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Last Updated : December 21, 2022 / 08:17 AM IST
Cryptocurrency roundup for December 21: BlockFi seeks Court permission to return user assets, Trump NFTs lose sheen, and more
A daily round-up of the most interesting articles on cryptocurrencies like Bitcoin, Ethereum and Tether to help jump-start the day
Big Story
Crypto Lender BlockFi Seeks To Return Frozen Assets To Wallet Users
Defunct cryptocurrency lending platform BlockFi has filed a motion asking a bankruptcy court in the United States to grant permission for its users to withdraw digital assets that are currently locked up in its wallets. The lender requested permission from the bankruptcy court to recognize client withdrawals from wallet accounts that have been suspended on the platform since Nov. 10 in a motion submitted on Dec. 19 to the U.S. Bankruptcy Court in the District of New Jersey. Additionally, approval is sought in court proceedings so that the user interface can be updated to accurately display transactions following the platform’s stop. Read details here
FTX Collapse
FTX Considering Using Legal Avenues To Recover Payments And Contributions By Former Executives
Bankrupt cryptocurrency exchange FTX (CRYPTO: FTT) has stated that it is investigating utilizing legal means to recoup all payments and contributions made by its affiliated companies and former employees, including the millions of dollars in political contributions made by its former CEO Sam Bankman-Fried. FTX stated that it had already “been approached by a number of recipients of contributions or other payments” made by, or at the instruction of, Sam Bankman-Fried or other executives and that these organizations had requested “directions for the return of such funds,” in a news release dated Dec. 19. Take a look
Newsmakers
FTX Founder Sam Bankman-Fried Consents To Being Extradited To The US: Report
Disgraced founder of crypto exchange FTX Sam Bankman-Fried has consented to his extradition to the United States, where federal prosecutors have charged him with eight fraud and conspiracy charges. Bankman-Fried is being represented by Jerone Roberts in the Bahamas, who on Monday afternoon announced that his client “has agreed to be voluntarily extradited to the United States of America.” Roberts stated that Bankman-Fried’s upcoming court appearance would be to conclude the extradition process, according to an interview with a local journalist. Apparently, Bankman-Fried will return to the court sometime on Tuesday, according to a Fox Hill jail spokesperson. Read more here
Binance
Binance Acquires Indonesia-Based Crypto Exchange Tokyocrypto
In an apparent bid to expand its footprint in the Asian sub-continent, cryptocurrency exchange Binance has completed the acquisition of the Indonesian exchange Tokocrypto. Following the resignation of Pang Xue Kai, the exchange’s co-founder, Binance revealed that it had acquired a controlling stake in Tokocrypto and that it had appointed a new CEO. “Tokocrypto came from our brainchild more than four years ago. I am very proud to see every growth, slogan, and contribution the company has made to advance Indonesia’s digital economy,” Xue Kai said. “This decision was made after careful consideration. We decided that the best step for Tokocrypto going forward is to utilize Binance’s capabilities to build a further physical trading platform for crypto assets,” he added. Read details here
NFT Buzz
Music Icon Lee Brice Partners With Selfie.Live App To Engage With Fans And Create NFTs
Selfie.Live, the mobile app that enables fans to upload selfies with celebrities and receive a digitally signed photo as an NFT, has partnered with country music star Lee Brice to create special fan memories while on tour. The app, which is available on iOS and Google Play, allows fans to upload Lee Brice or concert selfies while the entertainer can digitally autograph photos from anywhere using the entertainer version of the app. In a recent development, the app helped connect Lee Brice to the Santa Claus Uber driver who inspired his Christmas hit song “Santa Claus Was My Uber Driver.” Take a look
FTX Recovery
FTX Has Over $1B In Cash, Creditors Informed
FTX management is attempting to recover hundreds of millions of dollars in cash from hundreds of bank accounts in an effort to salvage the position of the defunct cryptocurrency exchange, according to information provided to creditors on Tuesday. The company’s new management, which took control when FTX founder Sam Bankman-Fried quit on Nov. 11, is said to have identified assets worth more than $1 billion at a procedural hearing on Tuesday. The exchange has yet to consolidate the approximately $720 million in cash assets that the company is located in U.S. banking institutions that are permitted to hold money by the U.S. Department of Justice. Read more here
Crypto Lobbying
Binance Joins Chamber of Digital Commerce’s US Crypto Lobbying Group
In the US, Binance is intensifying its regulatory efforts. The Chamber of Digital Commerce is an American lobbying group, and today it stated that the largest cryptocurrency exchange in the world by trading volume had joined in order to “help design policies that benefit and protect customers.” Binance stated that it would seek to “inform, advocate, and bring forth ideas” to assist define crypto policy in the United States when it joined the group’s Executive Committee. The Chamber of Digital Commerce promotes the use of digital assets and blockchain-based technology to government officials, claiming to be the largest such organization in the world. Read details here
NFT Hype
Trump NFTs Slumping as Hype Fades With 70% Drop in Floor Price
Days after former U.S. President Donald Trump’s NFT collection dominated the cryptosphere and captured the attention of social media, the enthusiasm around the project has waned, with its prices and trade volume increased over the weekend. According to data from CryptoSlam, trading volume for Trump’s digital trading cards, created on the Ethereum scaling network Polygon, peaked on Dec. 17, at over $3.5 million. On Sunday, the average selling price of NFTs increased even further to just over $680 a piece, despite a decline in overall volume to a little under $1.95 million for the day.
Market Buzz
Grayscale’s GBTC discount to NAV decreases as Bitcoin and cryptocurrency prices rise
Most stocks involved in the cryptocurrency industry fell quickly after the opening while cryptocurrency prices increased mildly. According to TradingView data, the price of Bitcoin was around $16,800, up 0.6% from the previous day. Ether increased by more than 2.5% and reclaimed the $1,200 mark. Ripple’s XRP increased by 2.5%, Binance’s BNB increased by 0.5%, and Polygon’s MATIC increased by 0.7%. Memecoins with a canine motif were trading at a lower price, with dogecoin falling 4% and Shiba Inu falling 3.7%. According to Nasdaq data, Silvergate shares decreased by 1.2% and Coinbase shares decreased by roughly 1.6%, Block traded lower by almost 2% while MicroStrategy shares remained steady. According to data from The Block, the discount to net asset value (NAV) of Grayscale’s GBTC fund decreased from 48% to 46.4%.
Market Minutes | Markets in the week ahead: How to trade a flat market?
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