In just two days, Bitcoin recovered its lost ground and rebounded against the trend.

Tonight, Bitcoin successfully exceeded US$30,000, rising to a maximum of US$30,700, an increase of more than 10% on 24; and BTC’s market value accounted for 50%, setting a record since April 2021.

Regarding the current market rise, one theory is a short squeeze. Increased regulation over the past two weeks and Bitcoin's fall below the $25,000 support level have fueled a surge of bearish sentiment in the market. Coinglass data shows that the BTC long-short ratio reached its lowest level of 0.94 on June 13. In the market sentiment survey, 36% of respondents said they were "bearish" and 15% said they were "extremely bearish." More than half, only 29 % of respondents are bullish.

In just two days, Bitcoin recovered its losses and bucked the trend.

Tonight, Bitcoin exceeded US$30,000, rising to a maximum of US$30,700, with a 24-hour increase of more than 10%; and Bitcoin’s market value accounted for more than 50%, reaching 51.7%, the highest since April 2021 record.

Regarding the current market rise, one theory is a short squeeze. Increased regulation over the past two weeks and Bitcoin's fall below the $25,000 support level have fueled a surge of bearish sentiment in the market. Coinglass data shows that the BTC long-short ratio reached its lowest level of 0.94 on June 13. In the market sentiment survey, 36% of respondents said they were "bearish" and 15% said they were "extremely bearish." More than half, only 29 % of respondents are bullish.

As FTX's bankruptcy reorganization proceeds, mounting legal costs are causing significant concern.

FTX’s expenses totaled $121.8 million between February 1 and April 30, including legal, consulting and financial services fees, according to a June 15 filing by FTX’s advisers.

Among them, Sullivan & Cromwell law firm charged US$37.6 million in fees, accounting for 30.9% of the total fees and expenses; investment bank Jefferies charged the lowest fees, with only more than US$700,000 accounting for 0.6% of the total fees and expenses; the restructuring of Alvarez and Marsel Advisor charges $37 million, including $1.1 million in fees - including $51,225 for meals, $149,155 for lodging and $1,995 for other miscellaneous expenses; FTI Consulting in a workflow called "Exchange Restart" Approximately 686.8 hours were spent on the project and $761,997.70 was charged.

Produced | Odaily Planet Daily

Author | Qin Xiaofeng (welcome news and exchanges)

Last Thursday, Ethereum completed the Shanghai upgrade and opened the pledge withdrawal function. The expected selling pressure did not come, and the market's enthusiasm for participating in ETH pledges became higher. According to token.unlocks (click to jump) data, since the upgrade, the new pledge amount on the Ethereum network has reached 468,000 ETH - before the upgrade, the average weekly increase was only about 100,000 ETH.

If this trend continues, more LSD (liquidity pledged derivatives) protocols will be born, promoting the arrival of LSD Summer. At this time, for the LSD Holder of the new protocol, there are two core needs: one is the liquidity of the LSD token; the other is the scenario of LSD token appreciation - pledging, lending, interest generation, etc. Agility Protocol was born to solve these core problems.

Author | Qin Xiaofeng

Produced by Odaily Planet Daily

Today, the long-dormant Terra Classic (LUNC) and TerraUSD (USTC) have once again become the focus of the crypto community.

Community voting results show that proposal#11324"Relink USTC to LUNC" was passed - although there are still three days until the final end of the voting, the proposal has now exceeded the minimum threshold, and more than 78% of the votes cast were in favor. As soon as the news came out, the prices of LUNC and USTC soared, with the highest increases in 24 hours being 24% and 83% respectively, which attracted a lot of attention.

On January 18, when the U.S. Department of Justice announced that it would join forces with the Department of the Treasury and the Federal Bureau of Investigation (FBI) to conduct a major law enforcement action against an international encryption company, the encryption market was faced with a major enemy. Many people have speculated that the company may be the Digital Currency Group (DCG), an American crypto group that is in the spotlight, is in a liquidity crisis, and is frequently rumored to be about to go bankrupt. Some crypto investors even liquidated their positions in advance to avoid risks.

Although it turned out to be a false alarm - the sanctions targeted the Russian "third-tier" encryption trading platform Bitzlato, and the market rebounded quickly, there is no doubt that DCG has been regarded as a time bomb by the encryption market. The reason why many people stayed on the sidelines and failed to catch up with the market trend at the beginning of the year is probably because they were worried about the future of DCG.

