• FTX creditor claims are being sold on the bankruptcy marketplace Xclaim for around 13 cents on the dollar.
• This is in contrast to the higher prices that failed companies Voyager Digital, BlockFi and Celsius Network are getting.
• Around 117 parties have expressed an interest in buying units of FTX, with a deadline for initial bids approaching.

As the crypto industry continues to grow and evolve, an increasing number of companies are entering bankruptcy proceedings. Among those currently in bankruptcy proceedings is FTX, a legal filing posted Sunday revealed. With 117 parties expressing an interest in buying units of FTX, the bankruptcy case has seen an unprecedented level of interest from both creditors and buyers.

The claims trading platform Xclaim has been at the forefront of this process, providing a marketplace for FTX creditor claims to be bought and sold. According to data released by the site, the $91.7 million in FTX creditor claims listed on the platform are going for around 13 cents on the dollar. This is a stark contrast to the much higher prices that failed companies Voyager Digital, BlockFi and Celsius Network are getting, with claims trading at 41 cents, 28.5 cents and 18.5 cents, respectively.

Xclaim’s chief strategy officer, Andrew Glantz, says the discount is occurring due to the lack of public information available about the claims. He added that this lack of information is making it difficult for buyers to accurately assess the value of the units they are looking to purchase. Glantz also noted that this is the first time the claims trading platform has seen so many potential buyers in a single bankruptcy case.

The deadline for initial bids is fast approaching, and with so much interest in the case, FTX’s creditors are hoping to get the best possible deal for their claims. While the exact outcome remains to be seen, one thing is for certain: FTX’s creditors will be watching the situation closely over the coming weeks.

• One of the leading artists in Web3, Ovie Faruq, believes that the Federal Reserve lowering interest rates is one way for non-fungible tokens (NFTs) to recover from the crypto winter.
• Blockchain data tracker CryptoSlam reported that global NFT sales declined by 89% in November from a peak of $5 billion in January.
• Faruq recently created „Market Wizards“ for CoinDesk’s Most Influential 2022, which sold for 41 ETH on crypto exchange Coinbase (COIN).

Ovie Faruq, one of the leading artists in Web3, recently spoke out about the potential for non-fungible tokens (NFTs) to bounce back from the crypto winter. Faruq, who is also known as OSF, told CoinDesk TV’s „First Mover“ on Thursday that the Federal Reserve lowering interest rates would give equities room to rally, thereby providing the runway for digital collectibles to rise again.

It’s no secret that the global NFT market has suffered, with blockchain data tracker CryptoSlam reporting that global NFT sales declined by 89% in November from a peak of $5 billion in January. This nosedive has been largely influenced by the Fed raising interest rates in the face of all-time high inflation coupled with „tourist money“ swiftly leaving the market. This has left retail investors in a tough spot, according to Faruq.

However, Faruq believes that NFTs may have increased utility down the road as users move toward digital identities. Faruq said that „this general change in secular trends, that’s something that will not change and will continue to escalate and become a larger part of our lives.“ To demonstrate this, Faruq recently created „Market Wizards“ for CoinDesk’s Most Influential 2022, a piece that sold for 41 ETH on crypto exchange Coinbase (COIN).

Overall, Faruq believes that NFTs have the potential to make a comeback, especially if the Federal Reserve lowers interest rates. He believes that there will be a lot of art that comes out of this year that will be something that will potentially have a lot of value in the future, as collectors look for pieces that reflect the current moment.

• 2021 was a difficult year for crypto markets, with massive financial losses for investors due to a variety of factors.
• The failure of the crypto markets is not due to a failure of technology – the Bitcoin blockchain, for example, continues to add blocks of transactions to its ledger day in, day out.
• The failure of crypto markets in 2021 is due to the actions of the community of humans who have gathered around these technologies, and there is mass collective responsibility for the theft, deception and breach of trust that has occurred.

The past year has been a difficult one for the cryptocurrency markets, with investors suffering immense financial losses due to a variety of factors. While the technology itself has remained robust, with the Bitcoin blockchain, for example, continuing to add blocks of transactions to its ledger day in, day out, it is the actions of the community of humans who have gathered around these technologies that have resulted in the failures of the crypto markets in 2021.

The theft, deception and breach of trust that has occurred is something for which there is mass collective responsibility. This is not something that can be attributed to the actions of just a few people, but rather something that has happened on the watch of the entire cryptocurrency community.

The events of 2021 have been a hard lesson for many investors who were drawn to cryptocurrencies due to the potential of fixing or replacing an exclusionary, extractive, outdated global financial system. However, if there is to be any positive takeaway from the wealth destruction of 2021, it is the reminder that the global, decentralized networks of computers running Bitcoin, Ethereum and other permissionless blockchain protocols continue to forge systems for intermediary-free value exchange with which no one person or entity can interfere, regardless of the ups and downs of markets. The presence and persistence of these vast autonomous machines is an awe-inspiring reminder of the potential of these technologies and the importance of the cryptocurrency community to ensure that these technologies are used for good.

• Lawyers representing FTX.com’s non-U.S. customers have filed a motion asking a Delaware judge to rule that customer assets locked in the collapsed exchange are customer property, not property of the FTX estate.
• The ad hoc committee of international creditors represents 18 international customers of FTX with a collective $1.94 billion in assets locked on the FTX platform.
• Erin Broderick, one of the ad hoc committee’s attorneys, suggested that FTX could be keeping quiet about what to do with customer funds due to needing them to defray operating costs.

Lawyers representing FTX.com’s non-U.S. customers have taken action in an attempt to secure customer assets locked in the collapsed exchange. On Wednesday, the ad hoc committee of international creditors filed a motion with a Delaware judge asking for a ruling that customer assets are customer property – not property of the FTX estate.

