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Goldman Sachs Buys Crypto Companies, FTX News, 3AC, Celsius Updates: Hodler’s Digest Dec 4-10

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Records show that 7 class action lawsuits have been filed against SBF so far

Former FTX CEO Sam Bankman-Fried He has been named in seven class-action lawsuits filed since the fall of his crypto empire. However, these lawsuits are separate from the numerous inquiries and investigations examining the cryptocurrency exchange and its founder, including the market manipulation investigation reported by federal prosecutors. Another headline showing that the US House of Representatives has invited the SBF to Speaking at a hearing on December 13th. Amid investigations by lawmakers and a wave of civil lawsuits, SBF I hired a former federal prosecutor Mark Cohen to be his defense attorney. A team of financial forensics The detectives are also hired by the new management of FTX Corporation To track down billions of dollars in lost customers’ cryptocurrency.

3AC subpoenas issued as dispute over Terraform dump claims grows

An order signed by a federal judge Oversight of Three Arrows Capital’s bankruptcy proceedings has authorized subpoenas for the company’s former leadership, including founders Su Zhou and Kyle Davis. Under the authorized subpoenas, Zhu and Davies are required to turn over any “recorded information, including books, documents, records, and papers” relating to the company’s finances or property. The founders will not be introduced on Twitter, like Prerequisite By the advisory firm and the liquidator in this case Teneo.

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The USDC Issuance Circle has completed the merger of SPAC with Concord

Stablecoin Issuer Circle It will not merge with Concord Acquisition Special Purpose Acquisition Company (SPAC) by a joint decision of the two entities. Circle’s original plans, revealed in July 2021, included taking it public via a merger with Concord Corporation. Between then and February 2022, Circle’s valuation has grown from $4.5 billion to $9 billion. Circle still plans to go public at some point, according to comments from CEO Jeremy Allaire. The company had a profitable third quarter of 2022 amid the backdrop of the cryptocurrency bear market.

A bankruptcy judge has ordered the return of $44 million in cryptocurrency to Celsius clients

Cryptocurrency lending firm Celsius has been ordered bankrupt To return nearly $44 million to customers who held their digital assets in custodial accounts on the platform. US Bankruptcy Judge Martin Glenn issued the ruling, expressing his desire for a speedy resolution for the creditors. Cryptocurrency is subject to certain specifications, and only applies to assets that have never interacted with Celsius’ Earn product and remain in custodial accounts.

Goldman Sachs is reportedly looking to buy crypto companies after the FTX crash

Goldman Sachs wants to invest Millions in crypto companies as FTX crash impacts crypto market prices. Matthew McDermott, an executive at Goldman Sachs, said in a recent interview that major banks see “affordable” opportunities and are already doing due diligence on some crypto companies. The collapse of FTX also highlighted the need for more regulation within the industry, according to the executive.

Winners and losers

At the end of the week, Bitcoin (BTC) in $17,118ether (ETH) in $1,263 And the XRP in $0.38. The total market value of $852.99 Billion , depending to CoinMarketCap.

Among the top 100 cryptocurrencies, the three biggest weekly gainers are Axie Infinity (AXS) By 14.67%, EOS (EOS) by 9.38%, and Trust Wallet Token (TWT) by 7.83%.

The three biggest losers in altcoins this week are 1inch Network (1 inch) By -12.41%, Chili’s (CHZ) by -11.13% and helium (HNT) at -10.35%.

For more information about crypto prices, be sure to read on Cointelegraph market analysis.

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North American cryptocurrency miners are preparing to challenge China’s dominance

Most memorable quotes

“When you look at countries like Iran and North Korea, from an American perspective, they have in fact imposed comprehensive sanctions on digital currencies.”

Andrew FirmanAnd the Head of Sanctions Strategy at Chainalysis

“Greed cannot be regulated.”

Jaime ZolotaRetail crypto investor

“I don’t think the collapse of FTX will spill over into the real economy.”

Elvira SugliAnd the Associate Professor of Finance at the University of New South Wales

“Stablecoins and CBDCs may coexist in some way in the future, depending on how restrictive the regulations on stablecoins are and the rate at which CBDCs are adopted.”

Gracie ChenAnd the Managing Director of Bitget

“It’s kind of a no-brainer for Twitter to have payments, whether in securities or cryptocurrency.”

Elon MuskCEO of Twitter

“If the SEC had done its due diligence to thoroughly investigate FTX’s financials, there would have been a greater possibility of exposing the cryptocurrency exchange for what it was: a car house.”[d]built on monopoly money printed out of thin air.”

Richie TorresAnd the US representative

predict the week

Bitcoin takes liquidity near $17K as the US dollar shows weakness ahead of the CPI

Bitcoin is largely traded between $16,800 and $17,400 this week are showing some support around the $16,800 level, according to Cointelegraph’s BTC Price Index.

“It is possible that we are entering the final phase of the bear,” Byzantine Public Commentator said on Twitter Dec. 7 after noting the low trading volume of perpetual bitcoin futures and other points. “But this last stage can last a long time,” he added. His tweets on the subject included accompanying charts.

FUD week

The Bank of Russia wants to prevent miners from selling cryptocurrencies to Russians

in Another setback for the crypto industry In Russia, the Central Bank proposes to ban local miners from selling coins to the country’s residents. This news comes just weeks after the Central Bank of the Russian Federation supported the idea of ​​legalizing cryptocurrency mining in Russia through a bill introduced in mid-November 2022. However, cryptocurrency sales should only be allowed on foreign exchanges and non-residents, according to the Central Bank. in the country.

Nigeria bans ATM cash withdrawals of more than $225 per week to enforce the use of central bank currency

Nigeria has lowered cash withdrawal limits Through banks and ATMs, in another step towards its transition to digital money systems. Citizens will only be able to withdraw $225 worth of naira in cash every week. Anything above these limits at banks will incur a fee. The country had prior restrictions in terms of cash withdrawals, but the limit was $338 per day per person. Since launching its central bank digital currency in 2021, Nigeria has seen minimal use of assets in the country.

Iran decided to freeze the bank accounts of women who refuse to wear the hijab

Iranian officials are planning To financially punish women who do not wear the veil in public. Lawmakers said on December 6 that individuals who refuse to comply with two warnings may have their bank accounts frozen. Hossein Jalali, a member of the Islamic Parliament’s cultural committee, told Iranian media that “unblocked people” would receive an SMS. He advised them to observe the law before entering the “warning phase” and potentially freezing their bank accounts.

Cointelegraph’s best features

Decentralized Identity: Proving Your Truly Identity in the 21st Century

“An NFT of a diploma in your crypto wallet, for example, will turn into a permanent academic certificate.”

Inside South Korea’s wild plan to take over the Metaverse

South Koreans are obsessed with technology. More than half of the population plays video games, and cryptocurrency adoption is high – both very promising signs that its plan to take over the Metaverse will succeed.

Blockchain is the only viable path to resistance to privacy and censorship in the 21st century

Decentralized file sharing services that Big Tech cannot control is the only way Internet users will be able to maintain their freedom in the years to come.

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Cointelegraph writers and reporters contributed to this article.


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New research suggests that baby boomers make better crypto investors

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As a millennial, this is hard to say, but baby boomers do the coding better. They’re taking research methods used in traditional markets and applying them to crypto projects, according to a new report from Bybit and consumer research firm Toluna.

The report says that 34% of Boomers spend “a few days” doing due diligence on a project before investing – 50% more than other generations. Even more troubling, “64% of North American investors spend less than two hours or not at all on DYOR.”

Boomers are also likely to focus their research on technical factors such as tokens, revenue, and the competitive landscape. Contrast this with their younger compatriots, who are more likely to appreciate reputation items like a charismatic founder and “website aesthetics.”

This goes to show that being a digital and hands-on native is not as much of an advantage as people think. It actually pales in comparison to some of the Warren Buffet-style skills that older investors have honed over the years.

Related: 5 tips for investing during a global recession

Baby boomers are probably more likely to retire and therefore have more free time than younger generations. It’s hard to say, but it seems the best way forward for young people is to be humble and learn from their elders.

Although crypto has many distinct characteristics that set it apart from other capital markets, it still has enough in common to allow for a decent crossover in analytical skills. After all, the price of digital assets is highly dependent on the balance of supply and demand in the market, just like the traditional markets.

Digging in Technologies This can prevent the kind of bad decision making that led to big losses in 2022. Several times I felt good about buying a token based on the project white paper and the solid narrative that drove it, but I found, upon further research, that there is a lot of capital involved. The investment unleashes imports so that selling pressure will influence prices for years to come.

Newborns who are used to analyzing company numbers and calculating price-to-earnings and price-earnings-to-growth ratios can apply these skills to data from CoinGecko or CoinMarketCap. Young generations need to know why “circulating supply” vs. “maximum supply” important and why size is critical.

In fact, cryptocurrency projects that are similar to traditional value investments have held up relatively well in the bear market. Investors are becoming more aware of the difference between protocols that issue tokens as a glorious way to raise funds and those that generate revenue and share it with their holders. So-called “real-yield” crypto projects are not unlike dividend-paying companies — something boom investors may be familiar with and possibly drive some of their investment decisions.

