This Week’s Winners and Losers in Crypto
Big week in crypto! Banks going down causing BTC to go up. Alts (sort of) following suit. But who are the biggest winners and losers for the week? Biggest Winner(s): Arbitrum Airdrop Participants Thursday was a big day for those eligible for the coveted Arbitrum airdrop, but there were bumps along the way. The claim site was down from almost moments when it went live, and was nearly inaccessible for hours. However, after the dust settled, the price hovered above what estimates predicted (>$1)...
Post FTX: Bananas In The Bahamas
FTX’s spectacular implosion sent ripples which was felt by all through the cryptoverse, but has also hit the people of the Bahamas, where FTX was headquartered. According to a report in the WSJ, the island nation initially welcomed FTX with it’s lax and favorable crypto laws and eventually the locals became the supporting cast for FTX employees. Catering, security, transportation, event planning, logistics and many more services were required and the locals began taking up these jobs, creatin...
STOCK Act Gets Busted
Nancy Pelosi might not be too keen on the reformation bubbling up in her backyard. On Thursday, a new framework was released to change the policy known as the STOCK Act, aka "Stop Trading on Congressional Knowledge", which puts the onus on congressional and government leaders to disclose stock and asset purchases, in order keep transparency with the public. Historically, there have been quite a few calls on leaders to stop purchasing stocks because of the potential of insider knowledge on upc...
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This Week’s Winners and Losers in Crypto
Big week in crypto! Banks going down causing BTC to go up. Alts (sort of) following suit. But who are the biggest winners and losers for the week? Biggest Winner(s): Arbitrum Airdrop Participants Thursday was a big day for those eligible for the coveted Arbitrum airdrop, but there were bumps along the way. The claim site was down from almost moments when it went live, and was nearly inaccessible for hours. However, after the dust settled, the price hovered above what estimates predicted (>$1)...
Post FTX: Bananas In The Bahamas
FTX’s spectacular implosion sent ripples which was felt by all through the cryptoverse, but has also hit the people of the Bahamas, where FTX was headquartered. According to a report in the WSJ, the island nation initially welcomed FTX with it’s lax and favorable crypto laws and eventually the locals became the supporting cast for FTX employees. Catering, security, transportation, event planning, logistics and many more services were required and the locals began taking up these jobs, creatin...
STOCK Act Gets Busted
Nancy Pelosi might not be too keen on the reformation bubbling up in her backyard. On Thursday, a new framework was released to change the policy known as the STOCK Act, aka "Stop Trading on Congressional Knowledge", which puts the onus on congressional and government leaders to disclose stock and asset purchases, in order keep transparency with the public. Historically, there have been quite a few calls on leaders to stop purchasing stocks because of the potential of insider knowledge on upc...
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Uh oh! Looks like the largest NFT liquidation even is looming. Quite a few owners of NFTs such as Bored Ape Yacht Club and CryptoPunks are shaking in their boots, as they may have no choice but to see their prized possessions taken away from them. Those owners who have used their NFTs as collateral for borrowing funds may not have enough to repay after the NFT market's continuous downtrend. BendDAO, a lending service, has started to auction off $55m worth of NFTs that have a falling health factor to avoid holding bad debt and to recover its' loans. From that point, NFTs holder have 48 hours to pay back their loan, or they will be liquidated. Although sad new for their current holders, the liquidations will offer a discount for those looking to purchase them.
NFT lending is something I've looked into for my current company and the problem I saw is that when the market is hot, NFT lending can be extremely lucrative. However, the downturn we are seeing tends to make the NFT world experience the downturn far worse than what we see with cryptocurrency, since NFTs tend to be over-leveraged by design. For the sake of those current BAYC/CryptoPunk holders, I hope they are able to save their prized possessions before the crypto-repo man comes for them!
Written by: nikethereum.eth / Medium / Mirror
Uh oh! Looks like the largest NFT liquidation even is looming. Quite a few owners of NFTs such as Bored Ape Yacht Club and CryptoPunks are shaking in their boots, as they may have no choice but to see their prized possessions taken away from them. Those owners who have used their NFTs as collateral for borrowing funds may not have enough to repay after the NFT market's continuous downtrend. BendDAO, a lending service, has started to auction off $55m worth of NFTs that have a falling health factor to avoid holding bad debt and to recover its' loans. From that point, NFTs holder have 48 hours to pay back their loan, or they will be liquidated. Although sad new for their current holders, the liquidations will offer a discount for those looking to purchase them.
NFT lending is something I've looked into for my current company and the problem I saw is that when the market is hot, NFT lending can be extremely lucrative. However, the downturn we are seeing tends to make the NFT world experience the downturn far worse than what we see with cryptocurrency, since NFTs tend to be over-leveraged by design. For the sake of those current BAYC/CryptoPunk holders, I hope they are able to save their prized possessions before the crypto-repo man comes for them!
Written by: nikethereum.eth / Medium / Mirror
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