Hello! This is MarketWatch Editor-in-Chief Mark DeCambre, replacing our cryptocurrency correspondent Francis Hugh, who will be on vacation for the next few weeks.
Failed crypto exchange FTX remains in the spotlight, with expectations growing that its founder, Sam Bankman-Fried, will appear at a hearing on Capitol Hill next week.
On Wednesday night, the Senate Banking Committee ordered Bankman-Fried to testify on December 14 and said the committee was prepared to issue a subpoena to compel her.
See Bankman-Fried “Certainly on the Table. FTX's collapse has prompted calls for a second congressional hearing next week."
House Financial Services Committee Chairwoman Maxine Waters said in a separate hearing on Dec. 13 that Bankman-Fried's testimony was "certainly under discussion."
This week we will check everything we can and let you know the state of the crypto market.
Find me at @mdecambre and as always, find Frances at @FrancesYue_.
It dries upNick Weil, co-founder of ReNFT Labs and studio Rumble League, said FTX's intrusion has driven many blockchain developers away, significantly reducing funding and project timelines after the collapse of one of the industry's largest platforms.
The FTX bankruptcy essentially "left a lot of qualified founders with nothing," Wahl told MarketWatch. He said that developers and founders who can promote transparency and legitimate businesses have not yet succeeded, but he noted that this is currently a problem.
He said there is still some concern that other boots in the industry will decline as cryptocurrencies struggle with FTX.
"People underestimate that our industry is very, very small compared to most," Valle said.
The lid expandsThe US Securities and Exchange Commission has urged companies to provide investors with more and clearer disclosures about their health and cryptocurrency ties, if any.
On Thursday, the SEC wrote:
The Corporation's Finance Department believes that companies should evaluate their disclosures to investors to provide targeted and useful information about market events and conditions, the company's position with respect to those events and conditions, and the potential impact on investors. Companies with current disclosure obligations should consider updating existing disclosures.
The SEC said companies must disclose any significant developments in the crypto-asset market, including redemptions or withdrawals, that are important to understanding or evaluating their business, financial condition and results of operations or share price. including any material effects. Crypto-Asset Price Volatility”.
The comments come as industry players watch the development of crypto-financial services firm Genesis, which some fear could cause more pain for the industry and further hurt the already troubled crypto market after Genesis Credit Union stopped withdrawing funds.
Representatives for Genesis and its parent company DCG declined to comment.
A $2.5 billion tax bill approachesThe European Commission plans to force crypto companies to report user assets to tax authorities. It is unclear how these rules will apply, including to those living outside the European Union.
“Anonymity means that many high-net-worth users of cryptoassets go unnoticed by national tax authorities. This is unacceptable," wrote Paolo Gentiloni, EU Commissioner for Taxation and Customs.
The commission estimates that the crypto-tax could generate €2.4 billion ($2.5 billion) in tax revenue, making tax evasion more difficult.
Bitcoin is $17,000.Bitcoin traded 2% higher over the past 24 hours on Thursday, but was down slightly (0.2%) on the week to around $17,000 at last check. The #1 cryptocurrency has lost 8% in the past month. Despite FTX's shocking fall in November, it held up relatively well.
"As risk appetite has not improved, Bitcoin is still trading below $17,000 and awaits further data," said Craig Erlam, an analyst at Onda. “The headlines have not been favorable recently, although the negative effects of FTX have subsided somewhat. Unfortunately for Bitcoin, time means it never participated in the last risk reversal and is less willing to catch up.”
Ethereum rose more than 3% to $1,268, but fell 1.2% on the week, according to FactSet data.
Offline AfricaJack Dorsey's payments platform Block and venture capital firm Steelmark have reportedly invested $2 million in Gridless, a digital asset firm that designs, builds and operates bitcoin mining facilities in Africa using renewable sources such as hydroelectric power.
CoinDesk reports that while Gridless has launched several projects in parts of Kenya, it will target regions in East Africa in the near future.
to the moonMarketWatch's Mike Murphy reports that federal prosecutors in Manhattan are investigating whether Bankman-Fried valued Terra USD and Luna FTX and his hedge fund Alameda Research. Collapsed in May.
Quote of the weekCryptometry:
| The biggest winner | Price: | 7 days % return |
| the base | $0.04863639 | 48.4: |
| Trust your wallet | $2.62 | 23.4: |
| Share Frax: | $5.94 | 20.5 |
| infinity axis | $8.13 | 14:00 |
| Red is synthetic | $1.93 | 10:5 |
| Source: CoinGecko December 8. |
| The biggest losers | Price: | 7 days % return |
| 1 inch | $0.436325 | -17.7% |
| BTSE symbol | $2.51 | -16.4: |
| a thread | $0.03742284 | -13.6: |
| Theta Network | $0.855321 | -11.3: |
| Algorand | $0.221953 | -11.1: |
Shares of Coinbase Global Inc rose 7.5% for the week to $42.15. As of Thursday afternoon, MicroStrategy Inc. Down 1.9% for the week at $194.68.
Cryptocurrency company Riot Blockchain Inc. Shares fell 7.6% for the week to $4.26. Shares of competitor Marathon Digital Holdings Inc. Down 15.6% last week. Shares of another miner, Ebang International Holdings Inc., rose 1.6% last week to $5.07.
Shares of Overstock.com Inc fell 8.7% in the week to $24.30.
Shares of Block Inc., formerly known as Square, fell 7.5% on the week to $62.76. Shares of Tesla Inc. fell 14% to around $170.
Shares of PayPal Holdings Inc. fell 5.4% for the week to trade near $75.03. Last week, Nvidia Corp. Down 1% to $167.28
Shares of Advanced Micro Devices Inc fell more than 9% in a week, reaching $70.58 as of Thursday afternoon.
Among crypto funds, the ProShares Bitcoin Strategy was down 0.5% on Thursday, while its Short ETF Bitcoin Strategy rose 0.3%. The Valkyrie Bitcoin Strategy ETF was down 0.3% and the VanEck Bitcoin Strategy ETF was down 0.2% Thursday afternoon.
Grayscale Bitcoin Trust lost 9% in one week.
Definitely wear it