Crypto Three Things (6/28)
Jun 28, 2022
1) Coinbase slides further after Goldman cuts rating to “sell” in research note to clients: The investment bank slashed Coinbase’s price target from $70 to $45, leading to a 10% drop in the company’s stock on Monday. Coinbase’s shares are down 80% YTD amidst a prolonged crypto slump.
Titan’s Takeaway: While the continued drop in prices is surely a factor for Coinbase’s weak performance, other crypto exchanges seem to be doing just fine. As Coinbase announced it is laying off 18% of its staff, Binance said it is hiring for 2,000 open positions while also eliminating trading fees for Bitcoin.
2) Three Arrows Capital receives default notice from Voyager: The troubled hedge fund failed to make the required payments on its loan of 15,250 BTC and $350 million USDC, Voyager said in a statement released Monday. Voyager will access its $75M loan from Alameda to facilitate withdrawals as it continues to pursue recovery.
Titan’s Takeaway: Voyager is among the companies to have taken a hit from Three Arrow’s credit crisis. Major crypto players are fighting for survival as more liquidity evaporates and traders anticipate more dominoes to topple going forward.
3) FTX token DAO raises $7M for an ecosystem fund: Sam Bankman-Fried’s community has raised over $7M in FTT coins – the native token of crypto exchange FTX. The FTT DAO (decentralized autonomous organization) operates as a non-profit. The funds will be used to contribute to community-led projects in the decentralized finance (DeFi) space as well as education campaigns.
Titan’s Takeaway: The DAO initiative is devoted to the mission of giving back to society; Bankman-Fried has called it, ‘effective altruism.’ As the digital asset space grows in influence, so does the need to educate and inform.
Cash Management
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