- Crypto is rebounding as $SPX (-0.5%) and $QQQ (-0.5%) look to take out their lows, while $NDAQ (+0%) remains flat on the day. Global crypto markets have rebounded (+3.6%) over the last day, with majors $BTC (+4.4%) and $ETH (+3.3%) leading the way. Alternate Layer 1s $BNB (+1.6%), $SOL (+1.9%), $AVAX (+1.4%) also follow suit. Despite Cosmoverse occurring as we speak and a proposal revising Cosmos Hub, $ATOM has retreated over the last day (-3.8%), currently rangebound between $13 and $16. Over the past week, Reserve Rights Token ($RSR) has exhibited the strongest gains (+50.8%) in the Top 100, reflecting the market's anticipation of the network's upcoming mainnet launch in October. DeFi tokens $MKR (+18.5%) and $UNI (+16.5%) have also appreciated in the same period, with the former recovering from infighting on the future of the DAI stablecoin and the latter benefitting from the highly anticipated fee switch and its NFT router.
- Crypto exchange FTX US won the auction to purchase defunct digital assets lender Voyager Digital with a $1.422b bid. Out of the total bid, $1.311b represents the fair value of Voyager's crypto assets, while the remaining $111m constitutes 'incremental value' to FTX through the acquisition. Voyager had previously refused an offer by the firm, describing the offer as a 'lowball offer dressed up as a white knight rescue.' Alameda Research, a market-making firm owned by SF, had previously borrowed $377m from Voyager, representing Voyager's second-largest loan after 3AC. Alameda also lent $75m to the lender earlier this year as it became distressed. Subject to approval from a NY bankruptcy court next month, the deal will expand SBF's influence on crypto markets. In July, FTX signed an agreement to give it the option to buy lender BlockFi after extending a $250m credit line to them.
- Yesterday, California, New York, and six other states announced their lawsuit against Nexo for offering unregistered securities in their Earn Interest Product, a form of account that pays interest for cryptocurrency deposits. New York's AG James specifically accused Nexo of misrepresenting its registration status, falsely claiming to investors that it is a licensed and registered platform. After the SEC expressed its views on interest-bearing accounts earlier this year, Nexo had 'voluntarily ceased onboarding of new US clients for their Earn Interest Product as well as stopped the product for new balances for existing clients.' Nexo's competitors BlockFi, Voyager Digital, and Celsius Network had previously been subjected to similar regulatory actions. A day after the suit, Nexo announced the minority acquisition of Summit National Bank, intending to enhance its lending and card products.
Crypto Daily Report – September 27
Sep 27, 2022
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