Former FTX US President Brett Harrison has raised $5 million for a new cryptocurrency firm from Coinbase Ventures and Circle Ventures.In light of his close relationship with Sam Bankman-Fried and his troubled cryptocurrency exchange, the former CEO is striving to carve his next steps with his new firm–Architect.“It’s a software company aiming to build institutional-grade infrastructure to connect various crypto venues across decentralized and centralized exchanges.We’re trying to make it easy to interface with either qualified custodians or self-custody.We’re building this single interoperability platform across crypto services with a focus on trading,” Harrison told TechCrunch.Coinbase Ventures, Circle Ventures, SV Angel, SALT Fund, P2P, Third King Venture Capital, and Motivate Venture Capital have all contributed money to the startup’s pre-product fundraising round.
It also has angel investors Kalos Labs CEO Shari Glazer and Skybridge founder and former White House communications director Anthony Scaramucci.Harrison’s new project and fresh cash round come after the former president of FTX US announced his departure from the company and his relationship with co-founder SBF.He had earlier said that his relationship with SBF “had reached a point of total deterioration.” He continued that it was challenging for Architect to raise funding because of the collapse of FTX.Harrison, though, thinks that his long-standing relationships with his investors helped the initiative get its initial finance.Harrison said in a tweet, “I’m grateful to our partners, who’ve shown me that they believe above all in the resiliency of this industry.Architect is fortunate to draw upon their wide-ranging expertise, which spans all areas of the digital asset landscape as well as traditional finance and trading.” Even then, several people on Twitter quickly expressed worries about Harrison’s past, recalling his previous position at FTX US, even if Architect may be looking toward the future of Web3.
Was this writing helpful? No Yes Back to top button Bitcoin, the king of cryptocurrencies, has been crossing multiple crucial resistances since the start of the year.According to CoinGecko, the coin is now up 14% in the weekly timeframe, and trading at $23,008, making BTC break through the $22,000 and $23,000 resistance levels that have limited the crypto’s ascent.This year witnessed a complete U-turn in investor sentiment on cryptocurrencies as both Ethereum and Bitcoin reaped massive gains, along with the other top altcoins.This led to the entire crypto market to experience a resurgence in almost all aspects.
At the time of writing, the current market cap of the entire cryptocurrency market is at $1.05 trillion, according to CoinMarketCap.Crypto Winter Thawing? Twitter has been very bullish since the coin broke through its latest line of barrier.Analysts say that the break on the $23k wall will validate the entry of this year’s bull market, with some even targeting $100,000, or more, in the long term.This recent price movement led to massive liquidations of short positions on Bitcoin.There are several reasons as to why this BTC broke through $23k.
#Bitcoin / $BTC When this finally breaks through, we’ll see a glorious god candle to $30K Just don’t think today is the day that’s going to happen be careful and don’t get too greedy yet friends pic.twitter.com/22UMHUNBCv — K A L E O (@CryptoKaleo) January 20, 2023 Just this few hours ago, the NASDAQ index jumped almost 3% as tech stocks led the market rally.Bitcoin is heavily connected to the traditional financial space.This means if major indices like the NASDAQ continue to go up, Bitcoin will follow suit along with the entire cryptocurrencies.With the broader financial space eyeing an economic soft-landing, bullishness on both the crypto and stock market will continue as the situation improves.December’s Consumer Price Data (CPI) contributed to the optimistic mood.Image: Crypto News What’s Next For The Alpha Coin? Bitcoin’s price movement is expected to slow down a bit in the short term, some analysts said, as the next target will be $30k in the coming weeks or months.At the time of writing, the Bitcoin bulls should try and consolidate above its current support at $22,661 which will be retested by the bears in the next few days as $23,328 resisted today’s bullishness.
Chart: Tradingview Investors and traders should also keep an eye on consolidation for now as market momentum might slow down.Bitcoin’s halving – an event that would cut the total supply of the coin in the market – would also place upward pressure as it happens.
BTC total market cap at $442 billion on the weekend chart | Chart: TradingView.com Bulls should also keep tabs of the current situation in the traditional financial space.With the coin’s high correlation with the stock market, Bitcoin’s future will be reliant on the movement of the stock market along with improving macroeconomic trends.
For now, Bitcoin holders should have enough strength to consolidate and target $24.5k and $25k resistances.Featured image by Helvetia Crypto news Elon Musk & Billy Markus Criticize SBF Following $700M Seizure In the early hours today, the US Federal prosecutors seized nearly $700 million in cash and assets which are in connection with FTX founder Sam Bankman-Fried.As per the reports most of these assets were in the form of Robinhood shares held by SBF.Earlier in May Sam Bankman-Fried had claimed to have acquired a 7.6% stake in Robinhood.
As per the court filings made on Jan 20, federal investigations in the Southern District of New York have taken hold of FTX’s assets.Also the US prosecutor mentioned 10 accounts which have shares, cash and cryptocurrency.Federal Prosecutors Seize $700M From SBF Following the seizure of $700M from SBF, Dogecoin co-founder Billy Markus and Twitter head Elon Musk have taken this opportunity to criticize SBF and his stance.Billy Markus penned a sarcastic quote pointing towards SBF’s earlier claim where SBF had claimed to have left with only $100K.In reply to Billy Markus’ post, Elon Musk was quick enough to comment with two ROFL emojis.Since the time FTX went into bankruptcy, Elon Musk and Billy Markus have been condemning SBF for misleading investors.
FTX filed its bankruptcy in November 2022 after SBF was charged with using USD that belonged to FTX customers.However, he pleaded not guilty to those charges and is currently under house arrest at his parents’ place.His next trial is scheduled for October, 2023.
Earlier this week the federal prosecutors had seized $100 million from SBF’s Silvergate Bank which was linked to Bahamas FTX Digital Markets.Was this writing helpful? No Yes Elena R Elena is an expert in technical analysis and risk management in cryptocurrency market.She has 10+year experience in writing – accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.Back to top button Crypto news Will Genesis Bankruptcy Spell Disaster for Grayscale’s GBTC and DCG? The cryptocurrency lending platform, Genesis Global Capital, which is owned and operated by Digital Currency Group, has filed for bankruptcy.
This raises concerns about the potential impact on other companies and services provided by the parent company, as is commonly seen in such circumstances.
What Happens to GBTC? One of the businesses in question is Grayscale Bitcoin Trust (GBTC), the crypto investment product created by Grayscale, a subsidiary of Digital Currency Group (DCG).In a public statement on January 20, DCG’s owner, Barry Silbert, emphasized that all of the company’s other subsidiaries, including Grayscale, are unaffected by Genesis Global Capital’s financial situation and that this will not change in any manner.
Silbert went on to state that DCG will continue to conduct business as usual and that there will be no disruptions.However, the company owes Genesis roughly $526 million, which is due in May 2023, as well as $1.1 billion that is owed based on a promissory note that is due in June 2032.Silbert also stated that DCG has every intention of meeting its commitments to Genesis even after the company undergoes restructuring.
According to DCG, Genesis has its own independent management team, legal counsel, and financial consultants.DCG also formed a special committee of independent directors, who are in charge of the company’s reorganization, and who suggested and determined that it file for chapter 11 bankruptcy.The statement also clarified that “neither DCG nor any of its employees, including those who sit on the Genesis board of directors, were involved in the decision to file for bankruptcy.” Was this writing helpful? No Yes Elena R Elena is an expert in technical analysis and risk management in cryptocurrency market.She has 10+year experience in writing – accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.Top posts Uncategorized4 hours ago NYDFS Releases Guidance On Importance Of Segregation And Separate Accounting For Customer Funds In Crypto Industry On Monday, the New York Department of Financial Services (NYDFS) published guidance on custodial structures to help protect customers’ money…
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