Equities, precious metals, and cryptocurrencies have been on a tear during the last three weeks of 2023, and all eyes are now focused on the next Federal Open Market Committee (FOMC) meeting, which is 11 days away. On Friday, Federal Reserve governor Christopher Waller said that he favors a quarter-point benchmark rate increase at the next FOMC meeting. Analysts believe…
Top Stories This Week Crypto lender Genesis files for Chapter 11 bankruptcy FTX contagions continue to spread through the crypto industry, with Genesis Capital filing for bankruptcy protection in New York, estimating liabilities in the range of $1 billion to $10 billion, and assets at the same level. The company plans a “dual track process,” which will pursue “sale, capital…
On Friday, bankruptcy judge John Dorsey approved the law firm Sullivan & Cromwell (S&C) to be appointed as the debtors’ counsel for FTX, despite an objection from Daniel Friedberg, a former FTX US compliance officer. During a Zoom presentation, Friedberg claimed there was a conflict of interest between former and current FTX executives and FTX US’ general counsel, as Ryne…
On Jan. 21, 2023, the price of bitcoin reached a 24-hour high of $23,333 per unit at 5 a.m. Eastern Time on Saturday. The entire crypto-economy is now valued at $1.05 trillion after rising 7.2% against the U.S. dollar. Bitcoin’s price rise has led to the crypto asset’s dominance level surpassing the 40% region among thousands of crypto assets, as…
The United States Federal Home Loan Banks System (FHLB) is lending billions of dollars to two of the largest cryptocurrency banks in an effort to mitigate the effects of a surge in withdrawals, according to a report from The Wall Street Journal on Jan. 21. The FHLB is a consortium of 11 regional banks across the United States that provide…
Federal prosecutors have seized $697 million in assets, mostly comprised of more than 56 million Robinhood shares worth $526 million, from FTX co-founder Sam Bankman-Fried. Court filings detailed that the U.S. government seized a series of bank accounts belonging to Bankman-Fried, holding millions in cash. US Government Seizes Millions in Cash and Robinhood Shares From FTX Co-Founder; SBF Denies Misappropriation…
Ever had a powerful and tragically unrealizable urge to go back in time and change things for the better? I have. Mine has been a life of abject, miserable failure, countless unforced errors, and if I could have just a second shot, as it were, maybe I would still be with her… So you can imagine my squeal of porcine…
Bitcoin (BTC) is in for a new “big rally” as market strength copies conditions from after the 2018 bear market. According to the latest analysis, BTC/USD will continue to head higher “after some consolidation” thanks to key signals from its relative strength index (RSI). Bitcoin prints never-before-seen bullish divergence With the BTC price gains still coming, Bitcoin bulls are feeling…
Solana rose by as much as 20% Saturday, as crypto markets came alive to start the weekend. The token hit a 12-week high in today’s session, breaking out of a key price ceiling in the process. Cardano also rose to its strongest point since November, with the global cryptocurrency market cap up 6.86% as of writing. Solana (SOL) Solana (SOL),…
Decrypting DeFi is Decrypt’s DeFi email newsletter. (art: Grant Kempster) Over the past week, Ethereum is burning hotter than ever. As part of EIP (Ethereum Improvement Proposal) 1559, launched all the way back in August 2021, the protocol has been burning ETH (crypto lingo for destroying) at a massive rate. As per EIP-1559, a portion of all Ethereum transactions are destroyed:…
