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How low can the Bitcoin price go?
Bitcoin is a “buy the dip” opportunity with the BTC price at $16,000 or a bear market capitulation waiting to happen, depending on who you ask. Bitcoin (BTC) has spent over a year in a downtrend since its $69,000 all-time highs in November 2021. BTC price performance has given investors up to 77% losses, but how much lower can BTC/USD really go? Bitcoin traders and analysts have long agreed that 2022 is the year of the largest cryptocurrency’s newest bear market. After coming off all-time highs to start the year at around $46,000, BTC/USD has offered little relief and has since returned to levels not seen since November 2020, data from Cointelegraph Markets Pro and TradingView confirms. That has placed the pair in historical bear market bottom territory — having lost a maximum ...
How Meloni’s video uses the distress of Africans to play into EU’s debates to block migrants
In a video unearthed after her accession to power, Giorgia Meloni, the current president of Italy’s ministerial council, criticises France’s policy in Africa. Source
2023 Appropriation Bill: Nigeria is heading towards greater debt
In October, President Muhammadu Buhari presented an Appropriation Bill of N20.51trn ($43.7bn) for the fiscal year 2023 to the joint session of the lower and upper Chambers of the National Assembly. He described the 2023 proposed budget as one “of fiscal sustainability and transition” – his very last budget as Nigeria’s president. However, what financial legacy is he leaving behind? Source
How Meloni’s video uses the distress of Africans to play into EU’s debates to block migrants
In a video unearthed after her accession to power, Giorgia Meloni, the current president of Italy’s ministerial council, criticises France’s policy in Africa. Source
Alameda Research withdrew $204M ahead of bankruptcy filing – Arkham Intelligence
According to analysis from blockchain firm Arkham Intelligence, over 50% of the funds transferred after Nov. 6 were in US pegged stablecoins. Alameda Research withdrew over $200 million from FTX.US before it filed for bankruptcy, according to analysis from blockchain firm Arkham Intelligence disclosed on Nov. 25. In a Twitter thread, Arkham revealed that Alameda Research, FTX’s sister company, pulled $204 million from eight different addresses of FTX US in a variety of crypto assets, the majority of them stablecoins, in the final days before the collapse. Arkham analysed flows from FTX US in the final few days before the collapse, finding that Alameda withdrew the most funds, at $204M. Below is a diagram of withdrawals to Arkham-identified entities from FTX US. n.b. this thread rega...
Angola: Isabel dos Santos denounces ‘political persecution’
Angola’s justice system has requested that an arrest warrant be issued against Isabel dos Santos. But the daughter of former president Eduardo dos Santos is fighting back. Source
$15.5K retest is more likely, according to Bitcoin futures and options
Bitcoin (BTC) has been trading near $16,500 since Nov. 23, recovering from a dip to $15,500 as investors feared the imminent insolvency of Genesis Global, a cryptocurrency lending and trending company. Genesis stated on Nov. 16 that it would “temporarily suspend redemptions and new loan originations in the lending business.” After causing initial mayhem in the markets, the firm refuted speculation of “imminent” bankruptcy on Nov. 22, although it confirmed difficulties in raising money. More importantly, Genesis’ parent company Digital Currency Group (DCG) owns Grayscale — the asset manager behind Grayscale Bitcoin Trust, which holds some 633,360 BTC. Contagion risks from the FTX-Alameda Research implosion continue to exert negative pressure on the markets, but the industry is w...
DeFi sparks new investments despite turbulent market: Finance Redefined
Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you significant developments over the last week. The prolonged crypto winter aided by the collapse of FTX has kept investors from backing a new protocol that merges DeFi and the foreign exchange market. A new Cosmos blockchain-based DeFi protocol has caught the eyes of investors who have put $10 million behind the project. Cardano-based leading stablecoin ecosystem Ardana abruptly stopped its development after several launch delays. However, the project remains open-source for others to add to it until they restart the development process. Aave community has now proposed a governance change after a failed $60 million short attack. The short attack was later trac...
Binance proof-of-reserves is ‘pointless without liabilities’: Kraken CEO
Disclaimer: The article has been updated to reflect Binance CEO CZ’s response to the concerns raised by Kraken CEO Jesse Powell. The collapse of the crypto exchange FTX revealed the importance of proof-of-reserves in avoiding situations involving the misappropriation of users’ funds. While exchanges have proactively started sharing wallet addresses to prove the existence of users’ funds, several entrepreneurs, including Kraken CEO and co-founder Jesse Powell, called the practice “pointless” as exchanges fail to include liabilities. According to Powell, a complete proof-of-reserve audit must include the sum of client liabilities, user-verifiable cryptographic proof that each account was included in the sum and signatures proving the custodian’s control over the wallets. Whil...
SEC chair’s crypto oversight strategy in question as ecosystems collapse
While regulations are often aimed at protecting citizens from bad actors, the effectiveness of crypto regulations in the United States is in question owing to the colossal fall of major exchanges and ecosystems over the past year — FTX, Celsius, Voyager, and Terra (LUNA). Congressman Tom Emmer showed concerns about the oversight strategy implemented by Gary Gensler, the chair of the U.S. Securities and Exchange Commission (SEC) for the crypto ecosystem. Emmer has been vocal against Gensler’s “indiscriminate and inconsistent approach” toward crypto oversight. On March 16, the Congressman revealed being approached by numerous crypto and blockchain firms that believed Gensler’s reporting requests to be overburdensome and stifling innovation. We are even more concerned now as we’ve...
American regulators to investigate Genesis and other crypto firms
Cryptocurrency lending firm Genesis Global Capital and other crypto firms are under investigation by securities regulators in the United States, according to reports on Nov. 25. Joseph Borg, director of the Alabama Securities Commission, confirmed that its state and several other states are participating in inquiries regarding Genesis’ alleged ties to retail investors, including if Genesis and other crypto firms might have violated securities laws, Barron’s reported. It is still unclear what other companies are being investigated. Borg noted that the investigation focuses on whether Genesis and other crypto companies influenced investors on crypto-related securities without obtaining the proper registration. The investigation is another chapter in the Genesis saga since the company r...
Crypto Biz: Institutions short Bitcoin as SBF is ‘deeply sorry’ for FTX collapse
The monumental collapse of FTX will go down as one of the biggest corporate scandals of all time. But, at least Sam Bankman-Fried, or SBF, is sorry. On Nov. 22, the disgraced founder of FTX penned a letter to his former employees describing his role in the company’s bankruptcy. “I never intended this to happen,” he wrote. “I did not realize the full extent of the margin position, nor did I realize the magnitude of the risk posed by a hyper-correlated crash.” Get this: SBF still thinks the company can be saved because “there are billion of dollars of genuine interest from new investors.” Shouldn’t he be preoccupied with trying to avoid jail right now? Bitcoin (BTC) and the broader crypto market have been reeling in the wake of the scandal. While this has allowed many diamond handed hodlers ...
