Crypto Will Be Part of Portfolio

Crypto Will Be Part of Portfolio

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2022-10-07 17:01:43

Market situation

Bitcoin yesterday at one point increased to 23,000 USD and then returned to around 22,000 USD. Altcoins rose slightly.

In June, the number of BTC withdrawn from the exchange increased sharply. From the beginning of July until now, the amount of BTC on exchanges has been flat again.

However, the amount of BTC withdrawn from Coinbase exchange due to rumors Coinbase will go bankrupt. On the other hand, Binance showed the opposite trend, with more BTC being pushed onto the exchange.

Financial markets are volatile due to concerns about inflation, interest rate hikes and economic recession. US stocks had the first session of the week falling on all three Dow, S&P 500 and Nasdaq indexes. Stock futures are mostly flat. Oil prices have risen to $102/barrel. Gold is flat at 1706 USD/ounce.

Bank of America earnings were lower than expected. Earnings fell 32% to $6.25 billion, or 73 cents per share, from a year earlier when the company made a $523 million provision for credit losses.

Goldman said second-quarter earnings were pegged at $7.73 per share, down 48.5% year-on-year but well ahead of experts’ expectations of $6.97 per share. The group’s revenue fell 23% to $11.86 billion, Goldman said, but topped analyst forecasts of $10.875 billion.

Going forward, the US job market will see more companies laying off employees. Despite a good second-quarter report, Goldman Sachs has slowed hiring, cut staff later this year and is looking to reduce the fees it pays suppliers as the investment bank prepares for tough times. harder to come. Apple also said that the upcoming economy will be more difficult. The company will slow hiring and spending on growth next year in preparation for a potential recession.

Cryptocurrency exchange Gemini reportedly made another round of layoffs after laying off 10% of its staff in early June. A source close to the matter said that Gemini has cut another 7% or 68 employees. .

Former Blackrock CEO and investment advisor Edward Dowd has emphasized that despite the recent crypto market turbulence, Bitcoin is here to stay and has enough qualities to include it in everyone’s portfolio. People. For him, Bitcoin is a better long-term store of value than gold.

Ether surges ahead of The Merge

The price of Ether rose ahead of the “The Merge” event scheduled for September. “The Merge” refers to Ethereum’s implementation of the execution layer — the term for the current Ethereum network — to the “consensus layer” of Ethereum. Beacon chain, the term for Ethereum’s upcoming proof-of-stake blockchain.

ETH’s rapid growth to $1,500 has led to a series of ETH futures orders liquidating up to $230 million in the past 24 hours. In which, about 137 million USD of Short orders and 93 million USD of Long orders were liquidated.

The increase in the price of ETH also led to an increase in some NFTs calculated according to the price of ETH. All major “blue chip” Ethereum NFT collectibles have enjoyed a massive hit in value over the past few months amid the broader crypto market crash and CryptoPunks is no exception. Cheapest NFT CryptoPunks currently listed above $100,000, topping first in two months.

Update on Celsius and 3AC

Celsius’s first bankruptcy hearing was held this past Monday. Records show that more than 77% of Celsius’s wealth comes from customers’ interest deposits. They also use this money to make profit by participating in Defi, staking and trading applications.

Celsius’ bankruptcy filing last week showed that Celsius had $4.3 billion in assets. It also has $5.5 billion in liabilities and $4.7 billion in bank deposits. Celsius’ attorney also said the company had $14.5 billion in crypto in March, but that’s now down to just $1.75 billion. He attributed those losses mainly to market prices and user withdrawals, and not to Celsius’ own actions.

The company has prepared a presentation outlining its plans to recover users’ funds. That document says the company will create a plan that will allow users to receive cash at a discount, or a “long-term cryptocurrency” option. Another option is Celsius will sell the property to a third party and they will be the unit to directly deal with the damage to the victims.

And Three Arrows Capital (3AC) after bankruptcy, there were more creditors. They have applied to the High Court of Singapore for further claims against 3AC and its access to the company’s Singapore headquarters.

According to The Street, 3AC’s largest creditor is Genesis Asia Pacific, a subsidiary of Digital Currency Group, which lent 3AC $2.36 billion. That is a much larger amount than previously reported. It became known that the loan had an 80% margin and Genesis started selling the collateral immediately.

Algorand also appears on 3AC’s list of creditors. Besides, Zhu, co-founder and CEO of 3AC, is also filing a lawsuit against his own company for a loan amount of 5 million USD. 3AC investment director DrSoldmanGachs also claims $25 million. Kyle Davies’ wife, Kelli Kali Chen, is said to be seeking $65.7 million in debt.

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