Daily Market Wrap
Crypto market cap: 0.87 trillion, up 0.60%
BTC price stands at USD 19,210, down 0.03%
ETH price stands at USD 1,071, up 1.11%
Top gainer: TerraClassicUSD (USTC), up 20.20%
Top loser: NEM (XEM), down 7.03%
News of the Day
Why it matters:
Three Arrows Capital has filed for bankruptcy in the U.S. tied to foreign proceedings
The Chapter 15 bankruptcy filing occurred in the Manhattan Federal Court late on Friday; according to Bloomberg, the Chapter 15 filing will allow the firm to protect its American assets even though its British Virgin Islands assets have been liquidated
The firm borrowed large amounts of funds from several crypto lenders, including BlockFi, Celsius, Babel Finance, and Voyager Digital
Voyager Digital announced in late June that it could lose more than $650 million in loans; on Friday, BlockFi said that it had suffered around $80 million in losses due to the Three Arrows collapse
Crypto Daily Spotlight
Brief introduction: Wonderland is one of the most popular and most controversial Olympus DAO forks. It was the first decentralised reserve currency protocols available on the Avalanche blockchain. Sifu was the treasury manager of Wonderland and worked closely with the Frog Nation founder, Daniele Sestagalli.
Why it matters:
The Wonderland community voted on Saturday to buy $25 million worth of Sifu tokens
The proposal to invest in Sifu’s Vision, which was submitted by 0xSifu himself, was passed with 321,000 TIME tokens in favour (89.27%) and 39,000 TIME tokens against the proposal(10.37%).
0xSifu was the second biggest voter, contributing 51,000 TIME tokens to the vote from his official account
Daily Sector Tracker
Daily News Roundup
BlockFi Signed Agreements With FTX US Totalling $680 Million https://bit.ly/3ydVT9O
Sam Bankman-Fried is Considering Acquiring Troubled Crypto Miners Next https://bit.ly/3ACqVLt
Grayscale Sues SEC Over Spot Bitcoin ETF Rejection https://bit.ly/3OJw0FN
MicroStrategy Buys Additional 480 Bitcoins Amid Bear Market https://bit.ly/3IaPmRV
Meta Launches NFT Support on Facebook Backed By Ethereum and Polygon Blockchains https://bit.ly/3yCmb6W
About Aspen Digital
Aspen Digital is a leading technology and financial services company with a mission to accelerate the mass adoption of digital assets. The company provides a digital asset management solution for asset managers, institutions, and sophisticated investors. Aspen Digital was co-founded by digital assets innovators and asset management veterans at Everest Ventures Group (“EVG”) and TT Bond Partners (“TTB”) in 2021.
For more information, please visit https://www.aspendigital.co/
Sign Up on Aspen Digital
We have launched the beta version of our platform. If you would like to know more, please sign up here.