Kategorie: Crypto Markets

• Three Arrows Capital hedge fund filed for bankruptcy last year.
• Three Arrows Capital invested in the seed round for Rook in 2020.
• There are speculations that Zhu Su and Kyle Davies may have completed a $25 million fundraise.

Liquidity protocol Rook, which is backed by the bankrupt Three Arrow Capital (3AC) hedge fund, has experienced a surge in activity causing its native token, the ROOK, price to jump to a daily high of $16.38. At press time, ROOK was up 13.22% to trade at $15.33.

The surge in activity comes against the backdrop of speculations that Three Arrows founders have completed a $25 million fundraising to build “an exchange to trade bankruptcy claims.” This comes after DeFi researcher Ignas tweeted.

1/12 Kyle Davies reached out to me after this tweet.

The fundraising deal is done.

But they won’t disclose who are the investors – as most exchanges don’t.

He also explained how the exchange, collateral system & tokenomics works: 🧵 https://t.co/A43gKBMjz0

— Ignas | DeFi Research (@DefiIgnas) March 7, 2023

3AC relationship with Rook

In 2020, Three Arrows Capital invested in the seed round for KeeperDAO, which is what rebranded to Rook Protocol.

For those who don’t know Rook Protocol, it is a maximum extractable value (MEV) marketplace on Ethereum. Its main objective is to redistribute value that is often swept under the carpet by predatory trading platforms and miners. 3AC co-founder Zhu Su at the time when 3AC invested in KeeperDAO’s seed round said that the protocol could keep liquidation on Ethereum “efficient” while allowing participants to earn.

Data from Defillama shows Rook currently has about $5 million in total value locked (TVL) which is far below its 2021 high of $606 million, curtsey of the 2022 crypto winter caused by the many crypto firms collapses that started with the collapse of the $60 billion Terra (LUNA) ecosystem.

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• Crypto and stocks reacted negatively to comments about US inflation by Fed Chair Jerome Powell.
• Bitcoin traded to lows of $22,120 while the S&P 500 fell 1%.
• Investors are now likely to turn their attention to the next Fed meeting in March.

Cryptocurrencies fell early Tuesday, with Bitcoin trading towards support around $22,100 on broader market reaction to comments from Federal Reserve Chair Jerome Powell.

Crypto, stocks fall on Fed Chair remarks

Powell was on Tuesday making his first of two appearances before US Congress – first at the Senate Banking Committee and on the second day, at the House Financial Services Committee. The central bank’s monetary policy, particularly on inflation, is a key element of the Fed Chair’s prepared testimony.

Notably, Powell told lawmakers that it is possible the Fed will look to raise interest rates further given recent economic data that came in hotter than expected. According to the Fed, these sets of economic metrics suggest interest rates could still go up. This, he noted, will be warranted if outlook indicated there’s need for faster tightening.

Following the news, crypto, stocks and bonds reacted lower as the dollar index rose. Bitcoin touched 24-hour lows of $22,120, while Ethereum fell to support near $1,540. Across the stock market, the S&P 500 dropped by 1%, while the Dow Jones Industrial Average and the Nasdaq Composite shed 0.6% and 0.9% respectively.

Economist Mohamed El-Erian pointed out the market’s reaction and what Powell’s testimony projects.

So much for the repeated dovish mentions of disinflation at the last press conference#Fed Chair Powell’s prepared comments now tilt to the hawkish side, including the quote below that will go viral#Stocks and #bonds sell off as they wait for his responses to Senators‘ questions pic.twitter.com/xOozIXczam

— Mohamed A. El-Erian (@elerianm) March 7, 2023

While markets might see a swift bounce from the losses, investors are likely to remain jittery ahead of the Fed’s next policy announcement expected on 22 March, 2023. 

The post Crypto turns red as Fed Chair Jerome Powell hints at higher rates appeared first on CoinJournal.

• Thailand’s government will offer tax breaks for companies issuing investment tokens.

• The government expects over $3 billion worth of investment token offerings over the next two years.

• The move could attract more cryptocurrency companies to Thailand.

Companies that issue digital tokens for investment to enjoy tax breaks in Thailand

Thailand’s cabinet agreed earlier today that they would waive corporate income tax and value-added tax for companies that issue digital tokens for investment. 

According to a Reuters report, a government spokesperson said companies operating in the country would have the opportunity to access alternative ways of raising capital through investment.

This latest cryptocurrency news gives companies more fundraising options in addition to traditional methods like debentures, Rachada Dhnadirek revealed. 

The Thai government expects that there will be around  128 billion baht ($3.71 billion) worth of investment token offerings over the next two years. However, the government would lose tax revenue worth 35 billion baht ($1 billion), Rachada added. 

