Crypto Market Overview January 12th | Dex-Trade

Ripple's David Schwartz 'Shared Skepticism' About Flare Airdrop

Ripple's CTO, David Schwartz, told his Twitter followers that he was skeptical about Flare's much-touted FLR token airdrop. In a five-tweet thread, Schwartz noted that the current rules for holding tokens and participating in subsequent airdrops do not leave any motivation not to sell them immediately after purchase. He argues that since anyone who buys FLR can return them and take part in the next airdrop, that is, the holders of the asset literally have nothing to lose by selling it. In his opinion, the new rules for FLR hodlers are "a very strange decision" and it seems that Flare was trying to "only give 15% of what they promised." By the way, Schwartz also suggested that Flare used the XRP community to scale the target audience, and after the airdrop abandoned it as soon as it felt that there was no direct need for the presence of its members. However, recent posts in the Ripple CTO thread soften the overall critical tone. In them, he emphasizes that his statement was not aimed at discrediting Flare Networks. Schwartz writes that even if his suspicions are correct, this does not mean that the Flare management is dishonest or that this is a fraudulent project. As an example, he cited XRP, the development of which required the abandonment of some of the promises to token holders that were made in the early days of the active work of the project.
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Cathie Wood Continues Massive Coinbase Stock Buying

ARK Investment Management LLC, an investment fund managed by Kathy Wood, made its second scheduled purchase of Coinbase (COIN) shares in a week, adding another 74,792 shares to its stock and redirecting them to the ARK Innovation (ARKK) ETF. Based on the closing price on Wednesday, each COIN token was worth $43.79, for a total purchase of about $3.28 million. of the company in pre-market trading increased by about 3% to $44.7. By the way, the additional purchase of COIN occurred literally the next day after the investment fund purchased 33,756 shares of the crypto exchange for $1.45 million, which were also transferred to ARKK. In addition to planned purchases, COIN ARK also added 69,060 Tesla shares (TSLA) to ARKK's assets, worth approximately $8.5 million. Over the past five days, Coinbase shares are up nearly 26%. Analysts attribute this growth to a reduction in costs and expenses of the exchange, as well as a large-scale staff reduction, which was caused by a difficult year for the crypto industry in 2022. Thus, the growth of Coinbase securities has surpassed even the long-awaited growth in the value of bitcoin, which has risen in price by 7% over the same period and continues to “conquer” the peaks despite a slight correction of 0.01% over the last hour of trading.