Headlines
▌Mining firm Core Scientific is filing for bankruptcy protection
Bitcoin mining company Core Scientific is applying for Chapter 11 bankruptcy protection in Texas. The company is still generating positive cash flow, but the cash is not enough to cover the financing debt it owes on leased equipment, and the company plans to continue mining while paying down the debt. Earlier news, Core Scientific expects the company's existing cash will be exhausted by the end of 2022 or earlier.
Policy
▌UK Ad Watchdog Bans Crypto.com and Turtle United's NFT Ads
British advertising regulator has ruled to ban Facebook’s NFT advertising promotions for Crypto.com and Turtle United in July. The ads neither explain the risks of investing in NFTs nor properly list transaction fees, the regulator said. Crypto.com disputed the ruling, arguing that the ad is no longer valid, arguing that the company does not consider the NFTs offered on its platform, including works by artists and sports collectibles, to have financial attributes.
Cryptocurrency
▌ARK Innovation ETF shares have fallen nearly 63% this year to levels at the end of 2017
The stock price of ARK Innovation ETF (ARKK) founded by Cathie Wood has fallen nearly 63% this year. At present, ARKK's stock price has fallen to the level at the end of 2017, and almost every stock it holds has fallen to an all-time low. Some analysis shows that encryption exposure is one of the main reasons for ARK Investment's plunge, especially the fund bets a large number of positions on Coinbase and GBTC. ARK holds more than 6.15 million shares of GBTC, while Coinbase's stock price plummeted by about 80% . In addition, due to poor market performance, the number of accounts holding ARK Investment funds has decreased by 8% since the beginning of the year. In mid-November, the total number of accounts holding ARKK hit a new low at the end of the year.
▌Porsche NFT is officially open for registration
According to official news, the Porsche NFT project has officially opened for registration. In addition, the casting date announced by the project party is January 23, the casting quantity is 7500, and the casting price has not yet been disclosed.
▌Saudi Asset Management SNB Capital launched the first global megatrend fund, which will invest in the Web3 field
SNB Capital, one of the largest asset management companies in Saudi Arabia, announced the launch of the first Global Megatrends Fund (Global Megatrends Fund), which will provide retail and institutional investors with investment opportunities, focusing on future trend industries with high growth potential, including Web3, electric Automobiles and renewable energy, etc.