Weekly Market News
Sam Bankman-Fried Ordered $65B ‘Secret Backdoor Line of Credit’ For Alameda Research
During a Delaware bankruptcy court hearing on Jan. 11, FTX attorney Andrew Dietderich revealed that former FTX CEO Sam Bankman-Fried (SBF) ordered co-founder Gary Wang to open a $65 billion “secret backdoor line of credit” for Alameda Research.
Scaramucci Invests in Crypto Firm Set Up by Ex-FTX US Head
According to reports, SkyBridge Capital founder Anthony Scaramucci is personally investing in a company set up by Brett Harrison, the former president of crypto exchange FTX US. Harrison’s unnamed crypto software company will reportedly enable crypto traders to create algorithmic-based strategies to access a variety of centralised and decentralised markets.
Bitcoin Surge Causes Over $500M in Liquidations, Highest in 3 Months
According to data from Coinalyze, nearly $500 million in short trades were liquidated since Friday as the crypto market surged to regain its $1 trillion market capitalisation mark over the weekend. The liquidation figure, which is the highest such level since October 2022, signifies that over 70% of traders booked losses as exchanges closed leveraged positions. Data from CoinGlass further reveals that crypto exchange OKX saw $256 million worth of short losses on Friday alone.
Shiba Inu Devs To Launch Shibarium L2 Network Beta
According to a post by Shiba Inu developers, a beta Testnet for the developer’s upcoming layer 2 network ‘Shibarium’ will soon launch in the coming weeks. The developers state that Shibarium, in addition to functioning as a cheap settlement layer for dApps built on the network, will focus on metaverse and gaming applications. The developers believe the NFT sector will heat up in the coming years.
What to know this week
The global business elite gather in the mountains of Davos, Switzerland this week for the World Economic Forum, where a slowing world economy, de-globalization, and war in Ukraine are set to dominate conversations as the world’s biggest stakeholders address the global outlook.
Back in the U.S., a holiday-shortened week will bring investors the government’s retail sales report, another notable inflation reading, and a big wave of corporate earnings results from giants like Goldman Sachs (GS), Netflix (NFLX), Procter & Gamble (PG), and American Airlines (AAL).
The U.S. stock and bond markets are closed on Monday, January 16, in observation of Martin Luther King, Jr. Day.
A general view shows Davos Congress Centre, the venue of the World Economic Forum (WEF) 2023, in the Alpine resort of Davos, Switzerland, January 14, 2023. REUTERS/Arnd Wiegmann
Monday: No notable reports scheduled for release. Markets closed for Martin Luther King, Jr. Day.
Tuesday: Goldman Sachs (GS), Morgan Stanley (MS), Interactive Brokers Group (IBKR), Signature Bank (SBNY), Pinnacle Financial Partners (PNFP), Old National Bancorp (ONB), Hancock Whitney Corp. (HWC), Citizens Financial Group (CFG), United Airlines (UAL)
Wednesday: Charles Schwab (SCHW), Discover Financial Services (DFS), PNC Financial Services (PNC), Kinder Morgan (KMI), J.B. Hunt Transport Services (JBHT), First Horizon Corp. (FHN), Alcoa (AA), Wintrust Financial (WTFC), H.B. Fuller Company (FUL), Prologis (PLD)
Thursday: Netflix (NFLX), Procter & Gamble (PG), American Airlines (AAL), Comerica Inc. (CMA), Truist Financial Corp. (TFC), PPG Industries Inc. (PPG), Fastenal Company (FAST), M&T Bank (MTB), Fifth Third Bancorp (FITB), Northern Trust Corporation (NTRS), KeyCorp (KEY), SVB Financial Group (SIVB)
Friday: Ally Financial (ALLY), Schlumberger (SLB), State Street Corp. (STT), Huntington Bancshares Inc. (HBAN), Regions Financial Corp. (RF), Ericsson (ERIC)