Press Release Today TheBitTimes.com

Bankrupt exchange FTX wants to hire Mike Novogratz’s Galaxy to assist with selling, staking, and hedging its crypto assets. The proposed agreement would see Galaxy managing and trading certain digital assets owned by FTX to convert them into fiat currency or stablecoins. Additionally, Galaxy would be responsible for hedging FTX’s exposure to volatile cryptocurrencies such as Bitcoin (BTC) and Ether (ETH). Galaxy’s compensation would consist of a monthly management fee divided into a hedging fee based on the average net asset value of the assets being hedged and a liquidation fee calculated from the total proceeds of liquidated assets. FTX’s decision to hire an external investment manager like Galaxy is seen as beneficial due to Galaxy’s ability to sell significant crypto currency positions without adversely affecting the market. Galaxy’s confidential execution of trades would also prevent any unintended price movements. You might also like: ...

Bitcoin nearly broke its record for the longest streak of daily green price candles this month, but many believe its recent surge could be short-lived. While Bitcoin (BTC) has experienced a strong price pump to kick off the new year, many industry pundits are not convinced the cryptocurrency will continue its upward trajectory — at least in the short to mid-term.  The impressive price surge — which saw BTC experience 14 days of consecutive price increases earlier this month — has called on many to consider whether the surge marks a significant “breakthrough” or is indicative of a “bull trap.” Speaking to Cointelegraph on Jan. 23, James Edwards — a cryptocurrency analyst at Australian-based fintech firm Finder — said the argument for a “bull trap” is stronger, warning the recent surge could be “short-lived.” He stated that while the BTC price moved upwards over the weekend, the NASDAQ Composite and the S&P 500 also made similar rallies: “This suggests to me that the rally in crypto...