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FTX in Talks to Raise $1 Billion at $32 Billion Valuation, Cardano Hard Fork Takes Place

Daily Market Wrap

  • Crypto market cap: 923.61 Billion, down 0.62%

  • BTC price stands at USD 19,014, down 1.26%

  • ETH price stands at USD 1,279, down 4.86%

  • Top gainer: Algorand (ALGO), up 14.89%

  • Top loser: Lido Dao (LDO), down 5.15%

News of the Day

Why it matters:

  • In January 2022, FTX first reached a valuation of $32 billion and raised $400 million

  • FTX has had its eyes on acquiring the now bankrupt Voyager Digital since July 2022 after its original, joint proposal to acquire the company with Alameda Research fell through

  • Voyager Digital has started to auction its remaining assets and, according to a Wall Street Journal article, Binance and FTX are the top bidders

Crypto Daily Spotlight

Brief Introduction: Cardano is a public blockchain platform. It is open-source and decentralized, with consensus achieved using proof of stake. The cardano blockchain can be used to build smart contracts, and in turn, create decentralized applications and protocols.

Why it matters:

  • Plutus, current native language on Cardano will be updated with the Vasil upgrade to Plutus v2, which will effectively enhance Cardano’s smart contract capabilities

  • DeFi projects, including Indigo Protoco – which has been running on vasil testnet since July , Liqwid Finance, and Maladex intend to leverage v2 capabilities when they launch

  • This hard fork upgrade is to improve network performance, lower transaction fees and improve execution speeds

Daily Sector Tracker

Daily News Roundup

  1. Algorand Adds Ex-Comms Head at Visa, Fidelity as CMO

  2. Ethereum NFTs Are Driving Crypto Adoption in Central and South Asia

  3. Japanese Banking Giant Nomura Launches Digital Ecosystem VC Arm

  4. CoinFLEX Reveals Restructuring Proposal

  5. Celsius Revival Plan Appears to Include Issuing Wrapped Assets

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