LSD Coins Rally & DCG/Genesis Woes
Market Monday: An overview of the performance of various financial assets
Daily Bullets - Monday, January 9th
Hope everyone had a wonderful break! We’re back!
Synopsis: Market is looking green and spry with ETH outperforming over Bitcoin, liquid staking derivative (LSD) coins have been rallying over the past week and the DCG/Genesis potential bankruptcy is still in the air without a resolution yet. Will a bankruptcy result in forced selling? Upcoming important macro dates to be aware of are US December CPI on January 12 and FOMC rate hike on January 31.
Comprehensive daily and weekly insight into the crypto market
Daily Bullet Highlights:
Federal prosecutors in New York, along with the SEC, are investigating Digital Currency Group (DCG) for internal transfers at its lending subsidiary Genesis
The timeline for Mt. Gox financial details registrations and repayments has been pushed back by two months to Sept. 30 from July 31
Ethereum’s upcoming Shanghai upgrade, which lets users unstake their ETH, is the likely catalyst behind liquid staking derivative tokens narrative rally. Devs planning to release a public test network for Shanghai by the end of February
More than 55M shares of Robinhood stock worth over $450M owned by FTX co-founders SBF and Gary Wang seized by the U.S. Department of Justice
Crypto payments firm Wyre cuts withdrawal limits to 90% of funds, CEO has stepped down and the firm is exploring strategic options to survive the bear market
Huobi Korea is set to sever corporate ties with crypto exchange Huobi Global and run its own business
Gala Games is working on a movie with The Rock and Mark Wahlberg causing $GALA pump
OpenSea adds support for Arbitrum Nova
Market Monday: An overview of the performance of various financial assets
Since the FTX crash in November, Gold has been outperforming. There was a gradual slide in stonks (S&P 500, Nasdaq, Dow) with a recent uptick while the Dollar slid down. ETH held up better than Bitcoin and has seen a strong rally off its local bottom in December. Risk seems eager to return and many have hopes for an “echo bubble” meanwhile we still have overhanging macro concerns to clear up first.
Crypto News:
As part of its regularly scheduled rebalancing, Grayscale sold its AVAX and used the cash to purchase Bitcoin, Ethereum, ADA, MATIC, and SOL
Mastercard is launching a web3-focused incubator with Ethereum scaling layer-2 blockchain Polygon to help artists connect with fans
LongHashX, the startup accelerator arm of crypto venture capital firm LongHash Ventures, has launched soulbound tokens to reward contributors
Financial authorities in Germany are raising the alarm amid the rapid spread of a new financial malware affecting banking and cryptocurrency applications called “Godfather”
Crypto Exchanges:
Court filings show FTX spent $40M on food, flights, and hotels in just 9 months
MEXC Global officially launched the MEXC Mastercard, allowing cryptocurrency holders to use digital assets in daily payments
Flare Network (FLR) and Beldex (BDX) listed on KuCoin
DeFi:
Trader Joe DEX launched its mainnet on Arbitrum, its first move expanding to a chain beyond Avalanche
NFTs/Gaming/Metaverse:
GM: Daybreak Around the World, the Nat Geo Genesis NFT Collection
A phishing website offering a Pokémon-branded NFT card game has been spreading malware
Allah Rakha Rahman, the Indian composer and singer is launching his own metaverse platform Katraar for artists and their music
119,170 NFTs each representing one frame of the 83-minute long 2022 thriller film The Rideshare Killer shot in 24 frames per second were minted on the Polygon blockchain
Early Stage Projects:
Pendulum wins Polkadot's 35th parachain auction
MUX V2 - The first ever leveraged trading aggregator is live on Arbitrum
Premia merges with Knox Vaults
Valorem Options Litepaper
DYAD testnet V5 is live on Görli
Economic/Government/Regulatory:
Metropolitan Commercial Bank’s holding company will exit its crypto asset vertical, pointing to the shifting regulatory environment for banks involved in crypto
Fundraises:
DeBox $2M Strategic Partnership and Seed investment from ABCDE Capital to build a Web3 Substack and full-stack DAO platform - @DeBox_Social
Research/Reads:
M6 Labs - Deep Dive Into DIBA - Using Bitcoin, DIBA offers the opportunity to create, trade, and collect Unique Digital Assets (UDAs) - source
How the GBTC premium trade ruined Barry Silbert, his DCG empire and took crypto lending platforms with them - source
What JPow and the FED look to do in 2023 - source
Delphi Digital - The Great Reset: Navigating Crypto in 2023 - source
Crypto VCs say half their token bets are sidelined with no launch date in sight - source
Glassnode - A Volatility Slumber - source
Andre Cronje - Oracle Evolution - source
Circumventing Layer Zero: Why Isolated Security is No Security - source + Layer Zero Labs response to above - source
A Brief Primer On Ethereum’s Scaling Solutions - source
Deconstructing the Impact and Opportunity of Modular Execution Layers - source
Solana vs. Polygon: A Developer’s Perspective - source
What would a perfect game look like? We’ve got some ideas - source
Twitter:
Bullish large miner perspective on Bitcoin in next couple months:
10 biggest narratives for 2023:
GCR bullish on China:
Ongoing crypto narratives:
