Search

Are NFTs back?

WHAT’S MOVING CRYPTO
Aakash-Athawasya-avatar

Written by:

Aakash Athawasya
Tryna write some stuff @doodhwaladaily (will buy you milk if you ask nicely)
a6bbbb1d-4354-45c9-a0fb-cb8dc01381e6_500x532

Are NFTs back?

WHAT'S MOVING CRYPTO

Happy Friday Everyone! đź‘‹

Welcome to the +119 new subscribers who have joined this week. If you’re reading this but haven’t subscribed, join our community of +12.5k smart, fun & edgy investors 👇

Down in El Salvador, President Nayib Bukele is taking a victory lap after making good on his country’s $800 million debt payment.

Bukele is now dunking on the haters who predicted his demise after his “Bitcoin bet”.

Farther north, New York’s top financial watchdog has set its sights on careless crypto companies co-mingling customer funds.

Guidance published by the regulator this week dictates company assets need to be kept separate from that of customers.

Across the pond, EU lawmakers are also paving the way for change. Parliament has advanced a string of new rules imposing stricter requirements on crypto-dealing banks.

Meanwhile, on-chain, Bitcoin and Ethereum are off to a helluva start in 2023 – up 38% and 32%, respectively.

Having said that…let’s get to it!

  1. BlockFi leak

  2. Binance continues to raise flags

  3. Are NFTs back?

1. BlockFi leak

An unredacted version of previously redacted BlockFi financials was mistakenly uploaded leaked this week, showing greater exposure to FTX and Alameda Research than previously reported.

According to the filings, the lender has $415.9 million worth of "assets" stuck on FTX and $831.3 million loans to Alameda.

That $1.247 billion sum has since been marked down to zero.

The report also revealed that BlockFi has under $1.3 billion in assets, of which only roughly half are liquid or distributable.

GRIT'S TAKE: Meanwhile, BlockFi's 125 remaining employees will take home $11.9 million on an annualized basis to work through the bankruptcy proceedings (average yearly salary of +$134k per employee).

2. Binance continues to raise flags

Binance keeps finding itself in the headlines for all the wrong reasons.

Earlier this month, the founder of crypto exchange Bitzlato was arrested for running a money laundering scheme and processing $700 million in illicit funds.

This week, blockchain data revealed Binance was the largest counterparty to Bitzlato over a +4-year period in which it moved over 20k Bitcoin across 20k transactions for the fraudulent exchange.

Other top counterparties included a Russian darknet drugs marketplace and an alleged crypto Ponzi scheme based in Russia…

Meanwhile, Binance has also admitted to mistakenly mixing customer funds with company assets, keeping collateral for its pegged token (B-Tokens) in the same wallet that holds customer coins.

You know what would've caught some of this stuff?

A proper audit.

3. Are NFTs back?

With volume in January already exceeding that of December, OpenSea just posted back-to-back months of rising Ethereum NFT sales for the first time in a year.

Even after accounting for Ethereum's 34% gain this year, this month's sales are still outpacing December's $283.5 million.

Are NFTs back?

There's a (very) long road ahead to reclaim the highwater mark of $4.86 billion worth of Ethereum NFT sales a year ago, but the recent surge isn't only limited to OpenSea.

Solana NFT sales, for example, have surged 95% while prices and volumes for top collections like Bored Ape Yacht Club and CryptoPunks have also seen sharp upturns.

We'll need to see more than two months of rising sales to declare a sustained rebound, but the pickup in volumes and prices are an encouraging sign.

What else we Grittin’ On?

SWIFT. Signature Bank will no longer process >$100k SWIFT transactions. The bank is reducing its crypto exposure.

NYDFS. The NY regulator is taking aim at firms commingling funds. It issued new guidance this week.

ATHs. These crypto projects are hitting all-time highs. Some include Rocket Pool, Aptos, and Optimism.

COIN. Coinbase trading volumes increased in January. Meanwhile, volumes at other exchanges fell.

SOURCES*

Disclaimer: The publisher does not guarantee the accuracy or completeness of the information provided in this page. All statements and expressions herein are the sole opinion of the author or paid advertiser.

Grit Capital Corporation is a publisher of financial information, not an investment advisor. We do not provide personalized or individualized investment advice or information that is tailored to the needs of any particular recipient.

