Crypto News
Alameda Research Invested $1.15B In Crypto Miner Genesis Digital
FTX’s sister company Alameda Research reportedly invested quite heavily in Bitcoin mining company Genesis Digital Assets during the crypto bull run. Documents reveal this figure is close to about $1.15 billion. This makes it Alameda and FTX’s biggest venture bet.
Avalanche To Power Alibaba Cloud’s Infrastructure Services in Asia
Alibaba Cloud, a division of the Chinese e-commerce behemoth Alibaba, is reportedly integrating with the Avalanche blockchain to support its Node-as-a-Service initiatives. The partnership will allow Avalanche developers to use Alibaba Cloud’s plug-and-play infrastructure as a service to launch new validator nodes on Avalanche’s public blockchain platform in Asia.
Crypto Broker Genesis owes Gemini Customers $900M
Crypto brokerage Genesis along with its parent company Digital Currency Group (DCG) reportedly owes $900 million to customers of Gemini, the crypto exchange run by the Winklevoss twins- Tyler and Cameron.
Genesis was the primary partner in Gemini’s “earn” program, which enables small-scale investors to lend out their coins in exchange for a fixed stream of returns.
Stock Market
In the previous week we had the non farm payrolls and unemployment rate. Payrolls rise by 263,000, unemployment rate holds at 3.7%.
Friday’s figure effectively serves as a sign to Fed policymakers to raise their benchmark policy further into restrictive territory, even after messaging from Chair Jerome Powell this week that he and his colleagues may moderate the pace and magnitude of individual hikes.
Worldwide services PMI data will be due at the start of a busy week that includes central bank meetings in Canada, Australia and India. Inflation data will also be in abundance from mainland China, the Philippines and Thailand while the US PPI figures are set to be updated. Helping assess the global economic environment, Germany’s industrial output and China’s trade numbers will also offer deeper insights into conditions within the goods producing sector.
Stocks gained this week with Federal Reserve Chairman Jerome Powell taking to the podium to signal a potential slowdown in interest rate rises, thereby enthusing markets. Prior to which, flash PMI released last week reinforced the picture of recent aggressive policy tightening doing its job in bringing down inflationary pressures.
That’s all for today
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