Crypto Shake

2023-02-15 15:00:20 ​The head of MicroStrategy called the collapse of FTX necessary for the industry.

The founder of MicroStrategy and the famous “Bitcoin bull” Michael Saylor sees the collapse of the FTX crypto exchange as a kind of manifestation of Darwin’s theory: weak and bad players left the cryptocurrency market, writes Business Insider.

According to Saylor, the field needs more regulation from Congress and the SEC, and the crypto industry is currently in a crisis of confidence as many industry giants like FTX have faced a scandalous collapse. The fall of FTX wiped out more than $8 billion in client funds, although the founder of MicroStrategy believes that such a crash pushed the industry forward in the long run: the fall of Alameda and FTX only exposed the bad players in the trillion-dollar industry.

“The crypto crash was painful in the short term, but in the long term it is necessary for the industry to grow,” he said, pointing to useful ideas such as digital currencies and assets moving at the speed of light that cannot be stopped, and a digital commodity that cannot be underestimated. But at the same time, he recalled that cryptocurrencies need a clear regulatory framework for companies to comply with certain standards and protect customers.

“What is really needed is oversight. For the industry to have its own Goldman Sachs (NYSE:GS), Morgan Stanley (NYSE:MS) and BlackRock. We need clear guidance from Congress. We need clear rules of conduct from the SEC.” Open / Comment

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2023-02-13 15:00:19 ​Justin Sun Puts $33 Million on Aave Lending Pool, Here's Why

Justin Sun, the former CEO of Tron, has made a significant transfer of $33 million USDC to Aave Lending Pool v2. The transfer was noticed by blockchain security firm PeckShield, which revealed that the origin of the assets was the Poloniex exchange, where Sun received USDC two years ago. This move by Sun highlights his approach to managing his crypto assets and keeping them secure while also maximizing returns.

One of the reasons behind Sun's transfer to Aave could be tied to his desire to earn interest from USDT while not exposing himself to the volatility of assets such as Ethereum, Bitcoin and others. Currently, the crypto market is facing a lot of uncertainty, with most market analysts predicting a correction, making Sun's strategy of moving funds to a lending pool a prudent one.

In recent times, Sun has been making a large number of transfers to different destinations, which could indicate that he is taking profits off of his previously opened positions. This move also aligns with the trend of many crypto investors seeking to take advantage of yield farming opportunities in DeFi, which can provide attractive returns without the risk of holding volatile assets. Open / Comment

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2023-02-12 16:00:16 ​Ripple CTO Explains Difference Between Ethereum (ETH) and Microsoft (MSFT) Stock

In a recent Twitter exchange, Ripple CTO David Schwartz engaged in a discussion with Bitcoin proponent Tuur Demeester on the difference between Ethereum (ETH) and Microsoft (MSFT) stock.

The conversation started when Demeester tweeted about the Howey Test, which is a legal test used to determine if an investment is considered a security or not.

Demeester stated that according to the Howey Test, ETH is an investment of money in a common enterprise, with the expectation of profit to be derived from the efforts of others.

Schwartz responded by saying, “I don't understand what you're saying exactly. You're saying there's an investment of money in a common enterprise and that common enterprise is ETH. So you're saying they bought their ETH from ETH?!”

Demeester explained that the running of ETH nodes and the writing of client upgrades is a closely coordinated, for-profit, centralized affair, making it easy to argue that investing in ETH is an investment in a common enterprise. Open / Comment

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2023-02-11 18:40:14 ​Crypto Prime Brokerage Enlists Former Wells Fargo, JPMorgan Exec

A traditional finance (TradFi) veteran with more than two decades of experience at bulge-bracket banks JPMorgan and Wells Fargo is jumping into crypto.

Digital assets prime brokerage Floating Point Group has tapped Peter Eliades — who last headed electronic trading sales for Wells Fargo — to oversee business development in the US and throughout Asia Pacific.

Eliades told Blockworks that the influence of cryptocurrency across “traditional media, sports, sponsorship [and] gaming” has become “increasingly evident.” The growing influence of digital assets in traditional spheres “by extension woke [Eliades] to the possibility of exploring something new and innovative,” he said.

The executive’s focus on crypto stemmed from investing personal capital in a bid to “learn more about the benefits of digital markets and their pain points.”

Eliades was a vice president at Lehman Brothers in 2001, before becoming a managing director at Bear Stearns & Co. about four years later. He went on to work for JPMorgan as head of Americas trading before joining Wells Fargo, and now looks to make a splash in crypto. Open / Comment

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2023-02-10 15:00:17 ​Bitcoin miner CleanSpark beats estimates, posts $29 million loss

Bitcoin miner CleanSpark reported a net loss of $29 million for the quarter ending in December, beating analyst estimates of a $31.3 million loss.

It narrowly missed revenue estimates, posting $27.8 million, compared to the $29.5 million expected, according to analyst estimates compiled by FactSet.

"While we faced headwinds due to depressed bitcoin prices during most of our fiscal first quarter, we persisted and grew," said CEO Zach Bradford. "Our average hashrate rapidly increased, outpacing global hashrate, and we mined the most bitcoin ever in a single quarter."

The company had total assets of $487 million and liabilities of $59.8 million as of Dec. 31.

CleanSpark was up about 1.9% in after-hours trading as of 4:15 pm ET. Open / Comment

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