THE INFORMATION CONTAINED ON THIS WEBSITE IS NOT AND SHOULD NOT BE CONSTRUED AS INVESTMENT ADVICE, AND DOES NOT PURPORT TO BE AND DOES NOT EXPRESS ANY OPINION AS TO THE PRICE AT WHICH THE SECURITIES OF ANY COMPANY MAY TRADE AT ANY TIME. THE INFORMATION AND OPINIONS PROVIDED HEREIN SHOULD NOT BE TAKEN AS SPECIFIC ADVICE ON THE MERITS OF ANY INVESTMENT DECISION. INVESTORS SHOULD MAKE THEIR OWN INVESTIGATION AND DECISIONS REGARDING THE PROSPECTS OF ANY COMPANY DISCUSSED HEREIN BASED ON SUCH INVESTORS’ OWN REVIEW OF PUBLICLY AVAILABLE INFORMATION AND SHOULD NOT RELY ON THE INFORMATION CONTAINED HEREIN.

No statement or expression of opinion, or any other matter herein, directly or indirectly, is an offer or the solicitation of an offer to buy or sell the securities or financial instruments mentioned.

Any projections, market outlooks or estimates herein are forward looking statements and are inherently unreliable. They are based upon certain assumptions and should not be construed to be indicative of the actual events that will occur. Other events that were not taken into account may occur and may significantly affect the returns or performance of the securities discussed herein. The information provided herein is based on matters as they exist as of the date of preparation and not as of any future date, and the publisher undertakes no obligation to correct, update or revise the information in this document or to otherwise provide any additional material.

The publisher, its affiliates, and clients of the a publisher or its affiliates may currently have long or short positions in the securities of the companies mentioned herein, or may have such a position in the future (and therefore may profit from fluctuations in the trading price of the securities). To the extent such persons do have such positions, there is no guarantee that such persons will maintain such positions.

Neither the publisher nor any of its affiliates accepts any liability whatsoever for any direct or consequential loss howsoever arising, directly or indirectly, from any use of the information contained herein.

By using the Site or any affiliated social media account, you are indicating your consent and agreement to this disclaimer and our terms of use. Unauthorized reproduction of this newsletter or its contents by photocopy, facsimile or any other means is illegal and punishable by law.

For Full Terms of Use Click HERE. For the Privacy Policy Click HERE.

Gritcapital.substack.com (“Grit”) is a website owned and operated by Substack. Grit is paid fees by the companies that make investment offerings on this website. Be aware that payment of these fees may put Grit in a conflict of interest with the investor. By accessing this website or any page thereof, you agree to be bound by the Terms of Use and Privacy Policy, in effect at the time you access this website or any page thereof. The Terms of Use and Privacy Policy may be amended from time to time. Nothing on this website shall constitute an offer to sell, or a solicitation of an offer to buy or subscribe for, any securities to any person in any jurisdiction where such an offer or solicitation is against the law or to anyone to whom it is unlawful to make such offer or solicitation. Grit is not an underwriter, broker-dealer, Title III crowdfunding portal or a valuation service and does not engage in any activities requiring any such registration. Grit does not provide advice on investments or structure transactions. Offerings made under Regulation A under the U.S. Securities Act of 1933, as amended (the "Securities Act") are available to U.S. investors who are “accredited investors” as defined by Rule 501 of Regulation D under the Securities Act well as non-accredited investors, who are subject to certain investment limitations as set forth in Regulation A under the Securities Act. In order to invest in Regulation A offerings, investors may be asked to fill out a certification and provide necessary documentation as proof of your income and/or net worth to verify that you are qualified to invest in offerings posted on this website. All securities listed on this site are being offered by, and all information included on this site is the responsibility of, the applicable issuer of such securities. Grit does not verify the adequacy, accuracy or completeness of any information. Neither Grit nor any of its officers, directors, agents and employees makes any warranty, express or implied, of any kind whatsoever related to the adequacy, accuracy, valuations of securities or completeness of any information on this site or the use of information on this site. Neither Grit nor any of its directors, officers, employees, representatives, affiliates or agents shall have any liability whatsoever arising from any error or incompleteness of fact, or lack of care in the preparation of, any of the materials posted on this website. Investing in securities, especially those issued by start-up companies, involves substantial risk. investors should be able to bear the loss of their entire investment and should make their own determination of whether or not to make any investment based on their own independent evaluation and analysis.

Conversation

No comments

Subscribe
Notify of
0 Comments
Inline Feedbacks
View all comments

Disclaimer:The publisher does not guarantee the accuracy or completeness of the information provided in this page.  All statements and expressions herein are the sole opinion of the author or paid advertiser.

