1️⃣ FTX Bear Market Claims Recovery
In an unexpected turn, claims following FTX bankruptcy have jumped above 100 cents on the dollar, according to a draft recovery plan estimating that most creditors could see a recovery rate of 118%. At the same time, receivables purchasing – where individuals' receivables are sold in secondary markets – continues to grow due to concerns over tax implications and the ability to cash checks in US dollars. As a result, FTX stock is now trading between 101% and 112% – a favorable market for sellers.
Of course, these percentages still don't make applicants jump for joy; remember that the claims were assessed against the price of Bitcoin in December 2022, when the asset's price was around $16,000 ☠️
![](https://bankless.ghost.io/content/images/2024/05/Xnapper-2024-05-11-09.11.54.png)
2️⃣ Bitcoin continues to stumble
Despite a strong start to the week, Bitcoin erased the gains that took it to a record high of $63.5k. On Friday morning, it fell sharply to trade at ~$60,000 following disappointing US economic data, hawkish comments on inflation and monetary policy, and >$56 million in liquidations in the previous 24 hours. The University of Michigan Consumer Sentiment Survey, which found declining consumer confidence, didn't help. Next Wednesday, May 15, April Consumer Price Index data will be released, which will most likely impact the price of Bitcoin – hopefully upwards.
![](https://bankless.ghost.io/content/images/2024/05/Xnapper-2024-05-11-09.12.29.png)
3️⃣ Trump's crypto embrace, Biden's veto
Crypto found a spotlight in the presidential campaign, this time with Trump. At the former president's NFT trading card event, he said he was “okay with crypto” – sending TREMP over Solana and TRUMP over Ethereum booming. 187% and 43%respectively, over the next 24 hours.
Trump's comments stand in stark contrast to President Biden's recent action of vetoing legislation easing capital requirements for banks handling crypto. This stance by Trump has sparked discussions within crypto, where many see his potential re-election as a positive change for the industry.
![](https://bankless.ghost.io/content/images/2024/05/Xnapper-2024-05-11-09.11.25.png)
4️⃣ Nigeria arrests Binance executive
This week, Richard Teng, CEO of Binance has called for the release of Tigran Gambaryan, a Binance executive detained in Nigeria for more than two months. In a statement, he explained that Gambaryan was one of two leaders detained, although the other leader managed to escape the country. The detentions took place during a regulatory debate, sparking international concerns over the treatment of representatives of foreign companies.
Additionally, the The recent decision of the Nigerian government Banning cryptocurrency trading in the local currency, which they say hurts the Naira, has increased tensions. Added to this are Binance's claims of ransom demands from Nigeria, alleging that they demanded $150 million in crypto for Gambaryan's release.
![](https://bankless.ghost.io/content/images/2024/05/Xnapper-2024-05-11-09.10.28.png)
5️⃣ Robinhood hit with Wells review
The SEC's Weaponization of Wells Opinions Continues; this week they hit Robinhood over its crypto division. In response, Dan Gallagher, Robinhood Legal Managerhead of compliance and corporate affairs, expressed disappointment with the SEC's approach, emphasizing the company's position that listed assets are not classified as securities.
Gallagher also said the company met with the SEC more than a dozen times in an attempt to register as a special assets broker-dealer, although the SEC did not reciprocate and cut the process short. This latest announcement follows other Wells notices sent to Uniswap and MetaMask over the past few months.
![](https://bankless.ghost.io/content/images/2024/05/Xnapper-2024-05-11-09.09.08.png)