🚨 These top 3 crypto opportunities will make your day
Hey there, friend!
You already know it’s your girl, Vanessa, from the best crypto community out there — the buidlbee team! 🔥 So let’s cut to the chase and get right into it…
This is what I have for you today:
Samsung is taking Bitcoin to Asia 🚀
Nexo got raided in Bulgaria 😲
Laid-off crypto workers are enough to build a small village 😓
Samsung is now trading Bitcoin in Asia
Samsung Asset Management is on a mission to take over Asia through Bitcoin! The company just launched the Samsung Bitcoin Futures Active ETF and is planning to launch a spot ETF as well. Both companies are based in Hong Kong to sell Bitcoin to the Asian markets.
The new companies were preceded by the first Samsung Blockchain Technologies ETF, also launched in Asia for blockchain development, which has significantly opened doors for cryptocurrency investment opportunities on the continent.
So, what’s the big deal? 🤔
Asides from the fact that one of the largest electronic companies is laying major stakes to expand the crypto market, thus, creating more attention to the industry on a global level, it also boils down to the kind of crypto company being established.
Exchange-Traded Funds (ETFs) are gateways for large investors like banks or hedge funds to easily and legally invest in risky projects like Bitcoin and crypto as a whole. While Asia is open-handedly embracing such innovations, America is continuously rejecting them for reasons best known to them. In Asia, Hong Kong is at the forefront of the new developments and China recently opened its first Bitcoin futures ETF, raising $100M just at the start of trading.
So in summary, ETFs are a great way to raise huge capital in the crypto industry and while Asia is taking over the world and positively influencing the price of Bitcoin, the U.S. and Europe are the being the biggest party-poopers 🙄
NEXO token is in free-fall
The Bulgarian offices of the crypto lending company, Nexo, are being invaded by authorities on allegations of money laundering, computer fraud, tax violations, and more. According to the Prosecutor’s Office, 300 agents are currently in the process of questioning staff and searching the offices.
Amongst the allegations, the company is also accused of conducting operations through numerous fake registered commercial organizations and doing business with an officially-declared terrorist financer.
Nexo responded via a tweet thread to assure users by vindicating themselves from associating with suspicious activity and basically saying their “hands are clean.” Its co-founder, Antoni Trenchev, also dropped his two cents, calling Bulgaria corrupt and the allegations absurd, and furthermore reaffirmed Nexo’s position in the market with a reassuring Twitter post.
Due to the news, the NEXO token is down by 5%, currently trading at $0.7116, and its market cap is $406M. Regardless of recent stirrups, NEXO has had a good run and as of last May, you could buy this token for $3.8986. According to Arkham Intelligence, as reported by Cryptoslate, total outflows associated with Nexo since the news is $9M and counting.
Furthermore, Lookonchain analysts documented strange transactions from Nexo itself, purchasing 19,999 APE ($94.796), 84,998 LINK ($537.190), 5M GALA ($197.321), 5K ETH ($7M), and 5M MATIC ($4.4M) from both Binance & Kraken as a feat to protect its funds.
What does the future hold for NEXO?
No one can really say until investigations are over, which as we know, can take a very long time. It’s however worth noting that the 5% drop is considerably small compared to the FTT crash of over 70% that happened after FTX’s bankruptcy news and Nexo’s lost assets of about $150M is still a considerably small dent in ⁓ $3B.
Price Prediction made a technical analysis that shows every possibility of NEXO making it to at least $1.09 and at most $1.26 this year. So I wouldn’t count them out just yet.
Over 2,000 crypto employees have been laid off in 2023
Or should I say, ex-crypto employees? 😭
A week hasn’t gone by this year so far without the news of another crypto company laying off its staff. To think we should have heeded Vitalik’s warning back in February 2022 about the future decline of the crypto market, which quickly followed in May. Ever since, we have dealt with successive bankruptcies, multiple layoffs, and a winter that won’t quit.
Here are some companies that have kicked employees to the curb this year:
Blockchain.com: Being one of the biggest names in the game, the company has 83M wallets, and 37M verified users, has produced more than $1T in transactions, and operates in 200 countries worldwide. Last July they made a decision to cut off 25% of staff holding 150 positions in the firm and more recently, intend to lay off 28% more, thereby losing 110 positions.
Crypto.com: Today, the exchange of 70M+ users announced a 20% staff cut, losing 700 - 900 employees. This was preceded by a 40% (2,000 employees) layoff last October. This hasn’t affected the price of the native CRO coin which has gone up by 2.46% in 24 hours and is currently priced at $0.06.
Coinbase: Another leading name with 108M+ users from 100 countries worldwide, also announced a 20% cut earlier this week, which equates to roughly 950 jobs. In June 2022, the company let go of 1,100 employees (18% of its then workforce). However, due to support from other pioneers in the industry, like Cathie Wood of ARK Invest who has purchased more than 100K shares of COIN, the company’s stock is up to $47 from $43.
Genesis: Are really surprised to find them on the list? The company has laid off 30% of staff (60 employees), preceded by 20% last August. Recall that the company is currently fighting for its life and is considering filing for Chapter 11 bankruptcy due to a $500M hole from the FTX & 3AC crash.
Huobi: The Asian crypto giant will be laying off 20% (275) of its employees with a plan to restructure the company, as confirmed by Tron’s founder, Justin Sun. Last June, journalist Colin Wu, reported a possible 30% cut (300 workers) in the same company. Nansen reports a significant increase in outflows from Huobi on January 6.
Nobody likes to report about the loss of jobs, and all I can do is hope the ex-employees get proper compensation and find greener pastures.
That’s the rundown of crypto news today friend. Don’t forget to comment with your thoughts and share this with friends. Have a BULLISH weekend ahead! 🥳