FTX to sell crypto holdings - Blockchain Capital raises $580M for 2 new funds
Top crypto market headlines:
The Week Ahead:
Wednesday 9/20:
Thursday 9/21:
Friday 9/22:
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Weekly Insights Report:
Greetings from NYC, where we just touched down to?attend Mainnet following a Token2049 event last week in Singapore, where the energy was absolutely electrifying!?
Last week was packed with major crypto news! On a macro level,?rising energy costs pushed US inflation above forecasts in August, with consumer prices rising by 3.7% YoY, up from 3.2% in July. More than half of the monthly increase in price pressures was driven by a recent jump in petrol prices. This increase complicates the Fed’s fight against inflation, but the market expects it to keep interest rates steady at its next meeting on September 19-20. Across the Atlantic, the ECB raised interest rates to an all-time high of 4% for the 10th time in a row in its continuing fight against inflation. The ECB also significantly downgraded its forecasts for eurozone growth, looking for the economy to expand by 0.7% in 2023, 1% in 2024, and 1.5% in 2025. The decision drove the Euro to a three-month low against the USD.
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The SEC charged crypto-project Stoner Cats for conducting an unregistered NFT offering that raised $8 million. One of the SEC's arguments was that the entity promoted the potential for its NFTs' prices to increase in the secondary market. Stoner Cats agreed to pay a $1 million penalty and to destroy all NFTs in its possession but did not have to admit that it was guilty of the charges. The?New York State Department of Financial Services is also planning to release new guidelines for how crypto firms evaluate a coin offering before adoption and delisting.
FTX received approval from a US bankruptcy court to sell and hedge its crypto holdings, valued at over $3.4 bn (~$1?bn?worth of Solana and ~$560 million in Bitcoin, and the rest in other tokens). The court ruling permits FTX to use the funds raised in this liquidation to repay its creditors. FTX claims that hedging its assets will limit downside risk while staking certain digital assets will generate low-risk returns for creditors. FTX also requested to hire Mike Novogratz from Galaxy Digital as an adviser in this process.
In other news, Dubai-based crypto exchange JPEX froze trading as it responded to the Securities & Futures Commission of Hong Kong's claims that the exchange is not licensed to operate. The exchange is?negotiating?with third-party market makers to regain liquidity.?Binance.US CEO Brian Shroder resigned three months after SEC charges were levied against the firm. The firm announced a second round of layoffs, totaling over 100 staff members.?Franklin Templeton, another giant Asset Manager, has entered the race for a Bitcoin spot ETF with the "Franklin Bitcoin ETF." The ETF will be based on a mix of cryptocurrency exchange BTC prices to deter price manipulation.
On a weekly basis, BTC is upby 2.7% and ETH is up by 0.4%.? ?
We are at Mainnet in New York this week! Get in touch with Vincent & Chadi
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