Macroeconomics and financial markets
In the US NY stock market on the 18th, the Dow Jones Industrial Average fell 10 dollars (0.03%) from the previous day, and the Nasdaq Index fell 4 points (0.03%), both closing slightly lower.
connection:Nasdaq flat, Microsoft’s AI chip development, etc. | 19th Financial Tankan
connection:Stock investment recommended for cryptocurrency investors, representative cryptocurrency stocks of Japan and the United States “10 selections”
Virtual currency market
In the crypto asset (virtual currency) market, Bitcoin rose 2.66% from the previous day to $30,265.
recovered to the $30,000 level.
According to a weekly report from the asset management firm CoinShares, the flow of funds such as crypto asset (virtual currency) investment trusts has turned to net inflows again.
The asset class recorded $114 million inflows last week as sentiment continued to improve. 345 million excess inflows in the past month. Of this, the United States and Germany saw inflows of $58 million and $35 million, respectively.
Regarding this point, CoinShares has indicated that it is a flight demand for assets caused by credit anxiety for traditional finance such as a series of bank failures.
On the other hand, due to the tough stance of US regulators, uncertainty about the future of the market is increasing.
CFTC (U.S. Commodity Futures Trading Commission) Chairman Rostin Behnam mentioned Binance at an event at Princeton University on the 14th. He said he deliberately violated U.S. regulations by using virtual private networks (VPNs) and obfuscation tools.
connection:CFTC sues Binance and CZ for violating U.S. law
Since February of this year, the U.S. SEC (Securities and Exchange Commission) has sued the U.S. crypto asset (virtual currency) exchanges Kraken and Bittrex for “violating securities laws.” ) was issued.
Bittrex, which received a Wells notice prior to the lawsuit, took issue with the ambiguity of crypto asset regulations in the United States. He decided to close the US business and indicated his intention to prove the lawsuit unjustified in court. Coinbase has also hinted at pulling out of the US.
The Ethereum (ETH) network reversed staking deposits and withdrawals over the past 24 hours for the first time since the major upgrade “Shapella”.
According to on-chain analytics platform Nansen, about 95,000 ETH was deposited and 27,000 ETH was withdrawn, resulting in a net flow increase of about 68,000 ETH.
The total amount of Ethereum (ETH) pending withdrawals is about 927,000 ETH, down about 30% from the peak immediately after Shapella. Ethereum that is withdrawn is not necessarily sold, and rotation (reinvestment) to a staking provider with a better APR (annualized yield) is also an option.
According to Glassnode data, “Total Value Locked (TVL)”, which indicates the total amount deposited in the ETH 2.0 protocol, is 18.62 million ETH.
As for the inflation rate, due to the effects of the ETH token burn (burning) and The Merge introduced in the London hard fork in August 2021, the supply of ETH will decrease at an annual rate of 1.5%. It seems that
connection:After Ethereum merge, “Potential shift to deflationary assets” US fund Pantera Capital points out
Among other individual stocks, the price of FTT, the native token of the major crypto asset (virtual currency) exchange FTX, which went bankrupt last November, rose again. The price jumped 13.0% from the previous day and 52% from the previous month.
Bloomberg reports that the co-founder of venture capital (VC) Tribe Capital is considering the possibility of leading a $250 million funding round in addition to its own capital of $100 million. became clear. Discussed FTX’s restructuring plan with the official committee of unsecured creditors.
FTX’s new CEO, bankruptcy attorney John Ray, launched a task force for FTX’s turnaround plan in January. He is the person who spearheaded the bankruptcy process of the energy trading company “Enron” which caused a huge financial fraud scandal in 2001.
We are also working on bankruptcy in the FTX case, and while we are aiming to return funds to customers and creditors by promoting the collection of funds such as business transfer and sale, we are looking for reconstruction of some businesses, including the restart of the exchange business.
At FTX, which fell into bankruptcy due to insolvency, fraudulent acts such as misappropriation of customer assets were revealed one after another, and the total amount of debt borrowed using FTT tokens as collateral increased, revealing a remarkable lack of governance as a major entity that keeps customer assets. bottom.
FTT, which crashed due to the FTX and Alameda Research turmoil, had fallen to less than 1/20 of the value just before the FTX bankruptcy. Even if the business revitalization is successful, it is unclear whether FTT will be used again, so some people are skeptical about speculative price movements.
Click here for a list of market reports published in the past
[Recruitment]Recruitment of new personnel due to Web3 business expansion
Japan’s largest cryptocurrency media CoinPost is looking for full-time employees and interns as it expands its Web3 business.
1. Media Business (Editorial Department)
2. Marketing operations
3. Conference management and launch work
4. Open Position (students welcome)
Details https://t.co/UsJp3v8mSH pic.twitter.com/B98JZmoQbW
— CoinPost-virtual currency information site-[app delivery](@coin_post) February 14, 2023