Strengths
- Of the cryptocurrencies tracked by CoinMarketCap, the best performer for the week was IMX, rising 33.54%.
- Tether Holdings resumed lending out its own stablecoins to customers, less than a year after it said it would wind down the practice. The company calls them secured loans and discloses little about the borrowers or the collateral accepted, writes Bloomberg.
- Bitcoin extended its rally from last week, rising above $27,000 for the first time since August. Other digital assets followed suit, with smaller tokens such as Solana, Litecoin, and Bitcoin Cash rallying, according to Bloomberg.
Weaknesses
- Of the cryptocurrencies tracked by CoinMarketCap, the worst performer for the week was IOTA, down 9.01%.
- A report by dappGambl found that 95% of non-fungible tokens (NFTs) are effectively worthless. Out of 73,257 NFT collections, 69,795 of them have a market cap of zero ether, based on data provided by NFT scan and coin market caps, writes Bloomberg.
- FTX Trading sued to claw back transfers valued at $153 million received by former employees of an FTX affiliate just before the cryptocurrency trading platform collapsed into bankruptcy. Four former employees of Salameda Ltd. used their personal connections to prioritize withdrawals of their funds and digital assets from FTX when it became clear last November that the company was in trouble, writes Bloomberg.
Opportunities
- Volatility in Bitcoin remains suppressed, consistent with the calm in the U.S stock and bond markets. The low volatility regime will likely continue after Wednesday’s Federal Reserve decision, according to some crypto traders, as reported by Bloomberg.
- PayPal announced on Wednesday that Venmo users will be able to buy PayPal’s new stablecoin, increasing the number of cryptocurrencies customers can purchase on the app to five. The ability to purchase PYUSD is now open to select users and it will be rolled out to more customers in the coming weeks, writes Bloomberg.
- Carly Nuzback, the former chief legal officer of UK crypto custodian Copper Technologies, has started a new company which will help crypto firms deal with tougher new rules on marketing their services in the UK, writes Bloomberg.
Threats
- The managers of bankrupt crypto exchange FTX sued the parents of co-founder and CEO Sam Bankman-Fried to “recover millions of dollars in fraudulently transferred and misappropriated funds.” Allan and Barbara Fried allegedly exploited their access and influence within FTX to enrich themselves by millions of dollars at the expense of the debtors and creditors, the court filing said, as reported by Bloomberg.
- A former Wall Street trader who became the head of a major crypto company has been caught up in allegations about drug use and his relationship with a 19-year-old intern at a Bitcoin conference last year. This comes as part of a lawsuit filed by a former colleague, writes Bloomberg.
- Crypto exchange Bybit is exiting the UK market ahead of new crypto marketing rules set to be enforced by the country’s financial regulator, writes Bloomberg.
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.
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