• Synthetix’s trading volume went up considerably in the last few weeks.
• Fees and revenue also increased, but TVL plateaued.
• SNX’s on-chain performance indicated positive metrics, suggesting further growth for the network.
Synthetix’s Trading Volume Uptick
Synthetix [SNX] recently got into the spotlight due to its trading volume which registered a considerable uptick over the last few weeks. Token Terminal revealed that SNX’s trading volume spiked during the second week of February when its price also pumped, reflecting strong investors‘ enthusiasm for SNX. Moreover, Synthetix successfully deployed its v3 on Ethereum and Optimism which can result in a further increase in trading volume in the coming days.
Fees and Revenue Increase
As per DeFiLlama data, Synthetix’s fees and revenue had also increased significantly. However, while these areas flourished, Synthetix’s DeFi ecosystem seemed to have remained stagnant as Total Value Locked (TVL) had plateaued over the past few weeks.
On-Chain Performance Indicates Positive Metrics
Santiment revealed that SNX’s DyDx funding rate remained consistently high which signified its demand in the futures market. Apart from that, positive sentiments around SNX had also spiked which reflected investors‘ confidence in the network. Exchange outflow of SNX had also increased in the last few days indicating further growth for the network.
SNX Price Today
At press time, 1 SNX is worth $13.76 USD and 100 SNXs is worth $1 377 USD according to CoinGecko data which shows an 8% decrease over a 24 hour period at press time with a market cap of $3 billion USD and daily trade volume of $276 million USD according to CoinGecko data at press time as well.
Synthetix [SNX] recently experienced an impressive uptick in trading volume along with increases in both fees and revenue however TVL plateaued as DeFi growth seemed to remain stagnant for now. On-chain metrics suggested positive performance indicating further growth for this network going forward
• Former FTX executive Nishad Singh is reportedly planning to plead guilty to criminal charges brought by the U.S. Department of Justice.
• The deal has not been finalized yet and he has been negotiating a plea deal with prosecutors.
• He may also face separate charges from the SEC and CFTC, as well as campaign finance violations due to his donations to US Democratic candidates since 2020.
Nishad Singh Negotiating Plea Deal
Former head of engineering at the collapsed exchange FTX, Nishad Singh, is reportedly planning to plead guilty to criminal charges brought by the United States Department of Justice. The deal has yet to be finalized though he is currently in negotiations with prosecutors.
Charges from Several Regulators
In addition to a potential plea agreement, people familiar with the matter have revealed that multiple U.S. regulators including the Securities and Exchange Commission (SEC) and the Commodities and Futures Exchange Commission (CFTC), are also planning to sue Singh for his role in alleged fraud at FTX.
Subpoenaed in Class Action Lawsuit
Moreover, Singh was subpoenaed earlier this week in a class action lawsuit filed by FTX investors against several of the exchange’s backers including venture capital firm Sequoia Capital and private equity firm Paradigm.
Campaign Finance Violations Possible
Singh may also face campaign finance violations due to his donations totaling over $9 million given since 2020, which were made into U.S Democratic candidates’ campaigns/funds.
Key Role at FTX
At FTX, Nishad played an integral role within its day-to-day operations, acting as a close confidant of former CEO Sam Bankman-Fried amongst other duties carried out at the exchange before it collapsed earlier this year
• Polygon’s native token MATIC has seen impressive returns of 80% in the past six weeks.
• MATIC recently broke out of a short-term range, with new highs in sight.
• Market indicators point to bullish sentiment and further upside potential for MATIC.
MATIC Price Movement Analysis
Polygon’s native token MATIC has been on an impressive uptrend in recent days, with strong returns of 80% over the past six weeks. On 2 February, it formed a range on the price charts extending from $1.16 to $1.26, with the midpoint at $1.21. This range was followed by a breakout above the $1.26 resistance level, accompanied by an increase in trading volume as well – a strongly bullish sign that indicated positive investor sentiment towards MATIC. The Chaikin Money Flow (CMF) indicator also stood at a healthily bullish value of +0.05 to show significant capital flow into the market, while the Relative Strength Index (RSI) agreed with this sentiment at 63 – indicating an uptrend in progress and series of higher lows since early January.
Open Interest Analysis
The Open Interest (OI) saw a strong surge as the price broke past the $1.26 resistance level, signaling capital flow into the market along with bullishly positioned market participants. However, although this was an overall positive sign for MATIC prices, its spot CVD remained flat – failing to replicate this bullish sentiment and potentially indicative of some consolidation ahead for its price movements over the next few weeks or so before any further upside potential is realized..
In light of these findings and technical analysis signals, it is possible that MATIC could form another range before making another move upward in coming days or weeks – retesting lows before continuing onwards upwards again towards areas such as its psychological level at $1.5 or beyond if conditions remain favorable for it on both spot CVD and OI fronts alike .
Overall, technical analysis indicators point to a strong performance for Polygon’s native token MATIC over recent days and further upside potential moving forwards should conditions remain favorable for it on both spot CVD and OI fronts alike . Therefore investors looking to add some exposure to their portfolio may want consider allocating some funds towards this altcoin asset class given its current levels of activity and momentum behind it right now .
• U.S. lawmakers are seeking details from Silvergate Bank regarding its ties to FTX and Alameda.
• Silvergate received a similar letter last year but couldn’t provide a satisfactory response.
• Senators Elizabeth Warren, John Kennedy, and Roger Marshall sent a strongly worded letter to the bank’s parent firm, demanding clarity on its involvement with Sam Bankman-Fried’s failed crypto empire.
U.S Lawmakers Investigating Silvergate Bank
A group of Bipartisan U.S Senators have brought Silvergate Bank under the spotlight for its relationship with bankrupt crypto exchange FTX and sister firm Alameda Research. The senators Elizabeth Warren, John Kennedy, and Roger Marshall have sent a strongly worded letter to the bank’s parent firm, Silvergate Capital Corporation, requesting information about their involvement with Sam Bankman-Fried’s failed crypto empire.
Silvergate’s Initial Response was Unsatisfactory
Silvergate had previously received an inquiry from the senators in December 2022 but their response was deemed unsatisfactory by the lawmakers due to it being „confidential supervisory information“. They requested specific details about their risk management measures, due diligence process and accountability following the significant lapses related to FTX and Alameda Research activities.
Questions Asked by Senators
The senators asked questions pertaining to Silvergate’s risk management practices such as providing specifics of policies/procedures in place, what due diligence revealed etc., as well as if they ever identified any wrongdoing by FTX or other related entities and how they acted upon it? Further they questioned Chief Risk Officer Tyler Pearson on why he remained part of the risk management team despite failures with FTX & Alameda? Lastly they asked if executives were held accountable for these failures or not?
Compliance With Federal Reserve
The lawmakers also inquired if Silvergate is compliant with Federal Reserve regulations along with details of exams conducted by Fed so far and problems noticed during due diligence process? Furthermore they asked about independent audits conducted and issues identified during this audit that weren’t covered before?
Time Period for Answers
The senators stated that they expected answers to all inquiries by 12 February 2023