GM. Welcome to the best juice bar in town – we’re squeezing out the freshest insights with just the right amount of crypto pulp.
💰 FTX’s bankruptcy plan was approved by the court.
🍊 News drops: Cardi B promotes a memecoin, Nick Szabo might be the person HBO reveals as Satoshi Nakamoto + more
🍍 Market flavour today
Crypto Market Cap $2.21 Trillion -1.30% (24H)
Name
Price
24H %
7D %
Bitcoin BTC
$62,528.71
-0.79%
-0.69%
Ethereum ETH
$2,430.00
-1.69%
-6.32%
BNB BNB
$573.31
-0.07%
0.57%
Solana SOL
$143.43
-2.52%
-6.67%
The Fear and Greed Index is chilling at a neutral 49, keeping the vibes balanced for now. Bitcoin’s been on a bit of a seesaw—after bouncing above $64.2K yesterday, it’s slipped back towards $62K.
What’s stirring the pot? A mix of global economic jitters, escalating tensions in the Middle East, and the looming US Presidential elections are weighing on investors, preventing Bitcoin from cracking that $66K ceiling these past eight weeks. Besides, the surge in Chinese stocks might’ve pulled some capital out of other markets, including BTC. But don’t sweat it—many believe this is temporary, and the funds will flow back once the hype eases off.
Remember, when in doubt, zoom out – the bigger picture is always in play! 🔍
💰 FTX payday incoming
Picture yourself waiting in an airport security line. If you asked me, I’d say those annoy me.
But if you asked me on a deeper level, I’d say I hate airport security lines. Quite frankly, I hate everyone in them, too. There’s always someone with no spatial awareness (or no awareness in general) bumping into you, people are stressed and confused, plus you can’t shake that tiny fear that someone might’ve put explosives in your bag. Just a nightmare.
And those take what, like 30 mins to an hour? Now multiply that by 35,000—that’s how long FTX creditors had to wait to get their money back after the crypto exchange collapsed. Makes sense tho, knowing that this was one of the most complicated bankruptcies ever.
Under the court-approved bankruptcy plan, $14 billion will be paid out, and 98% of creditors are expected to get around 119% of their claims within 60 days after the plan kicks in (whenever that is). To get their money, they’ll need to pass KYC checks and meet a few other conditions.
But here’s the catch: most of these creditors held crypto on FTX, but because of something called dollarization (typical in bankruptcies), their claims were converted into dollar amounts based on the crypto prices when FTX went bankrupt in November 2022.
So, saying that creditors are getting more than what they had before? Not entirely true. Here’s why: if you had 1 Bitcoin, worth around $16K back then, a 119% return would give you about $19K. But since it’s Bitcoin we’re talking about, and it’s now worth $62K, that $19K looks more like a 30% return, not 119%.
Yet, regardless of whether the creditors are happy about this, the whole situation is screaming bullish. Now, I ain’t no mathematician, but the equation looks simple enough: crypto customers + suddenly getting big chunks of cash = big market inflows.
That said, grab your bags and get to the gate—things are about to take off.
📰 News drops
🎤 Cardi B shared a teaser for her new WAP memecoin. However, some signs point to it potentially being another celebrity-backed crypto scam.
🎬 Nick Szabo, a computer scientist, is now ahead of cryptographer Len Sassaman as the most likely person to be named Satoshi Nakamoto in an upcoming documentary. It airs tonight on HBO at 9 PM EST.
🪶 Robinhood’s Chief Legal Officer, Dan Gallagher, is being talked about as a top pick to lead the SEC if Trump returns to the White House. A former SEC official even called him a “natural choice” for the role.
⚖️ Crypto.com has sued the US SEC, accusing it of overstepping its authority in regulating crypto. This lawsuit comes after the company received a Wells notice from the SEC.
🌏 Worldcoin, the crypto biometrics project co-founded by Sam Altman, is turning its attention from Europe to Asia. “We need to prioritize where we see the biggest business opportunities,” said Fabian Bodensteiner, the managing director of its European branch.
🫙 Ether exchange-traded funds (ETFs) saw no flows yesterday. The only other time this has happened was August 30.
🔌 Russia’s Energy Ministry wants the power to cut off crypto miners from the energy grid. This follows reports that Russian miners generated around $3.5B in Bitcoin last year.
