Monat: November 2023

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FTX seeking approval to sell funds from Grayscale and Bitwise

  • FTX seeks to sell $744 million in Grayscale and Bitwise assets amid its bankruptcy proceedings.
  • The asset sale aims to prepare for creditor payouts and minimize price volatility risks.
  • FTX founder Sam Bankman-Fried was recently found guilty of all the charges that had been levelled against him.

In a move to address its financial obligations and recover from bankruptcy, the troubled crypto exchange FTX, along with its debtors, has submitted a proposal to the US bankruptcy court in Delaware seeking to sell trust assets.

The proposal outlines the sale of trust assets, consisting of funds from Grayscale and Bitwise, with a combined estimated value of $744 million.

Upcoming creditor payouts

FTX, once a major player in the crypto exchange industry, filed for bankruptcy in November the previous year after reports revealed the misappropriation of customer funds. The proposed sale of “trust assets” is aimed at preparing the estates for forthcoming distributions to creditors and streamlining the sale of these assets at the most opportune time.

The assets earmarked for sale include approximately $691 million held in five Grayscale Trusts and an additional $53 million managed by Bitwise. These valuations are based on market values as of October 25, 2023. These trusts offer investors a means to gain exposure to digital assets without direct ownership.

The rationale behind this proposed sale is to proactively manage the risk associated with price volatility, thereby safeguarding the value of the trust assets. This approach is designed to maximize returns for creditors and facilitate a fair distribution of funds within the debtor’s plan of reorganization.

The proposal not only involves the use of an investment adviser but also the establishment of a pricing committee where all stakeholders will be represented. The investment adviser will be mandated to obtain a minimum of two bids from different counterparties before the sale of assets, ensuring transparency and fair market value determination.

Sam Bankman-Fried’s conviction

The founder of FTX, Sam Bankman-Fried, was recently found guilty of all the charges that had been levelled against him related to the collapse of the FTX crypto exchange.

A tentative sentencing date has been set for March 28, 2024, with potential implications of a significant prison term, though estimates vary between 15-20 years according to experts.

This development bears significance not only for FTX and its creditors but also for the broader cryptocurrency industry, shedding light on the challenges and risks faced by participants in the ever-evolving digital asset landscape.

The post FTX seeking approval to sell funds from Grayscale and Bitwise appeared first on CoinJournal.

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New Memecoin Crypto Has Minted Millionaires: Is Memeinator Next?

The new crypto bull run is here. Bitcoin price has skyrocketed from last year’s low of $14,900 and is now comfortably above $35,000. Ethereum is nearing $2,000 while the total market cap of all digital currencies has surged to over $1.3 trillion.

There are two primary drivers for the ongoing crypto bull run. First, the Federal Reserve has left interest rates unchanged for two meetings straight and hinted that it may be done hiking. Other central banks like the European Central Bank (ECB) and Bank of England (BoE) have done the same.

Second, there are increasing hopes that the Securities and Exchange Commission (SEC) will approve the Bitcoin ETF. Some of the top companies that have applied for these ETFs are Blackrock (biggest asset manager in the world), Invesco, Franklin Templeton, and Ark Invest. 

Memecoins are doing well

The new Bitcoin bull run has attracted many investors to meme coins. Pepe coin, the popular token launched a few months ago, jumped to a high of $0.00000135 this week, the highest point since August 15th. At its peak, the token was up by more than 126% from the lowest point this year. Its market cap has jumped to over $450 million, making many of its holders millionaires.

Another new meme coin is known as Memecoin (MEME). It was launched this week and quickly became one of the fastest-growing tokens. It has surged, giving it a market cap of more than $219 million. It has a fully diluted market cap of over $1.72 billion. 

Memecoin is a honest cryptocurrency. Unlike others that masquerade to do things, its website makes it simple. The meme coin has no utility, no roadmap, no promises, and no expectation of financial gains.

Memeinator could be the next big thing

The success of Memecoin and Pepe means that other tokens could thrive and mint crypto millionaires. One of the top meme coins that has a real chance of becoming popular is Memeinator.

For one, the token has already been successful. In less than a month, the token’s developers has raised over $1.1 million and is about to hit its target 5 target of $1.2 million.

Unlike Memecoin (MEME), Memeinator has two important catalysts. First, it aims to have a real utility in the marketplace. In the future, it aims to be a leading player in the gaming industry, which is expected to do well.

Second, it has incorporated the concept of artificial intelligence in its ecosystem. AI is one of the fastest-growing industries in the world. For example, we have seen the strong performance of companies like Palantir, Nvidia, and AMD.

Therefore, there is a likelihood that the MMTR token will do well when it get listed in key exchanges like Uniswap and Binance. You can buy the Memeinator token here.

The post New Memecoin Crypto Has Minted Millionaires: Is Memeinator Next? appeared first on CoinJournal.

