Bears and Bulls locked in battle - Crypto Investor's Weekly 3.07-10.07

Bears and Bulls locked in battle?

The CFTC laid into Celsius head honcho Alex Mashinky for misleading investors and breaking the rules. If you’re new here, Celsius was one of the biggest lending firms to go under in 2022, creating a multi-billion black hole in the industry.??

Singapore also banned companies from using lending or staking retail funds. They also said funds had to be kept in a special trust. They protecc – they attacc, but most importantly, they safeguard your crypto stack:??

But if you’re looking for somewhere with tip-top regulation and a legal requirement to keep your funds in special accounts then you don’t have to go all the way to Singapre *cough* Switzerland* *cough* SMART VALOR *cough*.??

Blackrock top dog Larry Fink changes his tune on Bitcoin, CZ gets lonelier at the top of Binance, and Solana staking goes through the roof.??

Let’s dive in!??

Chart of the week?

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Source: The Block, via Twitter?

There was a moment this year when it looked like people were implying NFTs could be back. But in typical crypto style, things have changed.??

Last week, Azuki dropped a hotly anticipated collection that sold out and raked in over $30 million for the company. But then investors commented that the NFTs were almost exactly the same as the first collection. And, as you can see in the chart above, the floor price dropped.??

It’s not just Azuki though – Bored Apes are also down 88% from 2022. Justin Bieber’s teary-eyed ape that he bought for over $1 million is now worth just under $60,000. No wonder it’s crying with a drop like that.??

So why is all this happening? It’s because over 1,200 loans using NFTs as collateral recently got liquidated over the weekend. This is compared to a typical liquidation rate of around 10-15 per day. In the current market, there aren’t really many new buyers. So the floor prices are heading south. Bad times for NFT holders!??

This week’s crypto prices?

The prices may look stable but that only means one thing: bulls and bears are battling to take control of the momentum.??

You might check the crypto prices, see they are more or less the same, and breathe a sigh of relief. Well, that’s one way to look at things. Another is to realise that stable prices, or even prices cycling within a narrow range is usually, but not always, indicative of incoming volatility.??

So far, it looks like $31,000 is an important resistance level for BTC to break through. This is backed up by recent Coinshares research that shows 98% of all digital asset inflows went into Bitcoin products. But the fact that this has not yet happened suggests that the bears haven’t given up. They could try to push prices down into the mid $29,000s.??

Ether isn’t having so much luck at the moment, having stopped short of the long-awaited $2,000 goal. Bears could sink prices down to the $1,600s, but if bulls gather momentum there is potential for significant upside past the $2,000 limit if it is breached.??

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Tweet of the week?

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Source: Twitter??

Looks like the once-teflon don of crypto, CZ, might have trouble stopping the latest consequences of legal trouble sticking to him like a bad smell.??

The founder and CEO of Binance has been in hot water since he got in the U.S. regulator’s bad books earlier this year, when they alleged he had attempted to deceive regulators.??

According to the article, General Counsel Hon Ng, Chief Strategy Officer Patrick Hillmann and Senior Vice President of Compliance Steven Christie jumped ship this week over the CEO’s handling of ongoing investigations against the exchange.??

CZ has branded the news false and “FUD”, an industry term for fear, uncertainty and doubt, often used by corporate figures in the space in response to press or regulatory pressure for what they perceive to be baseless reasons.??

Either way – big heads are rolling at Binance. Is it just a coincidence? Or are they rats leaving a sinking ship??

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Keep your eyes peeled and keep your popcorn at the ready, this looks like it could go full Succession.??

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BlackRock CEO Larry Fink sees bitcoin as 'digitizing gold'?

BlackRock CEO Larry Fink said Wednesday that he wanted to work with regulators and hear any concerns they may have about a recent filing from the asset manager for a spot bitcoin ETF. He also said he viewed the largest cryptocurrency by market capitalization as having the role of "digitizing gold."?

Full article: The Block?

CFTC Investigators Conclude Crypto Lender Celsius, Ex-CEO Broke Rules?

Investigators at the Commodity Futures Trading Commission have concluded that bankrupt crypto lender Celsius Network and its former chief executive officer broke US rules before the firm’s implosion, according to people familiar with the matter.?

Full article: Bloomberg?

Gemini's Cameron Winklevoss Tweets $1.5B 'Final Offer' in Debt Talks Over Crypto Firm Genesis?

Cameron Winklevoss, co-founder of the Gemini crypto exchange, tweeted what he described as a "final offer" in the debt-restructuring talks over the bankrupt digital-asset firm Genesis, bringing months of negotiations and mediation to a head with a plan for $1.5 billion in forbearance payments and fresh loans.?

Full article: link Coindesk?

Value Locked in Solana's Liquid Staking Protocols Surged by 91% in the First Half of the Year?

As the crypto market returns to form this year, so too has demand for liquid staking – especially in the Solana ecosystem.??

Full article: Crypto News?

Singapore Regulator Bans Crypto Exchanges from Lending, Staking for Retail Investors??

Singapore is enforcing new crypto consumer protection measures as the city-state continues applying regulation to its burgeoning crypto industry.?

Full article: Decrypt?

That’s all for now.??

Bye!??

?Risk Disclosure: Cryptocurrencies can fluctuate widely in prices and incur permanent loss of capital and are therefore not appropriate for all investors. Past performance does not guarantee future results. Trading history presented is less than 5 years and may not suffice as basis for investment decision. This is not an investment advice.