Author | Qin Xiaofeng

Editor | Hao Fangzhou

Produced | Odaily Planet Daily (https://www.odaily.news/)

This morning, Bitcoin strongly exceeded $18,000, ETH stood at $1,400, and other currencies also rose to varying degrees. The total crypto market value returned to $900 billion.

Even the Grayscale Bitcoin Trust Fund (GBTC), which had been at a serious discount before, rose 12% on Monday, setting the largest single-day increase for the fund since February 2022. Currently, the GBTC net value discount rate has dropped from 45.1% at the beginning of the year to the current 38.8%, and the ETHE (Grayscale Ethereum Trust Fund) net value discount rate has dropped from 59.3% at the beginning of the year to 51%.

In the early hours of this morning, Beijing time, Cameron Winklevoss, co-founder of the American encryption trading platform Gemini, posted another long article.

Cameron alleges that DCG founder and CEO Barry Silbert and other key personnel misled everyone through false statements and led all parties to believe that Genesis had recovered from the losses of Three Arrows bankruptcy, thus inducing lenders to continue to provide loans. Cameron believes that the US$1.1 billion promissory note provided by DCG has not really been honored, and its actual value will be greatly reduced-at a discount of 70%, it may only be sold for US$300 million.

Author | Qin Xiaofeng

Editor | Hao Fangzhou

Produced by | Odaily Planet Daily

When a crypto company applies for bankruptcy protection to the court, creditors who want to get their assets back have to wait passively after submitting the Proof of Debt Form (Official Form 410). However, bankruptcy cases are often complex and lengthy, and claims are prioritized. These factors ultimately result in ordinary creditors waiting times that are often measured in years.

For users who have experienced the bankruptcy liquidation of BlockFi, Celsius, Voyager and FTX, if they do not want to sit still and try to get out of financial difficulties as soon as possible, selling the debt of the bankrupt company can be an effective (cutting off) self-rescue method.

Author | Qin Xiaofeng

Produced | Odaily Planet Daily

Recently, the Wall Street Journal (WSJ) reported that Grayscale CEO Michael Sonnenshein stated in a letter to investors that if Grayscale Bitcoin Trust (GBTC) cannot be converted into a Bitcoin ETF, it will consider investing in it. The outstanding shares issued are subject to a tender offer. At that point, investors can sell their GBTC shares at a specific price at a specific time.​

Sonnenshein said that there is currently no specific timetable for when the repurchase will be carried out, but it is prepared for all situations; regarding the specific repurchase size, the initial estimate is 20% of the outstanding shares. Of course, the final terms of the repurchase are subject to SEC and shareholder approval. Grayscale added that it may consider making additional tender offers if the first attempt is successful.

Author | Qin Xiaofeng

Editor | Hao Fangzhou

Produced by | Odaily Planet Daily

With the collapse of FTX, the issue of asset reserves of centralized platforms, especially CEX, has attracted much attention. Multiple trading platforms have also announced the exchange account addresses one after another, showing the reserve status of each company. Odaily Planet Daily has previously written an analysis (recommended reading "Analysis of the asset reserve details of the seven major exchanges, who has exposed potential risks?").

However, reserves are only the first step to improve transparency and cannot truly demonstrate the solvency of the exchange. The exchange's liabilities (i.e., the amount of user deposits) should also be considered and a complete "reserve certificate" should be issued. For CEX, “proof of reserves” is also an important step to reassure people and allow users to better understand how the platform manages assets.

The FTX bankruptcy incident is still continuing to unfold. For small and medium-sized creditors, limited by the size of their funds and lack of legal expertise, they have no way to seek help and the road to safeguarding their rights is long.

Recently, a non-profit public welfare project focusing on helping FTX disaster-stricken users was born, called FixDAO, organized by the Mask Network team. The project hopes to bring FTX creditors together to speak with a unified voice against parties including attorneys, Delaware courts, investment banks and auditors. “We hope to represent East Asian users, deeply participate in the legal proceedings of the U.S. Bankruptcy Court in Delaware, gain a seat, and gain a certain right to speak, so as to better protect the vital interests of FTX victims.”