This is not to ignore the importance of narrative and community in modern investing and cryptocurrency in particular. For example, perennial decentralized trading platforms such as GMX, Gains, and ApeX Pro benefited from the pro-decentralization sentiment after the FTX bankruptcy.

Researching this aspect requires a good knowledge of social media, especially Twitter, which is one of the main ways to reach crypto analysts, founders, and downstreamers. Investors use these tools to find the narrative, assess where the narrative is in its life cycle, and gauge overall market sentiment.

Related: Five reasons why 2023 will be a tough year for global markets

But Millennials and Generation Z don’t really have an edge when it comes to using social media to assess trends because it’s not that new anymore. it’s a Web 2Everyone already knows how to use social media. In fact, young adults are turning their familiarity with social media into a disadvantage by overestimating it as a research tool, while baby boomers are more likely to stick to the facts.

Traditional investing due diligence continues to distinguish men from boys, just as it has throughout history. As long as that happens, baby boomers will outpace the younger generations because they do more research and tend to be more patient when it comes to investing, resulting in higher returns than the younger generations, who may jump into investing without fully understanding what they are getting into. If you are looking for someone who is reliable and knowledgeable about due diligence, look no further than your parents or grandparents.

Nathan Thompson He is the lead technical writer at Bybit. He spent 10 years as a freelance journalist, covering mostly Southeast Asia, before turning to cryptocurrency during the COVID-19 lockdowns. He holds a Joint Honors degree in Communication and Philosophy from Cardiff University.

This article is for general information purposes and is not intended and should not be considered legal or investment advice. The views, ideas and opinions expressed herein are those of the author alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

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Bitcoin investor sentiment remains steady with BTC stalling at $16,000

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Bitcoin investor sentiment is deadlocked amid price faltering in the market. While the digital asset continues to hold the $16,000 level, investors retreat from the market, ensuring that there is no big move either up or down, and as a result, investor sentiment has not moved.

Bitcoin investors are still in fear

the Encryption of fear and greed It shows that Bitcoin investor sentiment has not moved much in the past month. He finished November with a score of 29 which put him right in the fright zone but since then he has been unable to break out of that trend.

The score in this indicator over the course of December ranged between 26-30 mostly, maintaining an almost straight line trend over the period. So far, the Fear and Greed Index is at a score of 28 which is up one point from last week’s close of 27.

Bitcoin Fear & Greed indicator

Fear & Greed Index trends in an almost straight line | Source: alternative.me

What this trend in the Fear and Greed Index shows is that bitcoin investors are not willing to take any risk. This is why the indicator could not move into the greed zone. On the flip side, selling sentiment has not been as strong as one would expect during a time like this. If investors were to sell more of their bitcoins, it would be obvious given that the index would slide further. Instead, it continues to maintain a roughly consistent point level, which means that the hold sentiment is now dominating the market.

Will BTC See A Recovery Soon?

Bitcoin is still finding it difficult to regain the momentum it lost over the past month. This reluctance on the part of investors to do anything with the tokens has led to the price of the digital asset following the same path as sentiment. BTC has now refused to break out from the $16,000 price level.

Bitcoin price chart from TradingView.com

BTC price maintains $16,000 level | Source: BTCUSD on TradingView.com

As a result, Bitcoin’s volatility dropped to all-time lows. So it is likely that the last two days of 2022 will follow the same trend. A recovery should not be expected in any way as the momentum will continue to decline as people take a break from the markets to celebrate with family.

Instead, it is important that BTC holds above $16,000 to close the year. Anything below this level would be very bearish and could lead to more declines in the market as the bears take control. But finishing above $16,000 strengthens investors’ resolve to hold on to their coins.

BTC is trading at $16,519 at the time of writing. Its price has decreased by 0.43% in the last 24 hours and 2.01% in the last 7 days.

Featured image by Finbold, chart from TradingView.com


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Valkyrie proposes to run GBTC – Bitcoin’s grayscale magazine

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Valkyrie Investments has submitted a proposal to take over the troubled GBTC Bitcoin trust.

“We understand that Grayscale has played an important role in the development and growth of the Bitcoin ecosystem with the launch of GBTC, and we respect the team and the work they put in,” said Stephen McClurg, Valkyrie co-founder and CIO. In a statement posted on the company’s website. “However, in light of recent events involving Grayscale and its family of companies, it is time for a change. Valkyrie is the best GBTC management firm to ensure that its investors are treated fairly.”

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