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  • CoinBureau
  • MilkRoad

Cake DeFi CEO briefing, 2nd week of 2023​

  1. The calm week 53 in 2022 and week 1 in 2023 played out as expected. For this week, I am expecting the pent-up demand to buy and/or sell cryptos or equities to happen this week… So, get ready for lots of volatility in the upcoming days. IMPORTANT: This is NOT a new up- or down-trend. It is just the supply and demand of the past 2-3 weeks.

  2. The key things in crypto to watch is the DCG/Genesis/Gemini story… Let me know if you want me to explain this in greater detail, but you can read up on it here: https://twitter.com/julianhosp/status/1609953125254709251 The short version is: Did DCG do the same embezzlement with Genesis, as FTX did with Alameda?! If it turns out as yes, we may see struggle in crypto. Otherwise I am not too bearish.

  3. In the macro economy we have US CPI numbers on Thursday. I am expecting inflation to get lower than the general market expects. This will be bullish in the mid-term.

  4. In the general markets, banks are starting to report Q4 2022 earnings this week. Get ready for a roller coaster!!

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The Fall of Terra: A Timeline of the Meteoric Rise and Crash of UST and LUNA​

The Terra network and its leader, Do Kwon, rose to the highest tier of the crypto world thanks to big-shot investors, only to fall apart within a few days in May 2022.

On May 7, the price of the then-18−billionalgorithmicstablecointerraUSD(UST),whichissupposedtomaintaina18-billion algorithmic stablecoin terraUSD (UST), which is supposed to maintain a 1 peg, started to wobble and fell to 35 cents on May 9. Its companion token, LUNA, which was meant to stabilize UST's price, fell from $80 to a few cents by May 12.

https://www.coindesk.com/learn/the-fall-of-terra-a-timeline-of-the-meteoric-rise-and-crash-of-ust-and-luna/

List of major cryptocurrency companies that have gone bankrupt​

20 Jan 2023 - Crypto lending unit of Genesis files for US bankruptcy

  • The lending unit of crypto firm Genesis filed for U.S. bankruptcy protection on Thursday, owing creditors at least $3.4 billion, after being toppled by a market rout along with the likes of exchange FTX and lender BlockFi.

Three Arrows Capital: The crypto hedge fund defaulted on a crypto loan worth more than $650 million soon after the terraUSD-Luna collapse and filed for bankruptcy on July 1, 2022.

Voyager: The US crypto lender filed for bankruptcy just five days after Three Arrows Capital went bust.

Celsuis: The crypto lender filed for bankruptcy on July 14 after falling victim to the terraUSD-Luna collapse.

FTX: The collapse of FTX, the world’s second largest crypto exchange, shocked the world in November. Founder Sam Bankman-Fried was arrested in the Bahamas and extradited to the US after a long delay, during which he went on an ill-advised media tour. Earlier this month he pleaded not guilty to criminal charges.

Genesis: One of the world’s largest crypto lenders, Genesis froze withdrawals in November after the spectacular collapse of FTX.

BlockFi: The crypto lender filed for bankruptcy in late November, a fortnight after FTX collapsed, as it had substantial exposure to the crypto exchange. Another victim of the terraUSD collapse, It had been relying on a $400 million credit facility from FTX to stay solvent after Voyager and Celsius went bankrupt in July.

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