Crypto Market Overview March 16th | Dex-Trade
SBF Seeks Reimbursement of Legal Costs
Legal Counsel for former FTX CEO, Sam Bankman-Fried (SBF), has filed a motion to allow insurers to advance or reimburse his defense costs and fees on directors and officers (D&O) insurance policies entered into with Relm Insurance and Beazley Insurance: “Mr. Bankman-Fried submits that ample cause exists to lift and modify the automatic stay [...] to allow Relm and Beazley to (a) reimburse Mr. Bankman-Fried for covered Defense Costs that have already been incurred under the D&O Policies, and (b) advance future covered Defense Costs unless and until the Defense Costs no longer qualify as Non-Indemnifiable Losses under the terms of the D&O.” According to the statement, the policies provide “priority of payment to individual insureds with un-indemnified loss like Mr. Bankman-Fried.” This means that the former CEO will be first on the payroll of all FTX employees. Consent or objection to the petition must be submitted by March 29, 2023. If necessary, a hearing will take place on April 12 in the United States Bankruptcy Court for the District of Delaware. If no responses or objections are filed, the SBF asks the court to grant the request for relief without further notice.
Finest Hour for BTC: Mike Novogratz on the US Crisis
On CNBC's Squawk Box, Galaxy Digital founder Mike Novogratz spoke about the current challenges of the cryptocurrency industry and stressed that the US economy is experiencing a clear credit crunch that appears to have the potential to unfold into a recession. Therefore, according to Novogratz, the current moment is optimal for opening long positions in bitcoin and gold: “If there was ever a time to be in bitcoin and crypto, this is why it was created, in that governments print too much money whenever the pain gets too great, and we’re seeing that. In a short period of time information has changed dramatically. The commodity market is telling you, the oil market is telling you we’re heading into a recession.” Stocks are likely to temporarily fall before rising as a result of the Fed's shift in stance, he said. And the recent decline in commodity prices, especially oil, was a sign that the world and the United States were entering a recession. Novogratza also noted that the head of the Federal Reserve, Jerome Powell, may cut interest rates in the near future. As a result of this, there may be significant psychological changes in favor of BTC and ETH. However, in parallel, the crypto investor also expressed concern about the current state of the US banking system. He predicted that if the Fed did not take additional measures to protect deposits, people would learn from their mistakes and start using the services of four or five major banking institutions in the country.
Bitcoin Will Continue to Move North: Henrik Seberg
Macroeconomics expert, Henrik Seberg, shared his detailed analysis of the current state of bitcoin and the cryptocurrency market in general, and made cautious and generally optimistic forecasts for the near future of the cryptocurrency market, although he was previously known for his negative attitude towards cryptocurrencies. According to Zeberg, the price of bitcoin and other large-cap cryptocurrencies will rise as long as the economy does not experience a recession. Such a scenario is the result of liquidity returning to the system, so the Swissblock indicators that the analyst mentioned also show the bullish nature of today's cryptocurrency market. It is noteworthy that although the analyst is now giving a positive outlook for the market, he has previously pointed to a striking similarity between economic growth now and growth in 2007-2008. At that time, the recession also began with a drop in activity in the real estate market, followed by a sharp increase in unemployment. In this way, Seberg hints that there is now every chance of a repeat of the global economic crisis of 2008, and perhaps even a global economic collapse, the consequences of which may be worse than those of the infamous crisis of 1929. So called “The Greatest Depression”...
