Bitcoin has been struggling to stay above $20,000 for three weeks and this week was no exception– the world’s most popular cryptocurrency hovered just above $19,000 as of this writing. Many bitcoin maximalists didn’t seem overly concerned. And others bought the dip.
CEO of MicroStrategy and whale-sized bitcoin HODLer Michael Saylor announced another big BTC purchase, although that didn’t seem to impress pro-gold economist Peter Schiff.
Increasing your holding by less than 0.004% seems more like an attempt to influence the market by demonstrating your belief to other investors. But if you are so sure #Bitcoin is cheap, why not buy 100 million dollars? You have to keep in mind that this step still has many disadvantages.
El Salvador’s authoritarian President Nayib Bukele also bought more BTC, which should be no surprise to regular column readers.
But Saylor and Bukele weren’t the center of attention during the week. Venture capitalist Nic Carter, himself a Bitcoin fan, stoked the ire of the laser-eyed masses on Tuesday with a simple tweet announcing his decision to invest in an Ethereum- and Solana-friendly wallet-based authentication tool called Dynamic.
The pain puritanical bitcoiners suffered upon learning that Carter was also investing in other things was perhaps best illustrated by a Mission Bitcoin tweet.
The Nic Carter sellout wasn’t on my 2022 #Bitcoin bingo card
Crypto exchange CoinFLEX announced last month that it had frozen withdrawals because “continued uncertainty regarding a counterparty.” This week, CEO Mark Lamb outed that counterparty as a Roger Ver, aka “Bitcoin Jesus,” a former bitcoin evangelist who now shills bitcoin cash.
Roger Ver owes CoinFLEX $47 million USDC. We have a written contract with him that obliges him to personally guarantee negative equity on his CoinFLEX account and regularly top up the margin. He has defaulted on this agreement and we have served a notice of default.
Just prior to Lamb’s tweet, Ver dismissed the idea as “some rumours,” while also claiming that CoinFLEX is indeed indebted… to him!
There have been a few rumors lately Spread that I’ve missed on a debt to a counterparty. Those rumours are wrong. Not only do I have no debt to that counterparty, but that counterparty Party owes me a substantial sum of money and I am currently looking for that return my money.
Lamb called Ver’s denial a “tactic” and reconfirmed that Ver definitely owes CoinFLEX, not the other way around.
CoinFLEX also categorically denies that we have any debt to him. His statement is obviously wrong. It is unfortunate that Roger Ver has to resort to such tactics to evade his obligations and responsibilities.
FTX CEO Sam Bankman-Fried announced in June that he was a $250 million loan injection to crypto lender BlockFi after the company announced it would be shedding its workforce by “about 20%‘ and pointed to a ‘dramatic shift in macroeconomic conditions’.
In conversation with NPR Last month, Bankman-Fried said his exchange had a responsibility to bail out ailing crypto companies in times of crisis. True to his word, the BlockFi deal just closed.
Finance and investment news account @Stocktwits has christened SBF as Atlas.
Axios business editor Dan Primack wasn’t thrilled with the deal.
It’s official: FTX has a deal with BlockFi.
$240 million is the high end of the price range (as we previously reported, all deals include earnouts).
No word on the low end, which could well be $25 million.
Newly emerged reports revealed that some hedge funds have allegedly taken out loans.hundreds of millions‘ to shorten Tether after the collapse of Terra. Leon Marshall, Genesis Global Trading’s head of institutional sales, confirmed to a UK financial news outlet that his hedge fund had sold shorts worth “Hundreds of millions of dollars.”
Tether CEO Paulo Ardoino responded to the reports in a lengthy thread, writing that short selling is just one dimension of a multi-pronged attack on Tether’s credibility, which also relies on “FUD” and “troll armies.”
1/ I have been open about attempts by some hedge funds to try to incite further panic in the market following the TERRA/LUNA collapse. It really seemed like a coordinated attack from the start, with a new wave of FUD, troll armies, clowns, etc. https://t.co/hhcsgHV1Ow
Ardoino also said Tether has endured many allegations that its USDT stablecoin is not backed 1:1 by cash reserves. He stressed that Tether is fully backed by certified reserves and interacts with regulators, and shared some impressive stats on the number of redemptions Tether has processed.
7/ In over a month, Tether processed 16Bn redemptions (~19% of our total reserves), proving once again that our operations, portfolio, banking infrastructure and team are solid and battle-hardened.
On Wednesday, the United States Securities and Exchange Commission rejected digital asset manager Grayscale’s application for a spot Bitcoin ETF, saying the company had not done enough to protect investors from “fraudulent and manipulative acts and practices.” protection. The next day, Grayscale CEO Michael Sonnenshein tweeted that his company Sue the Agency.