Weekly Market News
StarkWare To Open-Source Prover Technology for Ethereum Layer 2 Network
Ethereum layer 2 scaling solution StarkWare is reportedly planning to open-source its proprietary StarkNet Prover under the Apache 2.0 license in an effort to increase the transparency of its code. The Prover is a crucial component of StarkNet and is responsible for generating cryptographic proofs to compress transactions and improve the efficiency of Layer 2 scaling.
Eli Ben-Sasson, the President and co-founder of StarkWare, stated
“This marks a significant step for scaling Ethereum and cryptography, as STARK technology becomes a publicly available resource.
FTX Asks Politicians Who Received Bankman-Fried Donations to Return Money
Yesterday, the FTX Group announced that it was going to send “confidential letters” to politicians and other political beneficiaries of Bankman-Fried, asking them to return the money they received in donations by the end of the month.
The statement reads,
“FTX Debtors are sending confidential messages to political figures, political action funds, and other recipients of contributions or other payments that were made by or at the direction of the FTX Debtors, Samuel Bankman-Fried or other officers or principals of the FTX Debtors (collectively, the ‘FTX Contributors’). These recipients are requested to return such funds to the FTX Debtors by February 28, 2023.” It also adds, “To the extent such payments are not returned voluntarily, the FTX Debtors reserve the right to commence actions before the Bankruptcy Court to require the return of such payments, with interest accruing from the date any action is commenced.”
Luxury Rehab Centres Add Crypto Trading Addiction to Services List
According to a report by the BBC, luxury wellness centres have recently added services aimed at treating “crypto trading” addiction. The report states that rehab for crypto trading addiction can cost up to $75,000 and involves a four-week stay with therapy, massages and yoga. Thailand-based wellness center ‘Diamond Rehabilitation’ has stated that it uses Cognitive Behavioral Therapy (CBT), Motivational Interviewing (MI) and Psychodynamic Theory (PT), as part of its comprehensive, multi-stage approach to help traders overcome their addiction.
Potential Buyers Circle Crypto Lender Hodlnaut and its Claims Against FTX
Various potential buyers are reportedly looking into acquiring Singapore-based crypto lender Hodlnaut and its FTX claims. The firm’s interim judicial managers are in the process of signing non-disclosure agreements with the potential investors. The report also states that as of 9th Dec, the Hodlnaut Group owed a combined $160.3 million, or 62% of outstanding debt, to Algorand Foundation, Samtrade Custodian, S.A.M. Fintech and Jean-Marc Tremeaux.
What to Know this week
The U.S. economy added 517,000 jobs last month, blowing out economist expectations for a reading of 188,000, while the unemployment rate fell to 3.4% — the lowest since 1969.
Despite Friday’s losses, the S&P 500 and Nasdaq Composite closed the week higher, advancing 1.6% and 3.3% respectively. The Dow failed to eke out a weekly gain, ending the past five trading days down 0.2%.
Equity markets have been on a winning streak to start 2023, with optimism fueled by a recent slowdown in the Federal Reserve’s downshift to smaller rate hikes and markets pricing in rate cuts this year. For the year, the S&P 500 is up 7.7% as of Friday’s close, the Nasdaq 14.7%, and the Dow 2.4%.
On Wednesday, the U.S. central bank lifted its benchmark policy rate by another 25 basis points, its eighth hike of the current tightening cycle, while signaling “ongoing increases in the target range.” Despite that hint, markets cheered a suggestion by Chair Powell that signs of “disinflation” were present in the economy.