Has Bitcoin Bottomed?

February 12, 2023
|In Weekend Recap
|By Osprey Team

Osprey’s CEO Talks Crypto with Bloomberg

This week Osprey’s CEO, Greg King, joined Sonali Basak and Kailey Leinz of Bloomberg to discuss the current crypto climate. Greg gives his insights on the loss of trust in crypto from the investing public stemming from negative events in 2022 and how Osprey is leading the way to reinstate trust and accountability in the industry. Click below to watch the interview:

The Crypto Community Bands Together to Support Turkey & Syria

On Monday, Turkey and Syria were hit by a series of earthquakes that devastated the region. In response to the tragedy, many of the largest players in the crypto industry have come together to offer monetary support to victims in the form of crypto donations. Binance is airdropping ~$100 in BNB tokens to all users in the area. This comes out to about $5 million in total as Turkey is the country with the most Binance users, accounting for approximately 6.5% of the world’s largest exchange’s userbase. Other exchanges including Bitfinex, ByBit, KuCoin, OKX, and Bitget also donated funds bringing the total donation amount from crypto institutions to about $9 million. This includes a $1 million donation from the Avalanche Foundation whose Co-Founder and CEO, Emin Gün Sirer, is Turkish.

Institutions aren’t the only ones offering support to the region as efforts such as the Türkiye Relief DAO have popped up to support victims. According to a Dune Dashboard tracking Türkiye Relief DAO wallets, approximately $5 million has already been donated through about 10,000 contributions.

The crypto community has shown tremendous humanitarian efforts in the wake of recent events including the war in Ukraine, floods in Auckland, and the fight against COVID-19. In total, these donations have accounted for well over $1 billion in value transferred. The efforts have shown how seamlessly large amounts of value can be transferred cross-border on transparent public blockchains.

Investors Swarm to Get Stake in Rihanna Streaming Royalties

This weekend the Philadelphia Eagles will take on the Kansas City Chiefs in Super Bowl LVII. The event will also mark the first performance by artist Rihanna in about seven years when she headlines the Super Bowl halftime show. On Thursday, a collaboration between producer Jamil Pierre and AnotherBlock sold a fraction of streaming rights to Rihanna’s hit song “B***h Better Have My Money” via 300 NFTs. The NFTs sold out in minutes at a price tag of $210 (or 0.128 ETH) a pop.

Each NFT collector will receive 0.0033% of future streaming royalties on the song. According to AnotherBlock, investors should expect to return 6.1%-6.8% in the first year of the investment. At the time of writing the NFTs have a floor of 1.4 ETH on OpenSea, more than a 10x from the mint price. Rihanna is not the first major artist to have portions of their royalties sold as NFTs, The Chainsmokers and Diplo have also sold a portion of their song royalties using NFTs within the last year.

ICYMI:

SEC Commissioner, Hester Pierce, Dissents SEC’s Kraken Enforcement

Chainlink Data Feeds Coming to the StarkNet Ecosystem

ARK Invest Fills Coinbase Bag Amid Fear-Driven Price Collapse

How Bitcoin NFTs Might Accidentally Fix Bitcoin’s Security Budget

Before We Go:

Nic Carter, Co-Founder of Castle Island Ventures & Coin Metrics, published a piece this week about his belief that U.S. government regulators are coordinating to cut off crypto firms from banking services and we think it’s worth a read. Check out the article below: