Citizen Daily Brief

FTX Causing Crypto Plunge? ($)

gm Bankless Citizen, Bitcoin's $40K flirtation is stressing out traders, what's behind the plunge?
Jan 22, 20243 min read
FTX Causing Crypto Plunge?
Published on Jan 22, 2024
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FTX Causing Plunge?
  1. 💥 FTX responsible for crypto plunge? FTX may have sold roughly $1 billion in its Grayscale holdings and be responsible for the bulk of GBTC outflows, CoinDesk reports.
  2. 👨‍⚖️ Coinbase may fully beat SEC. Coinbase wants a judge to toss the SEC's lawsuit against it, a Bloomberg legal analyst thinks they have a 70% chance of a total win.
  3. 💼 Terraform Labs files for bankruptcy. Do Kwon may be fighting extradition, but his company Terraform Labs has called it quits, filing for Chap 11 bankruptcy in Delaware over the weekend.
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How Much Lower?

📊 Bulls feeling blue. Another day in crypto, another leg down! Tokens bled out on Monday, with the total crypto market cap (TOTAL) declining by 3.6% on the day. When will crypto prices find support?

Prices as of 2pm ET 24hr 7d
Crypto $1.59T ↘ 3.6% ↘ 5.9%
BTC $40,335 ↘ 3.2% ↘ 6.2%
ETH $2,364 ↘ 4.3% ↘ 6.9%
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What is Scroll?
Bankless Author: William Peaster

One of our top-hunted L2s in Airdrop Hunter is Scroll. What's the deal with this fledgling network?

Scroll is a Layer 2 (L2) scaling solution for Ethereum that's designed as a "zkEVM," which is a zk-rollup that's compatible with the Ethereum Virtual Machine (EVM). Upon deploying its mainnet in October 2023, Scroll became one of the first active zkEVMs in the cryptoeconomy and has since grown into one of the top 20 L2 networks by size. 

Check out the full free guide 👇👇👇


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DeSci w/ Brian Armstrong

Science is a consensus technology. So is crypto. How can we use crypto to fix science?

We have Brian Armstrong on today to talk about this alongside scientist Patrick Joyce. In this episode, we explore the history of science, the pitfalls of TradFi, and how we can use crypto technology to build better incentive mechanisms for a more enlightened future.

Bankless Citizens get Early Access to our Monday podcast and an exclusive Debrief from David & Ryan unpacking the interview👇

Not financial or tax advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This newsletter is not tax advice. Talk to your accountant. Do your own research.

Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here.