Week 48 | 11/28/22 - 12/3/22
By Matthew BrienenNews Flash
Monday 11.28.22: U.S. cryptocurrency lender BlockFi said on Monday it had filed for Chapter 11 bankruptcy protection along with eight affiliates in a New Jersey court, the latest casualty since FTX's collapse earlier this month triggered instability in the crypto market.
Tuesday 11.29.22: The recently bankrupt crypto lender BlockFi is suing FTX CEO Sam Bankman-Fried to obtain shares of Robinhood he allegedly pledged to the company as collateral earlier this month. The lender’s complaint alleges that Bankman-Fried's investment vehicle Emergent Fidelity Technologies, in partnership with ED&F Man, a London-based financial services firm that acted as a broker for Bankman-Fried, “has custody of the collateral that belongs to BlockFi.”
Wednesday 11.30.22: Brazil has not designated Bitcoin as legal tender, but it did the next best thing: it passed a law legalizing cryptocurrency as means of payment throughout the country, giving a regulatory boost to the adoption of digital currencies and the expansion of the ecosystem. The document—signed under code PL 4401/2021—provides for the inclusion of virtual currencies and frequent traveler rewards from airlines (the popular "miles") in the definition of "payment agreements" under the supervision of the country's Central Bank.
Thursday 12.1.22: The CFTC chief has proposed that the average crypto investor should get different protection from professional and high-net-worth individuals. She proposed that the CFTC should have two categories of retail customers so that additional protections can be targeted to each group. “What is safe and affordable for a millionaire or hedge fund is likely to be very different for regular people who want access to markets but cannot afford to lose everything,” she said.
Friday 12.2.22: Galaxy Digital is planning to buy GK8 from Celsius Network, which filed for bankruptcy in July after the crash of Terra’s algorithmic stablecoin. GK8 is an institutional digital asset self-custody platform. Galaxy looks to use the firm’s custody solution as it develops GalaxyOne — an offering that seeks to provide trading, lending, cross-portfolio margining, and derivatives to institutional investors.
Monday 11.28.22: Matt explains Fidelity beginning to open retail Bitcoin trading accounts, crypto lender BlockFi filing for bankruptcy in New Jersey, and a thread about howXRP is being used around the world. Matthew also gives a detailed analysis of the markets and shares which altcoins he is currently purchasing.
Tuesday 11.29.22: The team discusses bankrupt BlockFi suing FTX founder over promised Robinhood shares as collateral, Coinbase ditching support for XRP as of December 5th, 2022, and the SEC continuing to collect payments from bankrupt filing BlockFi. Matthew Brienen provides a potential bottoming scenario for Bitcoin.
Wednesday 11.30.22: Brian & Matt roundtable Powell's comments and the market's positive turnaround. Matthew examines Uniswap launching an NFT Aggregator following the acquisition of Genie, Texas ordering Sam Bankman-Fried to appear in court for a hearing, a big piece of FUD from the European Central Bank, and whether the BNB token has artificially performed well in the past. Brian discusses the GMX platform and its token, as well as why this platform is so popular right now.
Thursday 12.1.22: Matt talks about the upcoming 300th show special, BlackRock CEO says tokenization is the 'next generation for markets,' CFTC commissioner wants two-tier crypto rules for different investors, Ripple ODL joins Amazon's payment service provider program, and Apple blocks Coinbase wallet release on IOS. Matthew provides a brief market analysis and shares his market expectations for the month of December.
Friday 12.2.22: Brienen explores news and topics such as Galaxy purchasing the custody platform from the bankrupt Celsius, DeFi protocol Ankr reimbursing users affected by a $5 million exploit, and Sam Bankman-Fried claiming his parents' $16.4 million Bahamas home was intended for FTX staff.
