The biggest news in the Cryptoverse on January 20th was Genesis Global Capital filing for bankruptcy. Cardano creator Charles Hoskinson has confirmed that he is interested in acquiring CoinDesk. ByBit said its exposure to Genesis is limited to its investment arm, with the former FTX.US president Brett Harrison reportedly raising money for a new startup. Plus research on hedging in the Bitcoin market.
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Genesis Global Flies For Chapter 11 Bankruptcy After Struggling With Liquidity
Genesis Global, a subsidiary of Digital Currency Group (DCG), filed for Chapter 11 bankruptcy protection in the Southern District of New York bankruptcy court on Jan. 19, a press release said.
Genesis’ derivatives, physical trading, broker-dealer and custody divisions are not subject to bankruptcy filings and are operating as usual, the company said.
Under Chapter 11, the company is considering a restructuring, which will be led by an independent special committee of its board of directors, it said.
According to the company, its assets and liabilities are between $1 billion and $10 billion. Press releaseGenesis says it has more than $150 million in cash, providing “adequate liquidity” to support its operations and restructuring process.
Cardano Founder Charles Hoskinson Confirms Interest in Buying CoinDesk
Cardano (ADA) founder Charles Hoskinson has confirmed his interest in acquiring crypto-focused media outlet CoinDesk on January 19.
Hoskinson said CoinDesk looks too high for its asking price of $200 million, adding that he will make a decision after reviewing the company’s books.
Hoskinson Said His media interests are extensive, as he focuses on “how to restore the integrity of journalism.” He added that Cardano has received bad press in the past because certain media outlets had to push certain agendas, citing examples such as how FTX funded The Block.
Gemini co-founder DCG threatens lawsuit against Barry Silbert
Gemini co-founder Cameron Winklevoss says crypto conglomerate Digital Currency Group (DCG) and its CEO Barry Silbert have made a “fair offer” to creditors like Gemini Earn. threatened to sue if he did not do so.
According to Winklevoss’ Jan. 20 Twitter account, Gemini “shared responsibility for the fraud that has harmed more than 340,000 Earn users and others deceived by Genesis and its accomplices, Barry, DCG, and others.” We stand ready to take direct legal action against others.” thread.
Winklevoss said the Genesis bankruptcy was very important in restoring the wealth of Earn users. He added that the bankruptcy would bring the company under judicial oversight and force it to uncover “the conspiracies that have brought us to this point.”
ByBit CEO reveals Milana’s exposure to bankrupt Genesis
ByBit CEO Ben Zhou said his exchange’s exposure to failed cryptocurrency lender Genesis is limited to its investment arm, Mirana.
Genesis Global’s Chapter 11 filing showed Mirana as one of its top five creditors. This lender owes her $151.5 million to an investment firm.
lap Said Mirana only manages a portion of ByBit’s assets, the company’s clients’ funds are segregated, and the company’s revenue products do not use Mirana, he added.
ByBit’s CEO further revealed that the $151 million exposure is backed by approximately $120 million already liquidated by Mirana.
Former FTX.US head raises $5 million from Circle and Coinbase for new crypto startup
Former FTX.US president Brett Harrison is about to launch a new cryptocurrency startup to serve institutional investors.
According to Bloomberg News reportHarrison has raised $5 million from high-profile industry investors including Coinbase Ventures and Circle.
Harrison’s new company, Architects, will reportedly cater to institutional clients and provide access to both centralized and decentralized crypto markets.
When CharacterGPT brings NPCs to life, AI avatars are activated in Polygon
Alethea AI and Polygon Labs jump on the AI hype by launching an AI-powered NFT project that allows users to create NFT avatars via text-based prompts similar to OpenAi’s Dall-E image generator I was.
The project plans to “enable anyone to quickly create, train, and trade AI characters as NFTs on Polygon.” Created by Alethea AI, CharacterGPT “goes beyond traditional text-to-image engines like Open AI’s Dall-E 2… with his one-line prompts in natural language to create a fully interactive and intelligent AI.” It claims to generate characters. An example of the creation process is shown in the video below.
research highlights
Survey: Market hedges lowest amount in over two years as Bitcoin rises to $21,000
Investors betting on Bitcoin hit a record high as the market entered the New Year. The bears appeared to be in full control of price action when Bitcoin climbed above $16,000. crypto slate Analysis shows that those who were shorting bitcoin were not in as strong a position as investors first thought.
About $200 million of bitcoin purchases on the spot market were enough to force a massive short sale due to lower trading volumes. Additionally, several large trades executed on major exchanges moved the needle just enough to create a brief short squeeze that pushed Bitcoin from $16,800 to over $21,000.
The chart below shows the futures long liquidation dominance (i.e. long liquidation / (long liquidation + short liquidation)). The 50% mark in the middle of the chart represents equal amounts of long and short liquidations. A value above 50% indicates that more longs have been liquidated, and a value below 50% indicates that more shorts have been liquidated.
crypto market
Bitcoin (BTC) has risen over the last 24 hours 6.02% Ethereum (ETH) Trades At $22,301.53 While Rising 5.55% $1,639.39.
Biggest Gainers (24 hours)
- Saitama Prefecture (SAITAMA): 69.22%
- Hook Protocol (HOOKED): 22.75%
- Magic (magic): 20.67%
Biggest Loser (24h)
- Serum (SRM): -3.16%
- Casper (CSPR): -2.41%
- Terra Classic (LUNC): -1.44%
