Wednesday, August 17, 2022
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FTX’s BlockFi Info, Invade The Commerce Room, Misplaced ARKK

**Hey, up right here! The Nice Stuff group is exercising their freedom to not work tomorrow on account of it being Independence Day and all that. We’ll be partying out by the pool tomorrow, however relaxation assured the market lunacy will return on Tuesday. Keep protected on the market, all you firework fiends!**

Clipping Crypto Coupons

Pay attention up, all y’all bitcoin discount hunters and thrifty Ethereum merchants! Wall Road’s rumor mill is a-spinnin’ tales as soon as once more — this time, over within the cryptosphere.

Earlier this week, everybody on the Road thought that crypto change FTX was going to purchase out Robinhood (Nasdaq: HOOD).

Robinhood’s making an attempt its darnedest to be the go-to crypto buying and selling platform, you see. And because the logic goes, one crypto platform gobbling up one other crypto platform equals … revenue? Positive, why not. Heck, Robinhood traders noticed the rumors and doubtless thought “yippee, a method to revive HOOD inventory.”

The issue is that this time round, the rumors had been simply that — rumors. These “folks considerably aware of the matter” weren’t that aware of the matter in spite of everything.

What I'd miss keep Greatness flowing meme

That’s as a result of FTX is definitely snatching up … drumroll … BlockFi!

Oh. Alrighty. Yay?

That’s about as a lot a response as I anticipated. We don’t normally get too within the crypto weeds right here in Nice Stuff — pssh, that’s what we now have Ian “The Crypto” King for — however principally, BlockFi is a crypto lending platform.

Yeah, you learn that proper: Crypto. Lending.

As you would possibly anticipate by the crypto market’s huge sell-off over the previous few weeks, it’s not the perfect of instances for the standard crypto lender.

However FTX? Very similar to honey badger, FTX don’t care. FTX is gonna make the perfect of a pessimistic crypto market. When there’s blood in crypto’s digital streets, FTX is shopping for.

It began with FTX extending a $250 million emergency line of credit score to BlockFi final week. (Initially that emergency $250 million was purported to go to yours really, however hey, I assumed I’d be charitable and decline.)

Anyway, FTX provides BlockFi $250 million, then says: “You already know what? How a lot do you guys need for the entire firm? $25 million? That’s it?!” And bada bing, an fairness deal is within the works.

Let’s be clear right here: $25 million is a fire-sale value for BlockFi, which was beforehand valued at $4.8 billion. That’s, like, 99% off! Granted, it’s nonetheless singed across the edges by mentioned crypto fireplace, however hey, the worth is true.

Now it’s as much as FTX to make BlockFi’s credit score lending enterprise, you understand, truly survive and prosper in a tough buying and selling setting for cryptos.

Factor is, you don’t want the sources of a complete crypto change to let you know what’s a crypto discount price scooping up … and what cryptos are higher off left within the digital ashes. No, siree!

You solely want Ian King.

In case you’re trying on the crypto market as a fireplace sale as an alternative of, you understand, the apocalypse, that is for you:

Ever since shares began tumbling decrease, crypto’s moved in sync. And the million-dollar query on everybody’s thoughts is: When will this pattern reverse?

However in keeping with Ian King — America’s No. 1 crypto professional — that’s the fallacious method to play this crypto bear market. As an alternative, he urges folks to seek out the perfect cryptos … and begin shopping for small stakes whereas costs are at all-time low.

Undecided the place to begin? Go right here to get Ian’s perception now.

In any other case, right here’s another Nice Stuff you would possibly’ve missed this week.

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Write to us at any time when the market muse calls to you! is the place you’ll be able to attain us greatest.

Within the meantime, right here’s the place you will discover our different junk — erm, I imply the place you’ll be able to try some extra Greatness:

Till subsequent time, keep Nice!

The Great Stuff Team



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