Huobi plans layoffs, sees outflows; SBF seeks to retain his Robinhood shares

Hull Invest

The biggest news in the Cryptoverse on January 6th was Huobi announcing mass layoffs. Former FTX CEO Sam Bankman-Fried, meanwhile, has claimed to control Robinhood’s stake, plus developments on Mt. Gox, Gopax, and Poolin, as well as Bitcoin’s implied research on his volatility.

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Huobi confirms layoffs amid rampant FUD over operational stability

Tron (TRX) founder Justin Sun plans to lay off about 20% of Huobi staff, Reuters report January 6th.

According to the report, the exchange is planning “structural adjustments” that are expected to be completed within the first quarter. An internal Sun memo described the move as a “short-term pain” that could bring more benefits to the exchange in the long run.

Justin Sun previously denied rumors of impending layoffs at the exchange, saying they were false.

Huobi confirms over $60 million net outflow in 24 hours

Crypto exchange Huobi has seen net outflows of $94.2 million over the past seven days.$60 million (63.8%) of outflows were recorded in the last 24 hours — according to Nansen data.

in Defilama data It shows that exchange outflows in the last 24 hours exceeded $70 million at the time of writing. The data shows that the exchange recorded significant inflows of $87.9 million on Dec. 15, and $46.04 million on Dec. 28, and since then, the company has posted his $200 million. recorded outflows exceeding .

Sam Bankman-Fried wants to retain ownership of Robinhood stock worth $450 million

FTX founder Sam Bankman-Fried filed for $450 million worth of assets on the grounds that the bankrupt exchange had no “legal claims” on assets, according to a court on Jan. 5. We would like to maintain control of Robinhood shares. filing.

SBF said he and Gary Wang originally owned the shares. He added that the shares are not owned by Alameda Research or any other entity he is involved in the bankruptcy of FTX.

Mt. Gox Extends Deadline for BTC Redemption Registration

Bankrupt bitcoin exchange Mt.Gox has extended the registration deadline for its bitcoin repayment process from January 10th to March 10th.

On October 6, 2022, Japanese exchanges will open a registration portal for all affected creditors to register their beneficiary information and choose a repayment method considering that approximately 137,000 BTC will be distributed. announced that it did.

Originally, the deadline for the registration process was set for January 10, 2023. Updated Jan 6th, Mt. Gox said it has extended the deadline for registration and distribution.

BTC Has Second Worst YTD Since 2011, Expected To Flatten To 2023

Bitcoin (BTC) has posted its second worst year-to-date (YTD) since launch in 2022. It is projected to remain flat until 2023, according to Arcane Research (AR).

BTC, which fell 65% by the end of 2022, only deteriorated once in 2018, dropping 73% YTD. Compared to gold and the S&P 500, cryptocurrencies took the biggest hit in 2022 — in May 2022 and he fell sharply in mid-June 2022, according to AR data.

Gopax Investors Could Face $471 Million Losses If Binance Acquisition Fails

South Korean exchange Gopax has to repay customers about $471 million in deposits locked in Genesis Trading. This could be lost if the Binance acquisition fails.

Poolin Bitcoin Mining Hash Rate Share Down 94% From ATH

Poolin, a China-based bitcoin mining pool, posted a record drop in hash rate share from an all-time high of 18% to 1%, according to Glassnode data. This is a drop of 94%.

research highlights

Study: Implied Volatility Shows Only Sideways Moves for Bitcoin

The crypto derivatives market has grown so much over the past few years that it can be used as an indicator of future price movements. Bitcoin options have captivated the cryptocurrency industry and rapidly become a mature product, a move that has the power to shake the rest of the market.

Implied volatility (IV) is often used by investors to estimate the future volatility of security prices. However, while IV can predict price movements, it cannot predict price direction. High implied volatility means that there is a high probability of large price movements, and low IV means that the price of the underlying asset is likely to remain almost unchanged.

As such, IV is considered a good indicator of market risk.

Bitcoin’s implied volatility shows that the market sees little risk in Bitcoin.

Bitcoin’s implied volatility is currently at its lowest level in two years. Sharp drops in IV have historically followed aggressive spikes caused by black swan events. Spikes were seen in the 2021 Defi Summer, the June 2022 Terra collapse, and the November 2022 FTX drop.

However, the decline in implied volatility seen at the end of 2022 suggests that the derivatives market will not see significant price movements in the near future.

crypto market

Over the past 24 hours, Bitcoin (BTC) rose 0.46% to trade at $16,939.71 while Ethereum (ETH) rose 1.16% to $1,267.96.

Biggest Gainers (24 hours)

  • Hex (HEX): 29.02%
  • Fetch (FET): 22.11%
  • GALA: 12.42%

Biggest Loser (24h)

  • BinaryX (BNX): -14.92%
  • XYO (XYO): -12.01%
  • Bitcoin Gold (BTO): -8.36%

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