Alpaca Finance Institutional Newsletter #20
Bitcoin and other cryptocurrencies experienced a substantial surge in value last week, in response to positive consumer price index (CPI) numbers. This was a welcome turnaround for investors who have been waiting for a reprieve, and who have been pushing the “there is no one left to sell” thesis. The thesis is largely due to the cryptocurrency market's large-scale retail and institutional capitalization in 2022, which led to forced selling, and deposits being tied up in lengthy bankruptcy proceedings.
However, some remain cautious about the rally, citing continued layoffs in traditional sectors, mixed earning reports by major investment banks, and ongoing crackdowns. Recently, Nexo, a long-standing crypto-backed loan lender, was reportedly investigated by authorities in Bulgaria, and both Gemini and Genesis (DCG) were charged by the US SEC during an ongoing “who done it” Twitter spat.
News
- Bitcoin price rally over $21K prompts analysts to explore where BTC price might go next
- Nexo offices reportedly raided by police in Bulgaria
- New York-based bank exits crypto after a tumultuous year
- Digital Currency Group under investigation by US authorities
Regulation
- El Salvador passes landmark crypto bill, paving way for Bitcoin-backed bonds
- Silvergate hit with another class-action suit, this time for securities law violations
- Hong Kong watchdog aims to restrict retail traders to liquid products
- Gemini and Genesis charged by SEC with selling unregistered securities
Products
- Ava Labs partners with AWS to offer one-click node deployment
- More details emerge on Twitter Coins — and crypto’s not included
- Turkish automaker Togg onboards Metaco for crypto custody and governance
- Nigeria revisits its payments landscape amid sluggish eNaira adoption
Funding
- Abu Dhabi-based Venom Foundation launches $1B fund for Web3 and blockchain
- The Easy Company secures $14.2M funding for new crypto wallet with social features
- Crypto Market Maker CyberX Gets $15M From Foresight Ventures
- Alkimiya Raises $7.2M Funding Round to Grow Cash Flow Hedging Protocol for Miners, Stakers
