Week 47 | 11/21/22 - 11/26/22
By Matthew BrienenNews Flash
Monday 11.21.22: Nexo is being sued in London by a family of fintech entrepreneurs who allege that it froze their ability to withdraw up to £107 million ($126 million) of their assets and then intimidated them into selling it all to the crypto lender at a 60% discount. They claim to have first aired concerns about Nexo’s compliance and transparency in December 2020. After failing to hear back from the crypto lender, they began withdrawing some of their $126 million stash the following March, selling their NEXO in tranches so as not to impact the price.
Tuesday 11.22.22: There is still no word on when users of Gemini’s Earn service will be able to withdraw their funds, but this morning the exchange tweeted it’s continuing “to work with [lending partner] Genesis and its parent company Digital Currency Group (DCG) to find a solution.” Gemini’s Earn is tied to the fate of its lending partner, crypto prime broker Genesis, which, on the same day of Gemini’s announcement last week, said it was suspending all withdrawals due to the sudden, catastrophic collapse of the FTX exchange, which Genesis's derivatives business had $175 million exposure to.
Wednesday 11.23.22: New York Governor Kathy Hochul signed a two-year moratorium on new permits for proof-of-work (PoW) cryptocurrency mining operators that rely on carbon-based fuel to power their activities. “The law will prohibit Environmental Conservation Law permits from being issued for two years to proof-of-work cryptocurrency mining operations that are operated through electric generating facilities that use a carbon-based fuel,” reads a memo for the bill.
CryptoCharged Live Show Recaps
Monday 11.21.22: Brian Decker talks about some of his most recent investing tactics and how the markets are reacting to the FTX collapse. Matthew Brienen talks about a variety of news stories and topics including an intriguing $COIN opportunity. Along with discussing a new low for Bitcoin, Matthew also offers a technical analysis of the markets.
Tuesday 11.22.22: Matt aims to discusses headlines such as lawmakers urging Fidelity to dismiss its Bitcoin retirement plan following the FTX crash, Genesis previously loaning $2.36 billion to Three Arrows Capital, and a summary of large entities claiming to be solvent. Matthew also offers a technical analysis of the markets as well as the risks associated with Grayscale Bitcoin Trust.
Wednesday 11.23.22: Dan Habib explains the rise in initial jobless claims, the Fed minutes, current sentiment, deflationary forces, and on-chain analytics in depth. Matthew Brienen summarizes New York enacting a two-year crypto mining ban, SBF having a speaking event, Japan planning to launch an experimental digital Yen CBDC in 2023, and Bank of America bullish on Ripple Labs. Matthew provides market technical analysis, a focus on select altcoins, reasons to be bullish on Casper, and Black Friday deals for crypto-related products.