Thailand could attract more cryptocurrency companies

The move to give companies issuing investment tokens tax breaks could attract more cryptocurrency-focused companies to Thailand.

Cryptocurrencies have become quite popular in Thailand in recent years after the country’s Securities Exchange Commission started regulating digital currencies. 

In 2022, the government relaxed tax rules in the cryptocurrency trading industry in a move to promote further development. 

Despite that, Thailand’s apex bank and other regulators have banned the use of cryptocurrencies as a means of payment for goods and services. According to the central bank, using cryptocurrencies as means of payment could impact Thailand’s financial stability and the overall economy.

In January, the Thai SEC launched a probe into the Zipmex cryptocurrency exchange for allegedly breaching local rules. The SEC was investigating activities that they believed could have violated the business rules for digital asset providers in the country.

The regulatory agency had asked Zipmex to clarify whether it has been operating as a digital asset fund manager in the country without proper licences. 

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• NFT Startup Candy Digital has tapped Getty Images for ’70s Music and Photos.
• The two firms will sell rare photos and music as NFTs.
• The NFTs will include several iconic images from famous photographers in the 1970s.

Candy Digital has curated a collection of NFTs on Getty Images centred on some of the most influential musicians of the ‘70s and the photographers that captured them. The collection shall include the NFTs of rock icons like John Lennon, James Brown, and Elvis Presley.

The NFT collection is scheduled to launch through an open-edition mint slated for March 21, 2023.

Candy Digital and Getty Images partnership

The unveiling of the new collection comes almost a year after Candy Digital and Getty Images signed a partnership in May 2022, about a year after Candy Digital launched.

Candy Digital launched in 2021 and it rocked with its official line of Major League Baseball collectibles. The NFT firm is now stepping up its game, this time with Getty Images.

As part of the partnership, Candy Digital is set to give away a free introductory NFT between March 7 and March 15.

The open-edition mints will include works by Elvis, Steve Morley, David Redfern, Don Paulsen, Richard Creamer, Peter Keegan, Fin Costello, Bruce Springsteen, David Bowie, Stevie Nicks, The Rolling Stones, Gladys Knight, Jimi Hendrix, James Brown, John Lennon, and AC/DC.

The collection, which will be available on Candy Digital’s website from March 21, will be released to buyers in the United States, United Kingdom, Canada, Australia, Germany, France, Japan, Spain, Hong Kong, and Portugal. The prices will range from $25 to $200.

Candy Digital’s activity has grown considerably buoyed partly by the traction of the Blur NFT marketplace which recently overtook OpenSea, causing OpenSea to implement limited-time 0% fees to try and win back some of the customers. The NFT market also seems to be regaining some life going by the trends of the recent NFT collection releases.

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• Polygon price faces a potential dump to lows of $0.94 if bears breach a major support area.
• MATIC is currently below the 50 simple moving average and 4-hour RSI is below 50.
• A downward flip for Bitcoin could impact MATIC movement.

Polygon price has seen an extended downward trajectory since the sell-off that hit the broader crypto market in late 2022.

A strong bounce in the first two months of the year has however hit tough terrain with price declines across the market contributing to MATIC reversing course, with a potential breakdown to lows of $1.00 likely if bears take further control of short term market sentiment. 

In particular, the outlook for Bitcoin suggests bears are not ready to give up territory around $22,500, a scenario that could see BTC dump and catalyse fresh losses across the market.

Polygon price forecast: Technical picture for MATIC above key support

MATIC continues to hover above $1.00, but looks constrained below the recent supported turned resistance zone around $1.15.

A slight upside early Tuesday indeed looks to have hit a supply zone near this price range, although with the 4-hour chart printing four successive green candles, the chances of bulls retesting resistance at $1.18 are there.

Notably, the Polygon community is awaiting the launch of the zkEVM mainnet beta, an event likely to trigger new buying momentum for the cryptocurrency towards the scheduled rollout on 27 March.

Polygon price on the 4-hour chart. Source: TradingView

If the $1.15 support holds, a new breakout could see bulls reclaim $1.18 as support. A pump above this level could push MATIC/USD to $1.25 and possibly the main hurdle around $1.29. However, the 200 MA is flat lining near $1.27 to offer the immediate resistance line.

Polygon price bearish picture

As highlighted above, MATIC price is currently trading below the 50 SMA and the 4-hour RSI is slightly sloped below 50 after bouncing off the bearish line.

On a further technical outlook, the MACD indicator recently flipped bullish, but Polygon’s price is facing major resistance near the 23.6% Fib retracement level of the move from the $1.30 swing high to the $1.10 low. 

If a breakdown happens, and bears gain the upper hand, MATIC could dump to support at 1.07 and then under $1.00 to $0.94.

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