Grit Capital Corporation is a publisher of financial information, not an investment advisor.  We do not provide personalized or individualized investment advice or information that is tailored to the needs of any particular recipient.  

THE INFORMATION CONTAINED ON THIS WEBSITE IS NOT AND SHOULD NOT BE CONSTRUED AS INVESTMENT ADVICE, AND DOES NOT PURPORT TO BE AND DOES NOT EXPRESS ANY OPINION AS TO THE PRICE AT WHICH THE SECURITIES OF ANY COMPANY MAY TRADE AT ANY TIME.  THE INFORMATION AND OPINIONS PROVIDED HEREIN SHOULD NOT BE TAKEN AS SPECIFIC ADVICE ON THE MERITS OF ANY INVESTMENT DECISION.  INVESTORS SHOULD MAKE THEIR OWN INVESTIGATION AND DECISIONS REGARDING THE PROSPECTS OF ANY COMPANY DISCUSSED HEREIN BASED ON SUCH INVESTORS’ OWN REVIEW OF PUBLICLY AVAILABLE INFORMATION AND SHOULD NOT RELY ON THE INFORMATION CONTAINED HEREIN.

No statement or expression of opinion, or any other matter herein, directly or indirectly, is an offer or the solicitation of an offer to buy or sell the securities or financial instruments mentioned.  

Any projections, market outlooks or estimates herein are forward looking statements and are inherently unreliable.  They are based upon certain assumptions and should not be construed to be indicative of the actual events that will occur.  Other events that were not taken into account may occur and may significantly affect the returns or performance of the securities discussed herein.  The information provided herein is based on matters as they exist as of the date of preparation and not as of any future date, and the publisher undertakes no obligation to correct, update or revise the information in this document or to otherwise provide any additional material.

The publisher, its affiliates, and clients of the a publisher or its affiliates may currently have long or short positions in the securities of the companies mentioned herein, or may have such a position in the future (and therefore may profit from fluctuations in the trading price of the securities).  To the extent such persons do have such positions, there is no guarantee that such persons will maintain such positions.

Neither the publisher nor any of its affiliates accepts any liability whatsoever for any direct or consequential loss howsoever arising, directly or indirectly, from any use of the information contained herein.

By using the Site or any affiliated social media account, you are indicating your consent and agreement to this disclaimer and our terms of use. Unauthorized reproduction of this newsletter or its contents by photocopy, facsimile or any other means is illegal and punishable by law.

For Full Terms of Use Click HERE. For the Privacy Policy Click HERE.

Gritcapital.substack.com (“Grit”) is a website owned and operated by Substack. Grit is paid fees by the companies that make investment offerings on this website. Be aware that payment of these fees may put Grit in a conflict of interest with the investor. By accessing this website or any page thereof, you agree to be bound by the Terms of Use and Privacy Policy, in effect at the time you access this website or any page thereof. The Terms of Use and Privacy Policy may be amended from time to time. Nothing on this website shall constitute an offer to sell, or a solicitation of an offer to buy or subscribe for, any securities to any person in any jurisdiction where such an offer or solicitation is against the law or to anyone to whom it is unlawful to make such offer or solicitation. Grit is not an underwriter, broker-dealer, Title III crowdfunding portal or a valuation service and does not engage in any activities requiring any such registration. Grit does not provide advice on investments or structure transactions. Offerings made under Regulation A under the U.S. Securities Act of 1933, as amended (the “Securities Act”) are available to U.S. investors who are “accredited investors” as defined by Rule 501 of Regulation D under the Securities Act well as non-accredited investors, who are subject to certain investment limitations as set forth in Regulation A under the Securities Act. In order to invest in Regulation A offerings, investors may be asked to fill out a certification and provide necessary documentation as proof of your income and/or net worth to verify that you are qualified to invest in offerings posted on this website. All securities listed on this site are being offered by, and all information included on this site is the responsibility of, the applicable issuer of such securities. Grit does not verify the adequacy, accuracy or completeness of any information. Neither Grit nor any of its officers, directors, agents and employees makes any warranty, express or implied, of any kind whatsoever related to the adequacy, accuracy, valuations of securities or completeness of any information on this site or the use of information on this site. Neither Grit nor any of its directors, officers, employees, representatives, affiliates or agents shall have any liability whatsoever arising from any error or incompleteness of fact, or lack of care in the preparation of, any of the materials posted on this website. Investing in securities, especially those issued by start-up companies, involves substantial risk. investors should be able to bear the loss of their entire investment and should make their own determination of whether or not to make any investment based on their own independent evaluation and analysis.