Three weeks into the new year, after a very bad year in 2022, the crypto market is showing vibrant green in 2023. Bitcoin, Ethereum, Solana and the other top 20 are all way up over the past week. But with all the rest of the crypto industry news being layoffs and bankruptcies, many onlookers think this looks like an overbought bear trap with giant drops coming soon. Is winter ending soon, or is it about to get even colder?
🚀 The private art market has outperformed the S&P 500 by 174% over the past 25 years. Masterworks lets you invest in multi-million dollar artworks by Banksy, Warhol & more from $10k.
💸 Since 2018, Masterworks has generated 29.03% Net Annualized Returns for investors
The firm, owned by Barry Silbert’s Digital Currency Group, listed $3.6 billion in debts, but said it has over $150 million in cash to fund operations amid restructuring. Crypto exchange Gemini is its largest creditor, with a disputed debt of nearly $766 million. The filing did nothing to calm the public spat between Silbert and Gemini co-founder Cameron Winklevoss over funds owed to Gemini Earn customers.
“Unless Barry and DCG come to their senses and make a fair offer to creditors,” Winklevosstweeted late Thursday, “we will be filing a lawsuit against Barry and DCG imminently.”
💰 Coin of the Moment
Zombie coin alert! FTX’s token is back from the dead. Amid the collapsed exchange’s ongoing bankruptcy process, the FTT token price surged by 64% over the past week. It rose earlier in the week before shedding some of the gains, but then spiked again Thursday when new FTX CEO John J. Ray III said that the exchange could be relaunched.
At a price of just over $2 per token, FTT is still down by 97% from its 2021 peak. But if you bought up FTT as a distressed play when FTX filed for bankruptcy, you’re up.
Meet Mr. NFT: @Farokh, who is trying to building Rug Radio into a fully formed Web3 media company. Dan Roberts and Kate Irwin talk to Farokh about Rug DAO and all things NFT culture.
Will Sam Bankman-Fried serve prison time? Who will be the next crypto company to go bankrupt, or the next founder to see their reputation dissolve? Will we get a new crypto law this year? Decrypt’s Dan Roberts, Stacy Elliott, and Matthew Diemer of the gm podcast crew kicked off the new year by trading predictions for 2023.