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The Fed may be done hiking: Time to buy Shiba Memu?

The biggest stories of this week were the Federal Open Market Committee (FOMC) meeting on Wednesday followed by the US non-farm payrolls (NFP) data on Friday. These two events set the tone for what could be the next bull run in the crypto and stock market. 

FOMC and US NFP data

The Federal Reserve concluded its two-day monetary policy meeting on Wednesday. And was widely expected, the bank decided to leave interest rates unchanged between 5.25% and 5.50%, the highest point in more than two decades. 

In the accompanying statement, the bank left the door wide open for another rate hike in December or the first quarter of 2024. However, in the press conference, Jerome Powell hinted that the Fed could be done hiking rates.

At the same time, he noted that the bank would continue being data-dependent. In this regard, he said that the bank would focus on jobs and inflation numbers that will come out before the December meeting.

The NFP data published on Friday revealed that the job market was easing. The economy added over 150k jobs during the month while the unemployment rate rose slightly to 3.9%. Also, the labor participation rate dropped slightly. 

Therefore, analysts believe that the Federal Reserve is now done hiking interest rates. This explains why American equities had one of their best weeks in months. The US dollar index and bond yields dropped to the lowest points since September.

Shiba Memu could benefit

All this could benefit Shiba Memu and other cryptocurrencies. Indeed, Bitcoin has jumped to the highest point in more than a year while the total market cap of all coins has soared to over $1.3 trillion.

For starters, Shiba Memu is an upcoming meme coin that aims to take advantage of the popularity of cryptocurrencies and artificial intelligence (AI). While the AI hype is falling, there were two important events this week.

Palantir Technologies published strong financial results and forward guidance, which it attributed to the AI demand. At the same time, Microsoft launched Copilot for Enterprise companies.

Shiba Memu aims to become a better meme coin than the other popular ones like Floki, Dogelon Mars, and Shiba Inu by having a full ecosystem. For example, its advanced AI technology will help to automate its marketing process.

All this explains why Shiba Memu is gaining popularity. The developers have already raised over $4.3 million from global investors. And because of the rising demand, they have now extended the presale period to the end of December. You can buy the token here.

Is Shiba Memu a good investment?

Therefore, a common question among investors is whether Shiba Memu is a good investment. We believe that the crypto industry will go through a major rally in 2024, helped by the upcoming Bitcoin halving, interest rate cut by the Fed, and a spot Bitcoin ETF launch.

If this happens, it means that many meme coins, including Shiba Memu will rally as well. However, there are always risks when investing in meme coins and other crypto tokens. For one, these assets are always extremely volatile.

Therefore, if you are planning on investing in SHMU, we recommend that you use quality risk management strategies. For example, only invest in funds that you can afford to lose.

The post The Fed may be done hiking: Time to buy Shiba Memu? appeared first on CoinJournal.

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Yuga Labs and Magic Eden announce new Ethereum NFT marketplace to protect creator royalties

  • Yuga Labs and Magic Eden plan to launch the new Magic Eden ETH marketplace before the end of 2023.
  • The startups claim this will be the first major Ethereum marketplace “contractually obligated” to protect creator royalties.
  • Yuga Labs CEO Daniel Alegre says the new ETH marketplace is a win for the web3 ecosystem.

Yuga Labs, the Web3 startup behind the popular Bored Ape Yacht Club (BAYC), Otherside, Meebits and CryptoPunks, is partnering cross-chain NFT platform Magic Eden to launch a new Ethereum marketplace.

According to an announcement posted today on X, Yuga Labs said the collaboration with Magic Eden is for the launch of Magic Eden ETH marketplace, set to become the first Ethereum NFT marketplace to feature a contractual obligation to protect creator royalties.

The blockchain startup expects the marketplace to be live by the end of this year. 

Creators are critical to Web3

Yuga Labs and Magic Eden’s endeavour comes as the NFT space grapples with the issue of creator royalties, particularly as major marketplaces slash fees or scrap them altogether. The two startups are unequivocal about the need to respect creative entrepreneurs, stating in a press release that the issue of “creator royalties is non-negotiable.”

The BAYC creator says it will, going forward, exclusively partner with marketplaces that seek to protect creators.

“We see this partnership with Magic Eden as a win for the whole ecosystem,” Yuga Labs CEO Daniel Alegre noted.

According to him, creators are key to Web3, and without them, the ecosystem won’t thrive.

Magic Eden CEO and co-founder, Jack Lu said:

“Right now, it’s a priority to provide creatives with the support they deserve with creator royalty programs. In collaboration with Yuga Labs, we’re set to develop an Ethereum marketplace that resets the standard for royalty allocation and are hopeful this action will reverberate throughout the ecosystem.”

The post Yuga Labs and Magic Eden announce new Ethereum NFT marketplace to protect creator royalties appeared first on CoinJournal.