Cryptocurrency News This Week
We’re entering the third week of January, 2023 and would like to share the most important cryptocurrency news from Week 2.
Top Cryptocurrency News
FTX recovered over $5 Billion in Assets – FTX, a collapsed cryptocurrency exchange, has recovered over $5 billion worth of cash and crypto assets that it plans to sell in order to repay customers and investors, according to an attorney. The company’s attorney, Andrew Dietderich, stated that some of the crypto assets will be more difficult to sell without causing a decrease in their market price. The company is also looking to sell non-strategic investments worth $4.6 billion. The exact extent of the shortfall that FTX’s creditors will face is not yet known as the company continues to try and salvage what it can. However, the company has identified over 9 million customer accounts, indicating a large number of people who will be looking to be reimbursed.
SEC charges Gemini and Genesis for offering unregistered securities – The U.S. Securities and Exchange Commission (SEC) announced on Thursday that it has filed charges against Genesis Global Capital LLC and Gemini Trust Company LLC for illegally selling securities to a large number of investors through their crypto lending program. The SEC stated that Genesis, a subsidiary of Digital Currency Group, entered into an agreement with Gemini in December 2020 to allow Gemini customers to loan their crypto assets to Genesis in exchange for earning interest. Beginning in February 2021, the firms raised billions of dollars worth of crypto assets from investors, in violation of securities laws, through their Gemini Earn product, according to the SEC.
Judge allows Binance US to buy Voyager Assets – Voyager Digital, a bankrupt crypto lender, received initial court approval for the sale of its assets worth $1 billion to Binance.US on Tuesday. The company also stated that it will work to expedite the national security assessment of the deal by the US government. The approval was granted by US Bankruptcy Judge Michael Wiles in New York, who authorized Voyager to proceed with the purchase agreement and gather votes from creditors. The sale is yet to be finalized and will be discussed in a later court hearing.
Group one acquires options positions worth 13.5% from Microstrategy – Group One Trading, a proprietary trading firm, has taken a position in MicroStrategy Inc. that includes options to purchase 1.3 million shares, according to a filing with the US Securities and Exchange Commission. Group One specializes in trading US equity options and providing liquidity across various securities, as stated on their website. MicroStrategy is one of the few public companies, besides crypto miners, that holds a significant amount of Bitcoin, with a current value of almost $2.3 billion. This makes the company, with a market capitalization of $2 billion, a proxy for the stock performance of Bitcoin.
Justin Sun willing to spend $1 Billion on DCG Assets – Chinese crypto entrepreneur Justin Sun has announced his intention to use $1 billion of his own funds to acquire assets from Digital Currency Group (DCG), the parent company of struggling crypto lender Genesis. Genesis had halted customer withdrawals in November and stated it was attempting to avoid filing for bankruptcy. It is reported to owe more than $3 billion to its creditors, according to an anonymous source.
Bitcoin touches the $21,000 mark – The most significant news of the week has to be the mini pump. Bitcoin prices soared to its yearly high of 2023. Bitcoin was floating around $17,000 for most part of January 2023 but a sudden spike has brought in a lot of engagement in the markets. Overall it is estimated that $378 Million worth of Bitcoin short positions got liquidated. Positive sentiments were witnessed over social media with an adequate dose of skepticism. Many still feel it is a bull trap.
Weekly Crypto News Roundup
So this was the crypto news for the last week. For more such breaking crypto news, don’t forget to follow blockmanity. We’ll see you next week with our next round of top cryptocurrency news from around the globe.
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