The ad hoc committee is made up of 18 international customers of FTX who have a collective $1.94 billion in assets locked on the platform. According to the terms of service on the platform, these customer assets belong to the customers and FTX had no right to touch them.

However, Erin Broderick, a Chicago-based lawyer with the firm Eversheds Sutherland and one of the ad hoc committee’s attorneys, suggested that FTX could be keeping quiet about the issue of customer funds for a different reason. She believes that the legal and executive fees in the case are enormous, and that FTX could be pushing back in order to find a way to pay these fees.

The ad hoc committee’s motion is clearly asking for the ownership of customer assets to be clarified, but the Official Committee of Unsecured Creditors has remained silent on the issue. According to Broderick, this could be because voicing an opinion on the ownership of customer assets could be a conflict of interest – since the official committee is composed entirely of FTX.com customers.

The motion has been filed, and the case is now in a “wait and see” situation. Until a ruling is made, the fate of customer assets is still up in the air. Customers of FTX will be watching closely and hoping for the best outcome.

• Bitcoin (BTC) has avoided losses in U.S. stocks as strong economic data makes investors reconsider expectations that the Federal Reserve will pivot anytime soon to a more dovish monetary policy.
• The Central Bank of Indonesia white paper on the development of the country’s central bank digital currency (CBDC) envisions a world with a government-sanctioned payment layer.
• Bitcoin (BTC) was flat over the past 24 hours, on a day where U.S. stocks sold off.

The prices of Bitcoin (BTC) have managed to dodge the losses seen in U.S. stocks as strong economic data has caused investors to reconsider their expectations that the Federal Reserve will pivot anytime soon to a more dovish monetary policy. The CoinDesk Market Index (CMI) was 796.34, up 0.4%, with BTC trading above $16,817 and Ether (ETH) trading around $1,217, up 0.3%. The S&P 500 daily close was 3,822.39, down 1.4%, and gold was $1,801, down 0.8%.

The Central Bank of Indonesia has recently released a white paper on the development of the country’s central bank digital currency (CBDC). This document envisions a world with a government-sanctioned payment layer and a digital monetary system that is more efficient, secure, and transparent than the current financial system. It also emphasizes the need for an open platform that would enable financial inclusion and promote innovation in the payments space.

Bitcoin (BTC) has held its own throughout the day, despite the sell-off in U.S. stocks. The largest cryptocurrency by market volume was trading above $16,800, down just 0.01% over 24 hours. Meanwhile, positive economic data has revived fears that the Federal Reserve may need to keep tightening monetary policy longer than expected – a trend that has put downward pressure on risky asset prices all year. According to Ryan Selkis, the CEO of Messari, in a 168-page report on his 2023 predictions, the market’s direction is „still all about macro and regulation.“ He believes that the market sentiment is that there will be a recession in 2023, with some debate over its potential magnitude. However, there are some investors who think that the Fed will pivot once the recession reaches its peak.

Overall, Bitcoin (BTC) has been able to avoid the losses seen in U.S. stocks, as investors are beginning to reconsider their expectations on the Federal Reserve’s monetary policy. Furthermore, the Central Bank of Indonesia’s white paper outlines a world with a government-sanctioned payment layer, which could provide more efficient, secure, and transparent transactions. Finally, the positive economic data has revived fears that the Federal Reserve may need to keep tightening monetary policy in order to control inflation. As such, it remains to be seen whether the market will reach a recession in 2023 or if the Fed will pivot in the near future.

• Miners across the U.S. powered down over the weekend due to a powerful storm sweeping North America.
• The Bitcoin mining hashrate dropped 40%, to 156 EH/s, between Dec. 21 and Dec. 24, data from BTC.com show.
• Major miners, including Riot Blockchain and Core Scientific, have curtailed operations, while 99% of industrial scale bitcoin mining load was turned off in Texas.

The weekend of December 21-24 saw a powerful storm sweep across North America, leading to miners across the U.S. temporarily shutting down operations. This practice, known as curtailment, is a way for miners to help electricity grids by ensuring power producers are bringing in revenue to offset costs.

Data from BTC.com showed that the Bitcoin mining hashrate, a measure of computing power on the blockchain, dropped by 40%, or 100 exahash per second (EH/s), to 156 EH/s, between Dec. 21 and Dec. 24. It returned to about 250 EH/s as of Dec. 25.

Major miners, including Riot Blockchain and Core Scientific, have curtailed operations, while Lee Bratcher, the founder and president of industry group Texas Blockchain Council, reported that 99% of industrial scale bitcoin mining load was turned off in Texas at 6 a.m. on Saturday.

Dennis Porter, who advocates for the industry through non-profit group Satoshi Action Fund, said that the miners‘ curtailment is proof that they are supporting the electric grid. The storm was responsible for at least 37 deaths, according to CNN, and sent temperatures as low as -50°F (-45°C) in the western U.S. state of Montana, according to the BBC.

The move by miners to help the electric grid is an important reminder that the cryptocurrency industry is becoming more socially integrated with the traditional economy. It also shows that the miners are willing to work together with local and regional power providers in order to ensure the best possible outcome for everyone involved.

A home cook using the best tools is crucial to create the perfect meal. A single of the most crucial kitchen tools is a knife set and having the Sked knife block bargain will assist in taking any dish to the highest stage. The Sked knife block is an assortment of knives that includes a block specifically designed to store the knives. This kind of block is especially helpful for cooks who cook at home as it allows them to keep their knives in order and readily accessible.

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Conclusion

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