Genesis Finally Files for Bankruptcy, Nexo Settles with SEC
Traditional markets opened higher despite the headline risk of more layoffs within the tech sector. Google parent company Alphabet announced 12k layoffs, joining Amazon (18k), Microsoft (10k) and Meta (11k). Reflecting the market’s confidence in leaner tech’s lower OPEX, SPX, QQQ and NDAQ are trading 0.8%, 1.5%, and 0.3% higher than yesterday’s close. Digital asset markets are also continuing their leg up after perceiving Bitzlato’s money-laundering charges as a no-event on Wednesday – BTC and ETH are 2.2% and 3.3% higher over the past day. Over the last week, FXS (+59%) and CRV (+38%) have benefitted from the LSD narrative and rumors of a native stablecoin, while MANA (+57%) and ENJ (+39%) experienced short squeezes.
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