BREAKING NEWS: THESE TWO CRYPTO EXCHANGES MAY GO INSOLVENT NEXT.
More to follow after Celsius and 3 Arrows Capital....
Good Morning Inspired Analyst Family!
As per ritual, let’s start with a quick look at the Market.
Following the collapse of Luna, Celsius, and Three Arrows Capital. Now there are rumors of two more...
1)BlockFi
BlockFi is a cryptocurrency exchange. And, like Celsius, they attracted customers with tempting profits.
According to leaked records, they have lost $285 million in the last two years, are in the midst of a liquidity crisis, and are attempting to seek money from VCs at a much lower valuation ($1 billion now, $5 billion last year) to preserve themselves.
If you have money in BlockFi, you should withdraw it immediately because the risk/reward ratio is currently unfavorable.
2)Babel Finance
Babel Finance is a cryptocurrency lending company. Their tagline is "We have your best interests at heart"
They've stopped letting users withdraw money, which is hilarious.
They manage billions of dollars and averaged $800 million in monthly trading volume.
Inspired Analyst and Team see these developments as Huge Positives to take as Mismanaged businesses are being pushed out of the system. It's unfortunate, but ultimately beneficial, that these companies aren't compensated for taking such large risks.
El Salvador's government is launching a new token in collaboration with Astro Babies, a Canadian startup.
El Salvador's government is preparing to make another crypto leap, nine months after making Bitcoin legal tender.
The government seems unfazed about the present "difficult scenario for digital assets," and has partnered with Astro Babies, a Canadian company, to establish a new coin called the Salvadoran Crypto Initiative (SCI).
Until now, Astro Babies has mostly concentrated on the trading of non-fungible tokens (NFTs). According to the news, Astro Babies opened a virtual, crypto-powered casino in El Salvador last week.
The token has already been developed, and the website is ready to launch. Talks with several "ministers" who are "engaged" in the project are currently underway.
CryptoPunks is now the most popular NFT collection on the internet.
Over the last 24 hours, CryptoPunks has become the top NFT project in terms of volume.
According to NFT data aggregator DappRadar, the collection has seen a trading volume of USD 6.64 million in the last 24 hours. We can make the following comparisons with previous Yuga Labs projects: Otherdeed has a USD 546,810 volume, while Bored Ape Yacht Club (BAYC) has a USD 473,920 volume.
CryptoPunks' market capitalization has increased by more than 13% in the last day to USD 539.66 million. Otherdeed is up 23%, while BAYC is up 20%.
The increased interest in CryptoPunks corresponds with Christie's Noah Davis's announcement that he will join the project as "Brand Lead."
MEME OF THE DAY
Disclaimer: This is not financial advice or recommendation for any investment. The content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice.