CryptoSlate Wrapped Daily: Elon Musk seeks to move ahead with $44B Twitter deal; Justin Sun wants to buy Credit Suisse’s assets CryptoSlate Wrapped Daily: Elon Musk seeks to move ahead with $44B Twitter deal; Justin Sun wants to buy Credit Suisse’s assets
Elon Musk offers to buy Twitter at $44 billion, bankrupt Celsius set to auction assets on Oct. 20, and much more in this edition of CryptoSlate Wrapped Daily.
3 min read
Updated: Oct. 5, 2022 at 12:30 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
The biggest news in the cryptoverse for Oct. 4 includes Elon Musk making a new offer for Twitter, Celsius planning to auction assets, Justin Sun offering to buy Credit Suisse’s assets, and Charles Hoskinson calling for an end to Bitcoin mining.
CryptoSlate Top Stories
DOGE up 8% as Elon Musk makes new acquisition offer for Twitter
Elon Musk is back on the deals table as he offers to buy up Twitter for $44 billion at $54.20 per share.
Following the news, DOGE spiked 8% to reach a high of $0.066. Elon Musk had earlier hinted at the possibility of using Dogecoin to pay for Twitter Blue.
Crypto giants criticize Twitter on scam, bot accounts impersonating them
Twitter bots are making the social media platform unconducive for many crypto giants, and the crypto community as a whole.
Ripple’s CEO Brad Garlinghouse, Binance CEO Changpeng Zhao, Cardano’s founder Charles Hoskinson, and Ethereum cofounder VItalik Buterin have all called on the social media platform to address the menace.
Buterin said that turning Twitter into an open API will see third parties come on board to help resolve the issue.
Cardano founder Charles Hoskinson calls for an end to Bitcoin mining
With the increasing utility of wrapped Bitcoin (wBTC) on smart contract platforms, Cardano’s founder has called for an end to Bitcoin mining.
Charles Hoskinson explained that Bitcoin mining may not be a good investment of energy as there is a lot more BTC in circulation that those left to mine.
Hoskinson added that since the Bitcoin blockchain is not optimized for other use cases, existing BTC should be converted into wBTC so they can be utilized across decentralized finance Dapps.
Justin Sun pulls an FTX and offers to buy ailing Credit Suisse’s assets
Global bank Credit Suisse is currently at the risk of a fatal collapse as its stock price has declined by over 60% (year-to-date).
Tron founder Justin Sun has hinted at possibilities of buying up assets of the struggling Credit Suisse and bringing them into Web3.
Bankrupt crypto lender Celsius to auction assets on Oct. 20
In a recent court filing, Celsius Network expressed intentions to auction off its assets to interested bidders. The auction is scheduled for Oct. 20 and may attract potential bidders like FTX and Goldman Sachs.
Many Celsius creditors including Simon Dixon object to the auction plan, saying that the firm needs a re-organization, not a sale.
Coinbase documentary “COIN” to debut Oct. 7
Coinbase is set to release the ‘COIN” on Oct. 7. The documentary spotlights CEO Brian Armstrong’s story and journey to building the first publicly traded cryptocurrency exchange.
Armstrong said he intends to use the documentary to unveil what it takes to build a tech startup and encourage more people to build companies that can improve human existence.
Decentralized Social (DeSo) stands out in flat market, up 156% over past month
Decentralized social’s (DeSo) token spiked by over 156% since Sept. 28. It reached an all-time high of $21.45 on Oct. 3 and has since declined by over 32% to be trading at $14.5, as of press time.
DeSo was initially launched as Bitclout- a trading platform for “Creator Coins”. However, since raising over $200 million in Sept. 2021, the platform has rebranded to position as a layer 1 blockchain powering decentralized social media applications.
Climate start-up partners with Ripple to launch marketplace for carbon credits
Ripple has teamed up with climate startup Thallo to tap into the $2 billion carbon credits market.
Thallo leveraged Ripple’s carbon-neutral platform to build a marketplace to connect buyers and sellers of carbon credits, to execute their transactions in an easily verifiable manner.
Over $4B laundered through DEXs, coin swaps and cross-chain bridges, Elliptic report
Of the $4 billion laundered funds covered in the Elliptic report, about $3.3 billion was laundered through decentralized exchanges.
Three of the top leading DEXes (1inch, Curve.fi, and Uniswap) accounted for 75% of all illicit crypto swaps, while Paraswap and CoW protocol accounted for 14% of the laundering acts.
Research Highlight
Grayscale’s GBTC drops to all-time low of $12.5K; conversion to spot ETF could trigger rebound
Grayscale’s bitcoin trust (GBTC) traded at an all-time low discount of -36%, equivalent to $12,500 when compared to the spot BTC price of $19,000.
Despite the current -36% discount, investors’ interest in the GBTC shares remains low. However, some analyst predicts that the discount could vanish if Grayscale received approval to offer a spot bitcoin ETF.
Drawing a parallel with the first approved Gold ETF in 2003, CryptoSlate Research revealed that a spot bitcoin ETF could lead to a rebound in BTC price, and likely trigger the next bull run.
News from around the Cryptoverse
Crypto index fund manager Bitwise launches Web3 ETF
Bitwise has listed its Web3 ETF on the NYSE Arca, following a filing with the SEC on Oct. 4.
The ETF will give investors exposure to web3 companies in five categories: finance, metaverse, infrastructure provider, web3-enabled creator economy, and governance.
Crypto Market
It was a green day for the crypto market as Bitcoin (BTC) soared by 3.84% to reach a high of $20,285. Ethereum (ETH) followed the uptrend as it increased 2.99%, trading at $1,356.
Biggest Gainers (24h)
- Nest Protocol (NEST): +91.87%
- Decentralized Social (DESO): +15.79%
- Render Token (RNDR): +11.62%
Biggest Losers (24h)
- Gensokishi Metaverse (MV): -6.69%
- COTI (COTI): -3.03%
- Ergo (ERG): -1.99%
Mentioned in this article
Bitcoin 
Dogecoin 
Grayscale Investments 
Ripple 
Coinbase 
Justin Sun 
Brian Armstrong 
Charles Hoskinson 
Vitalik Buterin 
Elon Musk Author 
Christian Nwobodo
Christian is a crypto-curious nerd who loves to investigate how protocols work under the hood. Christian is interested in DeFi protocol research, token economics, and on-chain analytics.
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In this article
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Dogecoin
$0.38572
Dogecoin is a cryptocurrency created in December 2013 as a joke by software engineers Billy Markus and Jackson Palmer.
Grayscale Investments
Established in 2013 by Digital Currency Group, Grayscale Investments is a trusted authority on digital currency investing and cryptocurrency asset management.
Ripple
Ripple is a US-based technology company which develops the Ripple payment protocol and exchange network using XRP, the digital asset native to the XRP Ledger.
Coinbase
Coinbase is a digital currency exchange and wallet service that allows individuals to buy, sell, and store digital currencies, such as Bitcoin, Ethereum, and Litecoin.
Justin Sun has carved a name for himself as a leading figure in the blockchain sector.
Brian Armstrong, co-founder and CEO of Coinbase, stands at the forefront of the digital currency revolution.
Charles Hoskinson, based in Colorado, stands out as a prominent figure in the blockchain and cryptocurrency sphere.
Vitalik Buterin stands as the pioneering force behind Ethereum, a transformative community-driven platform that fuels the cryptocurrency ether (ETH) and underpins a myriad of decentralized applications.
South African-born Elon Musk has founded several companies, including X.com (which later became PayPal), SpaceX and Tesla Motors.