Bankrupt With $1.4B Cash

Plus, gaming is hot again

February 1, 2023 The latest moves in crypto markets, in context By Lyllah Ledesma, CoinDesk reporter Was this newsletter forwarded to you? Sign up here.    Welcome to February! Here's what's happening in crypto today: Voyager Digital creditors have rejected Alameda's attempt to recover $446 million. FTX had $1.4 billion in cash at the end of 2022, 19% higher than previously reported.  Cathie Wood's ARK Invest predicts bitcoin prices will hit $1 million by 2030.   Latest Prices CoinDesk Market Index (CMI) 1,083 +7.6 ▲ 0.7% Bitcoin (BTC) $23,064 +157.1 ▲ 0.7% Ethereum (ETH) $1,580 +5.6 ▲ 0.4% S&P 500 futures 4,082.50 +NaN ▲ NaN% FTSE 100 7,787.70 +NaN ▲ NaN% Treasury Yield 10 Years 3.53% ▼ 0.0 BTC/ETH prices per CoinDesk Indices, as of 7 a.m. ET (11 a.m. UTC) CoinDesk Market Index (CMI): 1,083  +0.7%  Bitcoin (BTC): $23,064  +0.7%  Ether (ETC): $1,580  +0.4%  S&P 500 futures: 4,082.50  +NaN%  FTSE 100: 7,787.70  +NaN%  Treasury Yield 10 Years: 3.53%  −0.0      Top Stories An attempt by defunct crypto trading firm Alameda Research to regain $446 million it transferred in loan repayments to bankrupt Voyager Digital has been rejected by both the creditors' committee and Voyager itself, according to court filings. Voyager creditors argued that Alameda's claims should either be equitably subordinated to all other creditor claims, or recharacterized as equity. The creditors said that Alameda's "inequitable and fraudulent conduct" cost Voyager and the creditors between $114 million to $122 million.  Sam Bankman-Fried (Nikhilesh De/CoinDesk)

Bankrupt cryptocurrency exchange FTX had around $1.4 billion in cash as of the end of 2022, according to an interim financial update filed on Wednesday. The figure is around 19% higher than the $1.2 billion reported in November when FTX filed for bankruptcy. Amongst the various arms of Sam Bankman-Fried's fallen crypto empire, FTX.US has $260 million in cash. Bankman-Fried has repeatedly claimed that the U.S. wing is solvent. Last month he blogged that FTX US "had at least $111 million, and likely around $400 million, of excess cash on top of what was required to match customer balances." ARK Invest maintains its prediction that bitcoin prices will hit $1 million by 2030. Fundamentals are sound despite a turbulent 2022, according to the ARK's 2023 Big Ideas research report. "Contagion caused by centralized counterparties has elevated Bitcoin's value propositions: decentralization, auditability, and transparency," writes Cathie Wood and team. ARK backs up this claim by pointing to a higher hash rate, long-term holder supply, and addresses with a non-zero balance compared to the prior downturns.

Market Insight: MANA Leads January 2023  Metaverse-related tokens have started the year hot, outperforming bitcoin, the world's largest cryptocurrency by market value, by large margins. Decentraland's MANA, which is the native token of the metaverse project, has gained about 145% in January. Decentraland's price uptick has largely followed its announcement of a number of new features mid-month, although the platform's user figures haven't increased significantly. January's market surge has seen a number of smaller tokens outshine the largest cryptocurrencies by market capitalization. Bitcoin has risen 40% for the month, ether by 32% and BNB by 32%. Decentraland's market cap sits at $1.3 billion while bitcoin's is $446 billion. Read the full story by Lyllah Ledesma

Chart of the Day The chart shows the dollar index's (DXY) 12-week percentage range of change since 1990. The DXY has depreciated by 9% in the past 12 weeks, a steep decline that has brought cheer to risk assets, including cryptocurrencies. In the past, the greenback has bounced after sharp declines of the magnitude seen in recent weeks, meaning the rally in crypto markets could soon hit the wall. Source: Morgan Stanley – Omkar Godbole

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Trending Posts Bitcoin and Hang Seng's Stalled Rally Might Mean Wider De-Risking Ahead, TradFi Firm Says Bankrupt Lending Platform Celsius Names Users Eligible to Withdraw Assets  Bitcoin's Blockchain Data Offers Evidence of Continued Investor HODLing During Bear Market Disclaimer: The information presented in this message is intended as a news item that provides a brief summary of various events and developments that affect, or that might in the future affect, the value of one or more of the cryptocurrencies described above. The information contained in this message, and any information liked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. The information presented herein is accurate only as of its date, and it was not prepared by a research analyst or other investment professional. You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments.

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