📈 Crypto Prices Soar Once More; Major Crypto Broker Nearing Bankruptcy ⏱

Hey LinkedIn,

🟧 Welcome to the Weekly Shift Round-Up for Jan. 20, 2023! 🟧

• Crypto market's hot start to the year continues.
• Major institutional crypto broker Genesis reportedly nearing bankruptcy.
• Industry-leading crypto developer report shows overall growth in 2022 despite bear market.
• Notable project news from Polygon, Shiba Inu and Yuga Labs.

📣 Announcements

Funding secured to grow Collective Shift further

Ben shared with members the news of our $1.5M seed round, which will enable us to build more valuable features and expand Collective Shift to help more people get in and navigate crypto safely. He also gives his take on the crypto market.

📆 The Week In Crypto

Bitcoin surpasses $21K, up 27% year to date

BTC soared above $21K this week for the first time since early November. After dipping on Wednesday and Thursday, BTC has rebounded back above $21K at the time of writing on Friday morning. 

💲 Prices in the last 7 days (as of Jan. 20) 💲

• BTC: $21.0K (+16%); ETH: $1.5K (+12%)
• Gainers: FXS +76%, MANA +59%, APT +49%
• Losers: FLR -11%, XMR -4%, APE -4.0%

Genesis Global Capital reportedly preparing for bankruptcy

The institutional crypto brokerage, whose lending unit halted customer withdrawals after FTX's collapse, are negotiating with creditors a prepackaged bankruptcy plan, The Block reported.

U.S. charges crypto exchange Bitzlato with laundering $700M

The Department of Justice accused the little-known Hong Kong-based exchange of laundering funds tied to illicit Russian finance and arrested its founder.

Second major Australian bank to launch AUD stablecoin

NAB is preparing to launch a stablecoin called AUDN by mid-year, according to the AFR, citing sources. Transactions are expected to launch by mid-year and will include carbon-credit trading and remittances.

Crypto developers grew in 2022 despite poor market conditions, report finds

Electric Capital released its industry-leading annual developer report this week. Among the findings was that full-time developers grew by 8% year on year.

📰 Notable Project News

• Polygon successfully hard-forked. The upgrade is intended to reduce gas spikes and address issues with chain reorgs.
• Shiba Inu announced Shibarium, a layer-2 Ethereum solution optimised for metaverse and gaming apps. A currently unknown amount of SHIB tokens will be burned per transaction on Shibarium.
• Yuga Labs, the largest entity in the NFT space and creator of Bored Ape Yacht Club, released its first NFT collection in nearly a year. The Sewer Pass NFT yielded 4,000+ ETH ($6M+) in volume within hours of release.

🧠 The Best Free Content From Collective Shift 👇

📺 On-chain Analysis: Bitcoin Wakes Up 

In this week's free on-chain analysis video, Checkmate explains how various metrics are performing in light of the latest BTC rally. He also shares the levels he's monitoring that, if reached, would make him more bullish.

 📺 Ben & Bergs Podcast: How To Work Remotely, Travel The World & Build Wealth Tax-Free

Ben and Bergs sit down with VeVe's Rhys Skellern to discuss how he helped build the leading mobile-first NFT marketplace, working remotely and individual tax.

 🧠 Member Content From Collective Shift 👇

• Member Town Hall: We cover the crypto-market rally; the battle between Gemini and DCG (and why it matters); Nexo being investigated; Avalanche's AWS deal; and more.
• On-Chain Analysis: Checkmate covered the on-chain metrics he's monitoring to assess the extent the bear market is ending.
• Why Crypto Is Rallying & What Happens Next: Matt shared his opinion on why the crypto market is starting the year strong and where prices go from here.
• The 5 Leading Indicators I'm Currently Using to Track Macro: Victor explained the 5 he's monitoring to help him gauge the state of the U.S. economy and, by extension, the Fed's likely next moves.

👥 Best From The Collective Shift Discord

#gaming: Performance of ILV vs Illuvium land plots

Jay S shared his opinion on the state of Illuvium and why he currently prefers to hold land plots over the ILV token.

Member-Only:

• #general: CryptoEddie’s upcoming events and narratives in January.
• #general: Abey shared his contrarian view on the macro environment.
• #general: A PSA to mute ‘GTX’ on your Twitter feed.
• #general: A reminder on Koinly’s Australian Crypto tax guide
• #defi: Eric updated us on his yield-farming performance of late.

Free:

• #security: An exploit on the Polygon blockchain.
• #security: Another prominent NFT collectors was hacked.

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