Genesis Declares Bankruptcy And More

After months of struggling to stay afloat, Genesis Global has finally filed for Chapter 11 bankruptcy. On the other hand, the new year seems to be heralding a new crypto bull market. Let’s find out more. 

Bitcoin

It’s certainly not official, but the green shoots of the beginning of a new crypto bull market are beginning to be seen.

JPMorgan CEO Jamie Dimon got visibly irritated and frustrated when presented with facts about Bitcoin in an interview. 

BTC investment vehicle, Grayscale has once again attempted to convince the United States SEC to allow the conversion of the Grayscale Bitcoin Trust (GBTC) into a spot ETF. 

Ethereum

Ethereum-based Layer-2 protocol, Optimism has outperformed Arbitrum in transaction volume since mid-December. 

National Australia Bank (NAB) will be launching a stablecoin in mid-2023, pegged against the Australian dollar (AUD) on Ethereum and Algorand.

DeFi

Decentralized exchange aggregator 1inch has announced the launch of its proprietary cold storage hardware wallet amidst the growing trend of self-custody of assets. 

The MakerDAO community is voting on keeping Gemini’s GUSD stablecoin as part of the protocol’s reserves amidst insolvency concerns. 

The SEC has charged the Mango Markets exploiter, Avraham Eisenberg, with fraud and market manipulation. 

SushiSwap has shared a detailed roadmap for the coming year, revealing plans to launch a DEX aggregator, a decentralized incubator, and several new stealth projects. 

Altcoins

Polygon has announced that it has successfully completed its highly anticipated hard fork, designed to boost performance and reduce spiking gas fees. 

Technology

22,000 monthly active developers are building in the crypto sector, and their numbers are increasing by 5% year-over-year.

Seoul has launched the first phase of a metaverse that will allow its citizens to visit attractions virtually and interact with official services.

Business

Genesis Global Holdco and two lending subsidiaries, Genesis Global Capital and Genesis Asia Pacific, announced Thursday that it filed for Chapter 11 bankruptcy protection.

Cardano CEO Charles Hoskinson has been tweeting his take on whether CoinDesk might be a good buy, leading to speculation that he might purchase the crypto news site. 

$323 million from FTX and $90 million from FTX US have been classified as “unauthorized third-party transactions” since the bankruptcy petition.

CFTC Commissioner Caroline Pham recently gave an interview in which she said that there are advanced discussions and meetings regarding global crypto standards happening outside of the U.S.

Cryptocurrency exchange Coinbase announced that it would be suspending all its operations in Japan due to volatile market conditions.

SkyBridge Capital founder, Anthony Scaramucci, has announced that he will be investing in a new crypto firm founded by the former president of FTX US. 

Embattled crypto lender Vauld has been granted an extension on the period of creditor protection by a Singapore court to February 28, 2023.

Cryptocurrency giant Digital Currency Group (DCG) has halted its quarterly dividend payments in an effort to conserve cash and improve its balance sheet.

Regulation

The CFTC has urged lawmakers to prevent cryptocurrency exchanges from “Self Certifying” and listing cryptocurrency tokens without proper oversight. 

Japan’s Financial Services Agency recently issued a statement urging global regulators to consider treating cryptocurrencies and digital assets in the same manner as banks.

The European Parliament’s final vote on the EU’s landmark Markets in Crypto Assets regulation has been delayed until April 2023, reportedly due to “technical issues.”

On Wednesday, the U.S. authorities accused crypto exchange, Bitzlato of laundering $700 million and named Binance, the world’s largest crypto exchange, as a counterparty in the order. 

Authorities in the Indian state of Maharashtra have uncovered a significant cryptocurrency investment scam, which has led to losses of up to Rupees 300 crores.

NFT

NFT marketplace Rarible has expanded its marketplace builder to include Polygon-based NFT collections amidst growing interest in Polygon for NFTs and other gaming projects.

Web3

The World Economic Forum is the latest testing ground for the metaverse, with a virtual version of the alpine town of Davos being tested during the ongoing summit. 

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.