Good afternoon. New year, new format for us at CoinSnacks. You won’t see any big announcement from us yet. Instead, we’re just planning on shaking things up and seeing what sticks.
Our goal for now is simply to get back to our roots – which means less rambly editorial and more digestible news.
5. The Block Hunts For Cash
The Block, one of the more popular crypto publications out there, is looking to raise $10–$15 million over the next few months as it tries to rebuild its business following an SBF-related funding scandal in 2022 and shiddy market conditions ever since. According to Axios, The Block's top-line revenue has fallen by more than half between 2022 and 2024 despite crypto prices making a major comeback.
4. Backpack Exchange acquires FTX EU
Backpack, an exchange founded by former FTX and Alameda alums, has acquired the European arm of the defunct company where they previously worked for $32.7 million. While Backpack will now become responsible for distributing bankruptcy claims for FTX EU's previous customer base, it looks like they feel it's worth the effort to inherit the company's European trading license and its 110k former customers.
3. Is DeSci the Next Crypto Narrative?
Arthur Hayes and the team at Maelstrom are making the case that DeSci (Decentralized Science) is on the verge of repricing… specifically these tokens. Besides writing your favorite crypto newsletter, the team at CoinSnacks also co-founded Psychedelic Invest (acquired) and Spannr, so any growing interest in DeSci is news we love to hear.
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2. Score One For Coinbase
This week, the Southern District of New York green-lit Coinbase’s bid for an interlocutory appeal, effectively hitting pause on the SEC’s 2023 lawsuit accusing the exchange of operating as an unregistered exchange, broker, and clearing agency. That’s no small feat – interlocutory appeals almost never get granted. Next stop? The Second Circuit Court of Appeals, where the real question – how the 1946 Howey Test applies to 21st-century digital assets – will face even more scrutiny.
1. 2025 Draws Its First Blood
Crypto markets saw their first significant dip of the year, with BTC now down 12.3% from its all-time high of ~$108k just 22 days ago. Over the past 24 hours, total liquidations across the market have hit $647.4 million, according to CoinGlass data.
So, what sparked the sell-off? Bonds, supposedly. Yet, let’s not forget that crypto held up just fine in late 2024, even as global rates surged. The more rational explanation? A routine and necessary correction. If the decline continues, then it might be time to revisit macro factors – but for now, consider it business as usual.
Chris Burniske @cburniske
Agree w this – in Q4 was thinking we’d rally into inauguration and sell off after, but once that became too consensus a view + DXY & rates rallying, looks like we’re shifting to pain before, Valhalla after – prefer this setup tbh
fejau @fejau_inc
@gammichan were quickly going from sell the news to buy the news on inauguration
5:13 PM • Jan 8, 2025
657 Likes 60 Retweets
31 Replies
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