Week 51 | 12/19/22 - 12/24/22
By Matthew BrienenNews Flash
Monday 12/19/22: Binance's American entity, Binance.US, has emerged as "the highest and best bid" for bankrupt Voyager's assets. The total sum is roughly $1.022 billion, which includes the latter firm's crypto portfolio (valued at an estimated $1.002 billion) and "additional consideration equal to $20 million in incremental value," read the announcement.
Tuesday 12/20/22: Bankrupt crypto lender BlockFi has petitioned the U.S. Bankruptcy Court to allow clients to withdraw cryptocurrencies that are held in their BlockFi Wallet Accounts. This request does not impact withdrawals or transfers from BlockFi Interest Accounts, which are set to remain paused at this time, according to the statement.
Wednesday 12/21/22: A creditor committee, which includes crypto exchange Gemini, has presented a plan to resolve the “liquidity issues” currently plaguing Genesis and its parent company Digital Currency Group (DCG), and to “provide a path for the recovery of assets.” According to Cameron Winklevoss, Gemini’s president and co-founder, “Houlihan Lokey presented a plan on behalf of the Creditor Committee to resolve the liquidity issues at Genesis and DCG and provide a path for the recovery of assets.”
Thursday 12/22/22: BC Hydro, a state-owned electric utility provider in the Canadian province of British Columbia, has paused new electricity connection requests from cryptocurrency miners for 18 months “to support the province’s climate action and economic goals. “Cryptocurrency mining consumes massive amounts of electricity to run and cool banks of high-powered computers 24/7/365, while creating very few jobs in the local economy,” Minister of Energy, Mines and Low Carbon Innovation Josie Osborne said in a media release Wednesday.
Friday 12/23/22: The U.S. Securities and Exchange Commission (SEC) is increasing its scrutiny of audits of cryptocurrency companies in an effort to warn investors who may feel assured by audits such as proof-of-reserve reports, according to a Wall Street Journal report that cites a senior SEC official. “Investors should not place too much confidence in the mere fact a company says it’s got a proof-of-reserves from an audit firm,” said Paul Munter, the SEC’s acting chief accountant.
Live Show Recaps
Monday 12/19/22: Matthew Brienen goes on to discuss Binance US acquiring bankrupt Voyager's assets, Sam Bankman-Fried wants to see an indictment before extradition to the US, and Senate Banking Chairman says the SEC should ban crypto in the US. Matthew analyzes the markets and looks at Fibonacci extension levels on Ethereum and XRP.
Tuesday 12/20/22: Matt clarifies Sam Bankman-Fried's extradition to the United States, BlockFi's bankruptcy court petition to allow clients to withdraw blocked assets, and Visa's exploration into allowing auto payments via Ethereum wallets. Matthew provides a technical market analysis and discusses how serious his API3 DCA is about to become.
Wednesday 12/21/22: Dan Habib delves into the Federal Reserve's actions this year, inflation, and home prices. Matthew Brienen discusses Gemini's creditor committee presenting plan to resolve Genesis, Mercedes-Benz hints at metaverse, and MoneyGram launches online remittance platform with Ripple partner in Brazil. Matthew and Dan provide a technical analysis of the markets as well as a risky short-term trade.
Thursday 12/22/22: Theteam discusses British Columbia suspending new connections for Bitcoin miners, Caroline Ellison and Gary Wang cooperating in FTX investigation, and Brazil passing crypto regulation bill. Matthew provides a technical analysis of the markets as well as a solid countertrend trade.
Friday 12/23/22: Dan Habib analyzes PCE, Fed rotation, and leading economic indicators. Matthew Brienen outlines the SEC's investigation of crypto auditors, how the outgoing top SEC lawyer dined with SBF during the FTX lobbying spree, and how SBF made bail. Dan discusses the US national debt, and Matthew provides a market technical analysis.
