GM. Welcome to the perfect juice bar on the town – we’re squeezing out the freshest insights with simply the correct quantity of crypto pulp.
💰 FTX’s chapter plan was authorised by the court docket.
🍊 Information drops: Cardi B promotes a memecoin, Nick Szabo is likely to be the individual HBO reveals as Satoshi Nakamoto + extra
🍍 Market flavour right this moment
Crypto Market Cap $2.21 Trillion -1.30% (24H)
Title
Value
24H %
7D %
Bitcoin BTC
$62,528.71
-0.79%
-0.69%
Ethereum ETH
$2,430.00
-1.69%
-6.32%
BNB BNB
$573.31
-0.07%
0.57%
Solana SOL
$143.43
-2.52%
-6.67%
The Concern and Greed Index is chilling at a impartial 49, holding the vibes balanced for now. Bitcoin’s been on a little bit of a seesaw—after bouncing above $64.2K yesterday, it is slipped again in direction of $62K.
What’s stirring the pot? A mixture of world financial jitters, escalating tensions within the Center East, and the looming US Presidential elections are weighing on traders, stopping Bitcoin from cracking that $66K ceiling these previous eight weeks. Apart from, the surge in Chinese language shares may’ve pulled some capital out of different markets, together with BTC. However do not sweat it—many consider that is momentary, and the funds will circulation again as soon as the hype eases off.
Keep in mind, when unsure, zoom out – the larger image is at all times in play! 🔍
💰 FTX payday incoming
Image your self ready in an airport safety line. For those who requested me, I would say these annoy me.
However in the event you requested me on a deeper stage, I would say I hate airport safety strains. Fairly frankly, I hate everybody in them, too. There’s at all times somebody with no spatial consciousness (or no consciousness usually) bumping into you, individuals are pressured and confused, plus you possibly can’t shake that tiny concern that somebody may’ve put explosives in your bag. Only a nightmare.
And people take what, like 30 minutes to an hour? Now multiply that by 35,000—that is how lengthy FTX collectors needed to wait to get their cash again after the crypto alternate collapsed. Is sensible tho, figuring out that this was probably the most sophisticated bankruptcies ever.
Underneath the court-approved chapter plan, $14 billion will probably be paid out, and 98% of collectors are anticipated to get round 119% of their claims inside 60 days after the plan kicks in (each time that’s). To get their cash, they will have to cross KYC checks and meet a couple of different circumstances.
However this is the catch: most of those collectors held crypto on FTX, however due to one thing referred to as dollarization (typical in bankruptcies), their claims have been transformed into greenback quantities based mostly on the crypto costs when FTX went bankrupt in November 2022.
So, saying that collectors are getting greater than what that they had earlier than? Not solely true. Here is why: in the event you had 1 Bitcoin, value round $16K again then, a 119% return would offer you about $19K. However because it’s Bitcoin we’re speaking about, and it is now value $62K, that $19K seems extra like a 30% return, not 119%.
But, no matter whether or not the collectors are blissful about this, the entire state of affairs is screaming bullish. Now, I ain’t no mathematician, however the equation seems easy sufficient: crypto prospects + instantly getting large chunks of money = large market inflows.
That mentioned, seize your baggage and get to the gate—issues are about to take off.
📰 Information drops
🎤 Cardi B shared a teaser for her new WAP memecoin. Nevertheless, some indicators level to it doubtlessly being one other celebrity-backed crypto rip-off.
🎬 Nick Szabo, a pc scientist, is now forward of cryptographer Len Sassaman because the almost certainly individual to be named Satoshi Nakamoto in an upcoming documentary. It airs tonight on HBO at 9 PM EST.
🪶 Robinhood’s Chief Authorized Officer, Dan Gallagher, is being talked about as a high choose to guide the SEC if Trump returns to the White Home. A former SEC official even referred to as him a “pure selection” for the function.
⚖️ Crypto.com has sued the US SEC, accusing it of overstepping its authority in regulating crypto. This lawsuit comes after the corporate obtained a Wells discover from the SEC.
🌏 Worldcoin, the crypto biometrics undertaking co-founded by Sam Altman, is popping its consideration from Europe to Asia. “We have to prioritize the place we see the most important enterprise alternatives,” mentioned Fabian Bodensteiner, the managing director of its European department.
🫙 Ether exchange-traded funds (ETFs) noticed no flows yesterday. The one different time this has occurred was August 30.
🔌 Russia’s Vitality Ministry desires the ability to chop off crypto miners from the power grid. This follows studies that Russian miners generated round $3.5B in Bitcoin final yr.
