situation and generate more inflows.