Tuesday, January 23, 2024
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In today's news:
It's FTX yet again 📉 It's Binance's turn 🥊
Read on! | | 24h Hot Searches Worldwide 🔥 | | | Buckle up and get ready! CoinGecko's Virtual Meetup is back again! For Meetup #30 we'll be diving into our 2023 Annual Crypto Industry Report and join our speakers as they share their thoughts on the State of Crypto Markets in 2024! 2023 Annual Crypto Industry ReportWhen considering the entire year of 2023, the crypto market witnessed substantial growth, more than doubling its total market cap from $832 billion at the beginning of the year. This remarkable expansion was primarily driven by Bitcoin's impressive resurgence, experiencing a 2.6x increase. After the challenges and stagnation experienced in 2022, 2023 proved to be a robust year of recovery for the crypto industry. Join us and our Head of Research, Zhong Yang Chan, as he presents key highlights of our 2023 Annual Crypto Industry Report – from an overview of crypto markets, to analyzing Bitcoin and Ethereum, deep diving into DeFi and NFT ecosystems, and finally CEX and DEX performances. State of Crypto Markets in 2024After a review of the past year, we'll shift gears to discuss the State of Crypto Markets in 2024. Join us as we take a look back at the top highlights of 2023 and the primary trends in 2024 to watch out for. Date: Wednesday, 24 January 2024 Time: 07:30 AM EST (UTC -5) [Check your local time]
Tune in for our Virtual Meetup #30, featuring an exciting panel of speakers: | | | 2023 Annual Crypto Industry Report | | Dive into our comprehensive 2023 Crypto Industry Report which covers everything from the crypto market landscape. | |
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| It's FTX yet again 📉 Want to take a guess at who were the biggest sellers of GBTC over the past week?
Since the conversion of the Grayscale Bitcoin Trust (GBTC) into an ETF earlier this month, investors have sold over $2B worth of the fund's shares.
However, it was recently revealed in a report by Bloomberg that most of these outflows may have come from the bankruptcy estate for FTX/Alameda Research. According to 'two people familiar with the matter', brokerage firm Marex Capital Markets offloaded more than 67% of the 22.28M shares of GBTC held by FTX, all within the first three days of trading.
While there's no exact figure on the proceeds generated from the sale, it is estimated that FTX may have raised at least $600M based on the average price of GBTC shares since its ETF debut.
Should these sources be accurate, then the FTX estate should be left with about 7.5M shares, worth approximately $266M.
Editor's Take:
While this recent report unmasked one of the key sellers of GBTC, FTX is far from the only one. In fact, there are also reports of arbitrageurs jumping in to take advantage of discounts from these selling activities. In any case, GBTC's higher fees compared to its competitors also give hodlers a reason to switch, and it could take weeks for the ETF AUMs to stabilize. | | | Many brands from various industries have continued venturing into Web3 despite the bear market - learn about the top ones in this video! | | | It's Binance's turn 🥊
Just less than a week after Coinbase took the stand against the SEC, it is now Binance's turn to do the same in their motion to dismiss the SEC's charges.
In November last year, Binance had agreed to settle with the Department of Justice to the tune of $4.3B.
Its former CEO, Changpeng Zhao (CZ), also pleaded guilty to money laundering violations and stepped down soon after. However, this particular settlement did not include its case with the SEC, which began today with the hearing for Binance's motion to dismiss the suit from the SEC in its entirety.
Here's a summary of the key statements and arguments from both parties:
SEC The SEC argued that Binance's promotion of its business as well as their BNB and BUSD tokens, would very well constitute reasonable expectations of profit for their token holders. Additionally, in the SEC's view, a token may be judged as a security through any type of sale as long as it carries those properties to begin with. Furthermore, the creation of a secondary market for tokens has been a proven measure for driving up value (i.e., exchange listings). Finally, the SEC team also added that the BUSD stablecoins would also be deemed as a security as it was packaged together with Binance's yield-generating services.
Binance Lawyers from Binance challenged that doing promotions is a non-factor because any business would promote itself, not just a crypto-based one. Binance's defense team argued that secondary sales on the platform are not used to gather funds for further investment, falling out of the Howey test. Citing the major questions doctrine, Binance further stated that should the court side with the SEC, it would mean that they could extend their authority onto any asset that appreciates in value. The last two were similar arguments made by Coinbase's lawyers last week.
| | | What are Stamps and SRC-20 tokens on Bitcoin, and how do they differ from ordinals and BRC-20 tokens? | | | | | 🦎Tell us what you think! We've just revamped our newsletter with a new and fresh format!
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