Morning coinheads! It’s a rather bullish Friday the 13th this morning, after financial markets (overall) and crypto reacted well to positive signs in the US that inflation is cooling.
US Consumer Price Index data released overnight showed inflation slowing to 6.5% – in itself not great, but a sure sign that people in United States probably won’t pay $19 a gallon for milk anytime soon.
The news sent a whiff of wind to Wall Street, and crypto investors followed suit. Over the past 24 hours, the majors have seen chonky gains. BTC is up around 7.0% in the past 24 hours, crossing the $19,000 mark for the first time since SBF made a huge dump on the market chest.
The most volatile members of the crypto community (coins, not people… those dudes are a whole other ballgame) posted some nice wallet-fattening double digits.
This includes Aptos – yesterday’s fastest climber – which has put in a repeat performance over the past 24 hours, adding a 24.8% gain to yesterday’s 32.3% rise, and is posting an increase astonishing 71.7% in the past 7 days.
In fact, the market capitalization of the entire cryptosphere has increased by 4.7% since this time yesterday. Neoto.
The details are all in the tables below, but for now, let’s look at what’s making headlines this morning.
The Genesis/Gemini drama just got a whole lot spicier
Like a pro wrestling villain sneaking up on a rival in the midst of a fight and belting him over the head with a folding chair, the SEC entered the brawl between Gemini and Genesis with something of a spectacle.
The US watchdog has filed a new round of charges against Genesis and Gemini after “raising billions of dollars in crypto assets from hundreds of thousands of investors” via Gemini Earn – the ill-fated collaboration between the two companies that led to an extremely public and very ugly spat over nearly a billion dollar “debt”.
The SEC said it reviewed the program — which offered bettors the chance to earn “up to 8%” on their investment — and concluded the entire program amounted to an unregistered offering that qualifies as the sale of securities to retail investors.
“We allege that Genesis and Gemini offered unregistered securities to the public, circumventing disclosure requirements designed to protect investors,” SEC Chairman Gary Gensler said.
“Today’s charges build on prior actions to make clear to the market and the investing public that crypto lending platforms and other intermediaries must comply with our time-tested securities laws.”
Then Gensler (we’re guessing) released his best Judge Dredd voice to end with, “This best protects investors. It promotes confidence in the markets. It is not optional. It’s the law.”
Tyler “not that one…the other a “Winklevoss beat a well-worn path to Twitter to complain that the SEC put its oar at such a crucial point in the public mud that passes for a negotiation between Genesis and Gemini.
1/ It is disappointing that the @SECGov chose to bring an action today as @Gemini and other creditors are working hard together to recover the funds. This action does nothing to continue our efforts to help Earn users recover their assets. Their behavior is totally counterproductive.
— Tyler Winklevoss (@tyler) January 12, 2023
It’s certainly a complication that neither side in this fight has had to deal with.
Meanwhile, FTX liquidators face their own liquidation issues
Speaking of counterproductive behavior amid an attempt to recover investors’ funds from an apparent black hole, Decrypt reports that the team that was tasked with tracing and rounding up funds as part of the FTX/Alameda Research’s bankruptcy appears to have learned a valuable (but painful) lesson.
It turns out that some of this crypto stuff is actually super complicated, and it’s easy to make very costly mistakes.
According to Decrypt, the team “recently attempted to transfer funds into a multi-signature wallet owned by Alameda Research, but in the process lost 4 Aave Wrapped BTC (aWBTC), worth approximately $72,000” .
Pfft. Rookie mistake. What a bunch of dopes. Etc.
Even a four-year-old would know that Aave loans are built around deposited collateral, against which borrowers then borrow – and that Aave loans must be over-collateralized beyond a certain threshold, otherwise the whole arrangement will be liquidated to protect the lender.
And that means that to release the collateral, the loan itself must be repaid in full – a fact the liquidators were blissfully unaware of until they attempted to remove the collateral without settling the loan, and around 4 WBTC (USD 72,000 worth) evaporated before their eyes.
Decipher reports that the clumsy money hunters also made a series of other errors, including “nine failed attempts to move $1.75 million worth of Lido (LDO) tokens that were still vested.” As of this writing, the wallet still has $3 million worth of LDO.
If only the team knew someone who understands how it all works, who could guide them through the process, and who would do well to be seen as cooperating with the authorities before being tried for their role in the collapse. of the company. he builds…
Overview of the top 10
With the overall crypto market capitalization at US$944 billion, up 4.7% since yesterday at this time, here is the current state of affairs among the top 10 tokens – according to CoinGecko.
- Aptos (APT), (mc: USD 847 million) +24.8%
- Frax Sharing (FXS), (market cap: US$470 million) +16.8%
- Lido CAD (LDO), (market cap: US$1.73 billion) +13.3%
- ImmutableX (IMX), (mc: USD 412 million) +12.0%
- bitcoin money (BCH), (mc: USD 2.30 billion) +9.8%
ARE WE DAILY
- NEXO (NEXO), (market cap: US$399 million) -3.6%
- Apecoin (APE), (mc: $1.79 billion) -1.5%
- To burst (FLR), (market cap: $529m) -1.4%
- avalanche (AVAX), (mc: 4.79 billion USD) -0.9%
- Gemini Dollar (GUSD), (mc: USD 571 million) -0.7%
(Stats accurate at time of publication, based on data from CoinGecko.com.)