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All major indices lost more than 1% overnight as the decline of three-quarters of projected S&P500 earnings spooked investors. Meanwhile, the broader cryptocurrency market followed the footstep of equities, with Bitcoin and Ether down 0.37% and 0.35%, respectively, in the past 24 hours. Despite low volatilities from Bitcoin and Ether, altcoins have experienced large price swings as of late. The top mover for today, LOOKS, which registered a 24-hour return of 1.3% and a one-week return of -0.5% return as of the time of writing, has interestingly held up in comparison to its fellow altcoins.
LOOKS is the native token for LooksRare, an NFT marketplace on Ethereum. LooksRare recently announced its third LOOKS emission reduction, where traders will receive halving trading rewards on the platform. While the move will reduce tokens released from the treasury to traders and is usually positive to token price movement, it does not change the scheduled emission schedule. As such, the impact on the token is uncertain. Speaking of fundamental factors, LooksRare’s market share has been declining since early this month, while LooksRare has the highest ratio of wash trading among its competitors. In the face of competition from Blur and Uniswap’s new NFT aggregator, LooksRare seems to be falling behind in terms of usage from loyal traders.
Check Out the Latest Prices, Charts, and Data for LOOKS/USDT!
In early October, Mango Markets faced a $110 million exploit. The mastermind behind the exploit was later revealed to be Avraham Eisenberg, a crypto trader who describes himself as a game theorist. He later negotiated with Mango Markets to return $67 million to the DAO on the condition that the returned funds would be used to return “bad debt” and that the protocol would not pursue a criminal investigation or freeze his funds. The exploiter also took to Twitter to explain that his actions were “legal market actions” and that they were simply “using the protocol as designed”. Eisenberg was arrested on Dec 26, 2022 and would face charges of commodities fraud and commodities manipulation.
Japan is considering allowing foreign stablecoins to be listed on the country’s exchanges. (Link)
Kraken determined to leave the Japanese market to prioritize resources. (Link)
Listed Bitcoin miner Argo Blockchain received a lifeline from Galaxy Digital to avoid bankruptcy. (Link)
SBF borrowed funds from Alameda to buy Robinhood shares. (Link)