GM. Welcome to the very best 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 may be the particular person HBO reveals as Satoshi Nakamoto + extra
🍍 Market flavour immediately
Crypto Market Cap $2.21 Trillion -1.30% (24H)
Identify
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, maintaining 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 the 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. Moreover, 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 stream again as soon as the hype eases off.
Bear in mind, when unsure, zoom out – the larger image is all the time in play! 🔍
💰 FTX payday incoming
Image your self ready in an airport safety line. When you requested me, I would say these annoy me.
However if you happen to requested me on a deeper stage, I would say I hate airport safety traces. Fairly frankly, I hate everybody in them, too. There’s all the time somebody with no spatial consciousness (or no consciousness typically) bumping into you, persons are harassed and confused, plus you’ll be able to’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 change collapsed. Is smart tho, realizing that this was some of the sophisticated bankruptcies ever.
Underneath the court-approved chapter plan, $14 billion will likely be paid out, and 98% of collectors are anticipated to get round 119% of their claims inside 60 days after the plan kicks in (at any time when that’s). To get their cash, they’re going to must move KYC checks and meet just a few different circumstances.
However here is the catch: most of those collectors held crypto on FTX, however due to one thing known 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 completely true. This is why: if you happen to had 1 Bitcoin, price round $16K again then, a 119% return would provide you with about $19K. However because it’s Bitcoin we’re speaking about, and it is now price $62K, that $19K appears extra like a 30% return, not 119%.
But, no matter whether or not the collectors are comfortable about this, the entire state of affairs is screaming bullish. Now, I ain’t no mathematician, however the equation appears easy sufficient: crypto clients + 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 most probably particular person 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 prime choose to steer the SEC if Trump returns to the White Home. A former SEC official even known as him a “pure alternative” 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 acquired a Wells discover from the SEC.
🌏 Worldcoin, the crypto biometrics venture 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 Power Ministry desires the facility to chop off crypto miners from the power grid. This follows studies that Russian miners generated round $3.5B in Bitcoin final 12 months.
