Newsletter Volume 17

Article 1 — The Market This Week

The cryptocurrency market has been experiencing a significant sell-off this week, which has caused turbulence for investors. One notable victim of this market downturn is Silvergate, whose stock has taken a substantial hit due to a delayed SEC filing. However, the delay means that a short squeeze, which many investors were hoping for, is now unlikely to occur.

Article 2 — Weekly Review of IC15

Cryptocurrencies are always evolving, and this week has been no exception. The IC15 benchmark Index saw a positive rise, with Uniswap, Litecoin, Polygon, and Chainlink all making notable gains. However, Cardano was down by 0.25%, putting a damper on an otherwise positive showing. Despite fluctuations, the market capitalization of cryptocurrencies remains robust at $1.081 trillion.

Article 3 — Battle of Bull and Bear

In the volatile world of cryptocurrency, XRP has been the subject of intense speculation and debate among traders and investors. However, despite breaking below a critical uptrend at the start of the year, the bulls have managed to keep the cryptocurrency above the $0.37 level, with support from broader crypto markets and a weaker US dollar.

Article 4 — Weekly Spotlight

This week’s attention has been brought to Marathon Digital. This Nevada-based crypto miner has postponed its Q4 earnings release after the US Securities and Exchange Commission (SEC) flagged accounting errors in its financial statements. The errors include calculating impairment of digital assets and determining revenue from contracts with customers. In addition, Marathon Digital recently determined that it acted as a principal instead of an agent in operating a third-party mining pool, leading to unreliable portions of its financial statements in 2021 and unaudited quarterly reports for 2022. As a result of the restatement, several figures, including revenue, cost of revenue, energy, and hosting, are expected to change.



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