📉Weekly Recap: Markets Lose Ground

Happy weekend Defiers!

Digital Assets continued to shed value this past week as investors hedged their positions ahead of new inflation data and FUD surrounding FTX’s bid to begin offloading its multi-billion crypto portfolio.

On Wednesday, FTX received approval for financial services firm Galaxy Digital to start selling its $3.4B digital asset holdings in tranches of up to $200M per week. Assets comprising FTX’s largest holdings were the week’s poorest performing tokens.

Media firms that sought to cash in on the hype surrounding NFTs last bull run remain in regulators’ crosshairs following last week’s landmark charges against Impact Theory. On Sept. 13, the SEC levied charges against Stoner Cats, the NFT-funded animated series from Ashton Kutcher and Milla Kunis. However, the charges were settled for $1M on the same day.